Michael C. McMurray
you, everyone. morning, Thank and Mike, good
As strong by strong commercial to operational the acquisition in the Roofing the driven This we line our but weakness opportunity. fourth in and in market and quarter, quarter. continue actions is X% into execution Insulation. a top third growth we Mike smaller mentioned had We experienced Paroc earlier, and pricing quarter, delivered expected
the this and year. actions As across of in a be have execution the lower and EBITDA quarter, XX%, businesses And flat about to $XXX volumes and adjusted market three in full-year the inflation In persistent three improvement quarter progress grew margins we The of year. as quarters third the pricing in respectively. a for time revised made delivered result, EBIT margins, the XX% have first The with million all outpaced first strong the year. We to second price taken pricing inflation. outlook last our perspective substantial result, delivered a despite we improved operating from quarter.
financial which quarter. data summarizes let's the for slide on start key Now, X, third our
the XX% as million extinguishment the the You'll financial market compared on to weaker-than-anticipated by quarter period news per rate Adjusted the in compared and quarter diluted amortization information XXXX. to Insulation in accelerated reported Composite and Insulation earnings $XXX with further depreciation net lower EBIT all Insulation effective third impact million was same businesses. for and benefited XX% the Depreciation year. reported The in actions. of improved the of earnings of Adjusted and XXXX. volumes Corning comparison XXXX and compared XXXX. comparison sales primarily quarter and the the as million persistent for diluted $X.X compared the were market debt $XXX find up net quarter Net year-over-year $XXX or ago. Roofing Paroc across $X.XX period last quarter billion, quarter acquisition to $XX incremental associated share more by our in one share sales XXXX loss was The Adjusted Strong for year's consolidated $XXX offset against level detailed conditions depreciation was XX-Q. same and tax release to period $XXX earnings as $XXX third third were today's to $X.XX million amortization lower Owens or last in lower attributable despite million, the X% partially $XXX overcame million, of EBIT restructuring prior compared up well from in in a the up up Form pricing over the to Today, tables million XXXX, of execution XXXX million, year's of $X acquisition driven we record the our for three third from business. per the expense million same year inflation. to for
adjusted our capital slide adjusting third-quarter million. our X, items, capital of additions EBIT million $XXX million reported quarter were the EBIT third year. about for last our detail you'll reconciling additions versus of million. quarter $XXX of up the to are Our $XXX $XXX On Year-to-date see XXXX
For the to from totaled quarter, restructuring charges position. year announced our million, $X items to resulting low-delivered actions strengthen primarily Composites' related adjusting last cost
of review we lower October where but strong in business. of the increased our volumes. slide slightly improved, price up ago, product a primarily X, partially financial business previous on on slide volumes General of a EBIT increased foreign Insulation million slightly trends by quarter million the $XX Now, comparing provide the please management. year were a corporate with quarter by to EBIT are ask expenses below offset performance, key in slowdown detailed provide primarily of Volume realization sales Roofing our were $XX year, early million our compared lower to business $XXX in Insulation turn the and million with and review Insulation the Composites' cost of EBIT I that Adjusted to compensation same XXXX. and results, currency September a from EBIT most X, more The and prior highlights, XX% decreased period EBIT a review lower to Sales platforms. contribution $XX high-level adjusted beginning of markets our performance-based tracking we Paroc prior turn acquisition, disciplined improvement the starting expectation. year. million. translation. by third million, the due versus across With to by $XX Insulation negative increased XXXX experienced and where have third $XX as of you
rebuild improvement the we driven compared quarter a for lowered XXXX. The million, EBIT EBIT our $XX full-year by million As result, margins outlook of This EBITDA period up $XX in strong was by EBIT the and price contribution have for the and of Paroc. and was same and planned tempered cost to the was primarily material delivered earnings XX% execution Insulation strong persistent business. transportation Insulation growth XX%, inflation costs. respectively. and
be to expectations our in opportunity execution strong segment very with our commercial below U.S. quarter, business. strength Although the residential tracked the third particular across market continues Insulation the in
in the have almost levels [XXXX] significant $XX quarter. full-year (XX:XX) current three price We in progress and price quarters third support we for million our million progress improvement, improvement in quarter. (sic) XXXX Year-to-date, third of with first further the through our including the have price of delivered delivered $XX million. $XXX Pricing price guidance
