Owens Corning third-quarter 2022 results included a net sales increase of 14% to $2.5 billion providing an operating cash flow of $461 million. Composites net sales increased 8% to $638 million in the third-quarter compared with 2021, primarily due to higher selling prices and the favourable impact of customer mix partially offset by lower volumes. Insulation net sales increased 18% to $965 million compared with 2021.

“Owens Corning sustained its strong performance and delivered another outstanding quarter despite shifting market conditions. The resilience of our global teams and disciplined execution of our enterprise strategy continue to drive our success and create value for our customers and our shareholders," said Chair and Chief Executive Officer Brian Chambers. "We are well positioned to deliver on our financial commitments and invest in our businesses to strengthen our company for the future."

In July the company completed the sale of its European dry-use chopped strand (DUCS) manufacturing assets located in Chambéry, France. The company will convert the other two DUCS facilities to produce glass fibre supporting building and construction applications.

The company has completed the acquisition of the remaining 50% interest in an existing joint venture based in the US that produces high-quality wet-formed fibreglass mat for roofing applications. The acquisition advances the focus on high-value material solutions and expands Owens Corning’s capacity to produce nonwoven mat.

www.owenscorning.com

Image: Brian Chambers is Board Chair, President, and Chief Executive Officer at Owens Corning.