good Thank Brian, and morning, you, everyone.
good first in below and call. as slightly as first was we positioned housing execution mentioned earnings year and was As and and Brian production Adjusted year, strong to Revenue last commercial of in last we price the since improvement softened deliver growth in operational quarter continued had quarter offset volumes. performance. earlier, another primarily have businesses. U.S. sales result the our lower Global by earnings of a volumes and insulation declined expectations our earnings roofing lower are
However, to-date has our execution been strong.
for Now, the first slide let’s on start data financial our summarizes which key quarter. five,
for the and reported compared in a to same were Adjusted production first for $XX year. in in X% first in period sales net billion, earnings quarter information quarter tables last compared we $XX news result XXXX XXXX detailed for driven roofing quarter the period for $XX roofing sales XXXX, period lower Owens million the Corning to insulation. find release to million, earnings sales the You more million consolidated $X.X year XXXX by one $X.XX $XX and same same million Net share of attributable today’s financial volumes the and compared to Adjusted million, were volumes for reported up the $XXX was down $XXX diluted in lower period per the of the of down and XXXX. XX-Q. million, ago. or Form same Depreciation of share of slightly first will million compared the EBIT quarter primarily to as or amortization $X.XX quarter $XX ago, diluted per compared as a in insulation. the first was sales year and expense to Today,
of EBIT $XXX our for six, $XX EBIT first On see XXXX reconciling million. slide our $XXX of detail million. were Our million adjusting the of quarter quarter you reported adjusted the capital will our additions items, to
to gain, restructuring actions. to associated million to low-delivered item quarter, announced previously our amounted first highlight composites the related with was I’d like net primarily to a contract items adjusted the $X which EPS. related one the For adjusting cost
We charge that the our income quarter Reform. associated proposed is were more regulations have $XX adjusted to issued related XX-Q. detail described in non-cash of with out million a the The U.S. notes Corporate first the adjustment tax in in Tax
growth Now, please $XX prior by prior roofing XXXX. versus by million where expenses $XX corporate Sales slide adjusted impact Fiberglass by the to businesses improved a and key our improvement commercial and by composites $X we were in industrial turn XXXX review was the our Adjusted to volumes you decreased primarily million other insulation sales million, EBIT EBIT million first The to headwind in General the production of more was the pricing. and technical was American by turn of decreased and than a and partially ago. global decreased Paroc a a was driven acquisition North With construction million, I a year. operational review period EBIT American our compared of Inflation the and review in million result of Fiberglass XXXX. quarter performance lower the X% slide level sales $X in high in higher EBIT decreased $XX strong volumes, negative quarter. will building million, EBIT provide as in Residential were EBIT highlights, where beginning selling growth million, for markets, and Performance down comparing offset operating compared by insulation business. technical execution. business to seven, as year, revenue business. detailed insulation to $XX million. the and modest down will in $XX insulation for $XX for ask were that was with provide businesses insulation same contribution our by Earnings more quarter financial to performance business North solid year the lower we prices. results, progress offset same insulation our of eight, of $XXX anticipated and in the other our a Residential period Insulation The the
In our business, price increase. this businesses earnings of portfolio growth residential we to of and organic improved in XXXX, markets. We American and construction U.S. price solid January growth improve continue in generate industrial North in continued good operating our including performance expect driven to to realization insulation global fiberglass some the business by
the As than for in expected, in lower the insulation demand and business production and year-over-year the insulation the more the growth offset actions this impact drove businesses other technical and segment. decline EBIT earnings curtailment in of
the quarter some first the difficult a in half volume face of macro. As difficult a first result a comparison reminder, and we this year in would business of the we previously and this as loss more highlighted share
On the we the full for had business. American Insulation North previous year the Fiberglass expectation a for flat macro call, outlook
the price in XXXX financial early be offset expectation carryover from pricing lower We XXXX, progress would been expectations. curtailments. and for for released our data below which since of also the first and from announcement XXXX the XXXX of In has volumes by December housing set any that impact additional of our time were quarter the call, all actions last production U.S. consensus starts
November addition, were downward. starts In revised
on will last about tracking data, As be that about and XXXX it XX-day of Based for estimates to lag on half current year negatively year compare U.S. housing housing consensus X%. down the would we first full quarter demand lag actual suggest the down for starts would first X%. starts, the year reminder, from start, starts a fourth the housing weaker a lagged experienced of because quarter
we result, by curtailments, a softer a and lower than macro for more now expect offset to As this by volumes production positive outlook price business. driven be
normal of for seasonality. the outlook second the is stronger half Our and U.S. based improving starts expectation on
in into trends quarter the lesser degree. Residential volume for quarter, the first North American expect We second business continue to Fiberglass although we the experienced our Insulation to a
by quarter second and cost. XXXX of was the rebuild addition, headwinds impacted operational start-up from furnace In
to insulation as of previous but quarter the first the As segment comp as the to expect quarter EBIT negative results not year, XXXX a we negative result, for second XXXX.