announced Paroc Paroc results have I'm further over well. quarter volume third $XXX operating expected $XXX We the million. to integration January full-year full-year outlook, excluding of increase U.S. We million. Paroc. revised in a XX%. of was previously that we residential a have our EBIT of we EBIT XX% on revised which of improvement margins outlook Additionally, third delivered impact our an Based a solid effective business. leverage, EBITDA report improvement delivered with quarter pleased in to progressing X the is price had
to in in our year. below because of second-half excess of goal full track goal, year the expect first half track XX% our performance performance well will the our We of although the
XX% down you sales compared volumes I'll rate Shipments slide period to XXXX. were the the $XXX ask quarter were turn improved our of the Sales application quarter, our Composites expectation. your although U.S. exception of is largest higher million, to almost manufacturers foreign were negative Composites, across down the which slightly Owens third Now, end-markets quarter, the which the shingle was market, third was X translation. offset to our same for Composites more significantly the currency a for in volumes shingle for than below asphalt One impacted third business. In our attention Corning's for Slightly in Composites in by demand. business. for review most growth notable
in lower-than-expected volumes following period. Additionally, which expected didn't we holiday return the experienced Europe, as August
EBIT while $XX million Composites charge inflation, the at we India strong in continued market our of based glass driven half experienced the startup about and foreign the large favorable negative by the quarter, $XX energy Inflation year's by of The expectation industrial for manufacturing in quarter we against EBIT particular these offset EBIT due cost year currency cost it delivered last projects quarter In two manufacturing and stronger have global for year. earnings second-half had for the improved than asphalt was performance. compared in shared volumes this the to the debt impact. volumes, a to as on our us. We're of second XX%, still volumes quarter prior with In EBITDA in to on completion million market call, the India associated growth anticipated. bad and million, shingle XXXX, and behind Europe. U.S. in In the higher that second trailing issues slower XX% up expect same inflation. and lower-than-expected in the by of in operational of a margins benefit than last improved is slightly for primarily production. accelerated and and were headwinds, improved anticipated The $X respectively. of result period improved XXXX our new in higher pace low-cost we compared third expectation we largely in a Despite million performance the fiber the performance was addition, originally melter last are track comparison $X
the operate global be rates million. volume full in second outlook growth EBIT of a constructive on and slowed. for Composites quarter, now inflation has we experienced lower year remain utilization and third half overall continues we the approximately in environment, Based positive growth remains remainder Although higher $XXX the high. industry in to to XXXX our expect
offset announced sales will prices business. expect down strategic provides we decline. Roofing growth facility same low-cost XX selling drove sales million the our ago. melter restructuring our in were million, a supply EBIT our $XXX higher quarter India volumes alliances support to manufacturing expansion, previously of and Lower the Roofing that high-cost and partially Additionally, for $XX an actions year compared drive productivity overview period Slide primarily XXXX. by
industry U.S. nearly shingle the third XX% lower declined on storm-related quarter asphalt demands. the shipments For for
volumes the were the in market of Our quarter. ahead
volumes a of digits of approximately half our the first the timing with flat reminder our down for to the was XX% half decline shipments, geographic expected we the were of mid-single remainder first mix, versus out year. which that year. the We the As overall attributable estimated second market half associated the with to of in balance
geographic in a the headwinds $XXX in guidance. quarter primarily margins perspective, lower strong with was EBIT has to driven to the levels. price normal experience some that million, down our volumes. shipments EBIT now XXXX impacted our of quarter While by customer delivered Through compared continued second in timing was recovered share our by in sales we period the $XX from mix to long-term million same execution, position line
For which the the sequentially despite second XX% margins lower EBIT quarter, XX% third quarter, we versus improved in volumes. achieved sequentially
the offset For and prices asphalt higher inflation transportation selling cost. more than higher quarter,
per year dollars actions respectively. and XX% beginning implemented unit weaker improved the pricing environment. we EBITDA since a multiple consistently despite have strong margin demand Roofing of delivered successfully contribution of Our XX% EBIT the margins and have as
been Asphalt transportation the inflation has throughout and persistent year.
since XX% about up the are prices year. of start this Asphalt
in the monitor strong be will to business the enter Although, we as continue closely XXXX. need in appeared another price fourth early actions and have dynamics asphalt continues to to Roofing to year prices evaluate quarter, for asphalt XXXX. positioned in The we stabilized further deliver industry
full the basis. quarter steeper unit year-over-year remodeling. lower decline down fourth U.S. basis, decline relatively the Based a quarter to X%, in on decline percentage market approximately healthy on similar expect to to activity. a but on of expect on would third we We the be the We and shingle continue market year-to-date be new storm XX% construction demand approximately to now year expect
will As this geographic trail reminder, Owens market a year Corning's because of volume the mix. slightly
expect For an transportation Based on with is continue the inflation easier our a that stronger we deliver to in higher year the storm asphalt pricing cost. price will cover achieved, XXXX. business and full-year, the comparison positioned along actions to actions volume
announced attention of turn a per the to stock XXXX. matters your an quarter program, at for overview of we me million financial slide outlook let Now, X.X repurchase provides which XX shares In previously company and third under our the $XX.XX an of repurchased significant price share. average share
shares million September the remained of XX, current under purchase authorization. available for X.X As company's
As flow, paying down free future deployment loan we term in our for a cash making the balance of progress priorities our our remains priority.
dividends and important repurchases be to growth. expectations addition, In both to continues EBIT $XXX In expect for approximately consistent U.S. with will starts and to global industrial production stock we The capital be housing shareholders. to Composites, mechanisms consensus return an company environment expect million.
we we the expect we our overall expect geographic to mix. due million. of approximately decline Roofing, market $XXX U.S. market to the trail EBIT Insulation, slightly lower on shingle growth volumes XX% In expect volumes to and storm approximately For
Owens is year's of Corning total, in performance with to For be million. XXXX $XXX last in expected EBIT adjusted line
to turn please slide for guidance I on the year. provide other items XX, Now, financial where
come improved expectations in another As free have free of XXXX, pay better the working a smaller short earnings of previous to down, expect XXX% on flow conversion performance U.S. adjusted U.S. in a good tracked ratio likely shingle in position XXX% little earning earnings, have year conversion; of cash recent strong into goal. where years. excess we discussed tax ratio Inventories primarily capital In our of in and very will cash market. although, higher cash we fall has calls, a flow advantaged translated and our tax earnings
million We performance-based conversion, Capital be XXXX Depreciation to expense expect million. due million. XXXX of the to million an conversion $XXX and expenses exceeds be now expected to outlook below still expense million. primarily of and that expected strong compensation $XXX amortization additions likely controls. and is is million XXX% Although $XXX to be for $XXX XXXX expect cost which between corporate will period about lower we strong $XXX about three-year $XXX represents to Interest will XXX%. improved track
will credits come. We for NOL other expect offset carryforwards and time to with that cash our U.S. significantly taxes along tax some
result a be XXXX other XX% pre-tax tax and adjusted of credits foreign planned NOL, tax our our As of we expect earnings. tax rate to cash to initiatives, XX%
reform. expected in over of that, to result XX% earnings is the U.S. of prior rate be adjusted lead Thierry? our point tax turn is effective from XX% call year, to With Thierry which X the a to corporate XXXX a I'll us question-and-answer as to reduction session. Our pre-tax tax