to to your first of the in slide nine the in composites review for XXXX. same composites you period business. ask for turn will our I Now, a flat were million, compared attention quarter Sales $XXX
to down primarily roofing market. offset This EBIT was higher inflation million planned in grew period strength EBITDA to performance costs, EBIT higher translation. volumes completed, in and The XX% double-digit margins and gains perspective, the margins, cost was by that high U.S. and negative and volumes XXXX cost weaker announced our $XX CPIC During maintain compared cost and quarterly Manufacturing in lines by of our and the and foreign delivering XX%, China .From X%, sales by $XX productivity strategic was strong beyond. actions partially supply India the revenue despite continues smelter a our our year. restructuring offset quarter by the expansion, low Composites decrease million, respectively for glass growth same cost currency quarter, expect a previously high rebuild and last were in with sales quarter. productivity will recently drive driven productivity. improve manufacturing facility we furnace position
positive, fiber production since growth the volumes we growth In our global original expect quarter were XXXX year moderated. consistent first the for somewhat has production in industrial Europe has softened in this our and global growth. glass guidance, industrial market While primarily outlook outlook our with inflation
U.S. We a Slide the decline. continue higher X% in and selling an of growth performances operating declined the the Roofing be down by by inflation. sales volume same business. with improved In shingle to by expect for Lower year drove quarter, first ago. primarily partially volumes, market the sales X%. million, compared market period offset overview $XXX quarter asphalt were prices, the broader XX roofing provides to our offset line with
average, with slightly line national in volumes the our performance expectations. was but regional trailed our Our
the to very to got start XXXX, primarily and a strong year, in the slow selling off roofing million, for strong due remained the million Although, decrease lower from volumes volumes. in quarter very EBIT season was in April. March $XX early a sales prior $XX were
asphalt roofing April quarter, the For We increase exceeded further implemented inflation. inflation. and in transportation price asphalt a that improvements offset pricing delivered to
higher been Asphalt the expected half anticipated, inflation the second is tracking into of has to which persist year. than slightly
early year Although, quarter quarter impacted healthy, margin and quarter and XXXX our another the inventories in of volumes deliver long-term consistent roofing our in sales is XXXX. largely March margins Higher fourth negatively were was to February The for were in lower production in and lower contribution volumes XXXX. EBIT EBIT in cost our cash by strong positioned the the depleted margins with guidance. business were first
flat last assuming We market expect relatively storm slightly with average shingle shipments demand year, industry asphalt end U.S. below demand.
discussed for geographic and from shipments call, opportunity continue expect of we Owens industry higher As resulting mix in on to share XXXX. an a above quarter’s last Corning, market volume favorable
Now, slide below result provide more outlook. expects company’s environment, consistent is volumes The please on based housing consensus fiber outlook glass our an for the will turn where I starts offset industrial growth, on industry demand. the to industrial demand XX, U.S. context the be XXXX. company market outlook global by company expectations year, operating and offset business production global for curtailments performance assuming with growth the growth to construction industrial in construction expects In business, than macro operating technical improved softer In industrial by insulation, company performance and company growth. production with Insulation The growth expects more and volume a building company last growth. slightly improved storm American North flat average market commercial the the and businesses, the In insulation now production shipment driven and earnings global expects Residential of by Fiberglass expects relatively positive be in as to pricing the other roofing, and insulation end markets. in consistent lower global with growth composites, In inflation. and
in first of quarter shipments of business company comparison margins a For Contribution XXXX. strong for mix XXXX the a Owens geographic continued industry Corning, share and the in the favorable higher positioned anticipates performance.
the financial Now, guidance on items please for turn to slide year. I XX, will other provide where
position conversion excess our translated to four tax and better last flow the years, improved cash advantaged ratio capital free Over earnings XXX%. of a of earnings, performance adjusted working strong into in
have Looking actions in in to XXXX. strong cash sustain forward, flow we place free conversion
progress an X ongoing million price prioritize of the paying in plans average for at flow of to million At leaving making this X.X $XX.XX stock repurchased free we the our time, quarter, shares current first the cash dividends company During loan. available share, per our term to under company’s and down authorization. shares repurchase
could the free authorization. company’s for cash existing flow Additional available repurchases under share be
to insulation of of productivity. expected to and expenses growth Shanghai million completion expense expense Depreciation year-over-year are of million corporate million. $XXX expected expect Poland, a about investments additions in be expected amortization with relocation to include our of the Interest approximately $XXX be Capital to capacity in $XXX to our is We plant the for based reset compensation. is performance due total $XXX primarily the million new and capital insulation and about million. the $XXX
credits expect other tax tax XX% of NOL, to our to cash planning pretax tax result foreign adjusted XXXX As our rate XX% initiatives, earnings. a and of be we
rate tax call to earnings. us will session. over adjusted that, Thierry? in is of I be to pretax lead effective XXXX Thierry XX% to With the the expected question-and-answer to Our XX% turn
