and Brian, morning you Thank good everyone.
mentioned had earnings strong We a revenue good quarterly had $X.X to record quarter, of the Corning some execution of markets. and growth another strong Owens of challenging Brian delivering operational XX%. second earnings commercial in deliver earlier, billion performance despite we’re As year and positioned and net quarter
$XXX grew revenue performance manufacturing cash nearly and very cost strong EBIT $XX million for progress quarter, by adjusted million and For pricing, solid included working stronger volumes, grew flow was control. on capital. Operating at higher good million on and $XXX quarter productivity, the the by
financial key our summarizes which second X, Slide for on quarter. start let’s Now data the
and information the find today’s the You’ll tables of financial Form release XX-Q. more in detailed news
compared $XXX or commercial basis, one million the million price quarter compared for X%. growth, to second of second per up quarter for XXXX. of $XXX earnings XXXX Today, revenue EBIT share million, the and net delivered quarter X% the $X.XX currency second we Owens quarter consolidated a $XXX period same productivity. or volumes compared compared and was period higher in we gains, the last operational Corning in to good to reported up earnings million diluted diluted Adjusted period $X.XX were XXXX driven organic Net as sales growth sales volume billion, On $XXX to for XXXX, attributable of roofing. reported for same generated consolidated the year. constant to enterprise XXXX Adjusted execution by share in sales were in across same the per manufacturing second of $X.X $XX $XXX year the million million ago
to up was and a expense slightly for period the the $XXX as same Depreciation amortization compared ago. year quarter million,
quarter additions for the were capital million. $XXX Our
of to adjusted detail X, quarter of second you’ll million. million Slide reconciling see On reported of $XXX EBIT adjusting $XXX EBIT the our our XXXX items, our
the amounted our adjusting announced previously change $X to low-delivered For the second actions. to million cost composites related a items quarter,
versus review $XX Composites decreased disciplined performance adjusted $XX comparing a million XXXX. turn please by to to of Slide corporate EBIT EBIT by million. EBIT Roofing increased cost level Adjusted by insulation XXXX on compared management. million the we to Now increased where $X year our prior provide improvement decreased $XX as million. General million X, prior $X high EBIT the and EBIT a were million, $X year. expenses
review results, that you business. of a insulation provide beginning where financial review more I of our we with ask With detailed turn to Slide to highlights, X key our business
period in more lower sales negative our were technical offset along foreign the by same insulation manufacturing Sales same the insulation fiberglass which call. than volumes volumes by building to currency offset $XXX higher business, quarter other XXXX. The businesses insulation of for North $XX X% set our second in in the million, from quarter. insulation compared expectation was was year consistent impact quarter residential ago. residential North fiberglass sales production selling primarily progress million, at million our partially for $X the overcame inflation with prices. American was a Improved the is negative The down we our translation with in in the period EBIT and lower business, last American on and down
and insulation the in commercial execution solid of technical weaker performance some Improved result and was businesses in despite a other Europe. operational markets strong as
growth operating We construction revenue and business markets. continue by industrial and in expect and U.S. improved global generate in businesses portfolio XXXX, our performance this earnings to of to driven growth in
of face insulation as In in and the housing would fiberglass result residential loss some year business, highlighted in this previously our we’d the half business of a we share weaker North volume starts. difficult the first American comparison
As more this business offset actions of the curtailment positive than in quarter production impact the demand expected, lower in and pricing.
significant second for in made of in plan curtailment production in this year. For quarter year. have should the progress we the high half the the the represent our cost first business, Curtailment mark
a second at the additional half. the first rate than lower expect in actions We curtailment half but
position goal The we pricing business the fiberglass with in price for carryover residential XXXX improvement prices. pricing North This more market recovery actions. market price second our our our with our share of become position, was of outlook but that insulation in Consistent from realized we full-year improved for has primarily to competitive impacted American our made quarter in adjustments XXXX. result the prevailing
our that suggest about Current starts would from call. time be will of unchanged which last relatively the full-year is down consensus estimates starts lag for U.S. housing X%, XXXX
X% housing As quarter a for quarter year weaker first data, of the reminder, about first the of down starts lag because half and fourth were year-on-year.
For lag expected the the be flat year-over-year. year, to of second relatively half are starts
XXXX, For technical to continue growth insulation the we building and expect businesses. in other
insulation production and lower We than American growth expect business. be the that residential this North sales earnings more volumes offset will in by
Our expectation the starts based improving in U.S. outlook insulation business and normal second for the half of in the half seasonality. housing stronger the than on first
versus quarter, progress comp XXXX. negative in we second we would remaining quarters the two quarter the in in to made Although expect first the
your our million, I’ll review the down composites attention X in were same $XXX for Now composites business. a of ask in you to Slide X% quarter period Sales turn XXXX. to the compared to for second
margins foreign the the on period gains During the and inflation input cost constant global markets. growth, productivity sales the basis. Manufacturing growth offset and EBIT in business have million, same X% and for EBIT in flat translation. currency the automotive delivered a EBIT of foreign particularly volumes year. largely delivered been $XX million largely last quarter, despite growth $XX America, negative to quarter. This negative by compared down North global quarter slower currency was volume Europe, revenue higher XX% was offset for Composites currency. would
commercial to high quarter. strong and were cost productivity we high pleased cost drive improve composites half, restructuring announced cost position continues and our supply performance smelter facility that will the expansion, and and further low-cost will a second lines our with in second The CPIC our manufacturing expect recently we in build with operational strategic completed in India strength which performance, in previously glass the perspective, business XXXX. China, From deliver particularly manufacturing actions our
time expectations glass For in our growth to we Global relationship last compared continue market historical expect have with XXXX, industrial the earnings moderated same the with of call. production consistent growth. as to growth global the fiber
confidence improved strengthened during performance Our operational has quarter. in the
to performance to expect a growth continue inflation. we offset volume improved As result, and operating
Slide accelerated up distributors XX storm for driven sales period inventories. higher in of X% provides million, by the our and U.S. as Roofing market volumes a roofing XX% to quarter The the prices. shingle activity an overview year $XXX selling sales and business. ago, of quarter asphalt higher same the compared second a by were improved primarily result replenishing
timing discussed we quarters trailed volumes earnings mix. two in last our distributor and our shipments of As the market to calls, recent the geographic the unfavorable due
This quarter, our XX%. volumes segment grew roofing by
historic outperformed on mix, share better the market with a line share basis. which on volumes position industry puts higher market a geographic our shipments of our Our rolling in with XX-month
margins to kept last year volumes EBIT for pace The million price. primarily quarter $XX were sales flat volumes. $XXX of line the a XX% relatively from has was year higher increase with in production due remained million, the pricing roofing inflation. with consistently EBIT prior with and as business offset inflation
EBIT long-term contribution cash healthy margins margin and Our support consistent with our guidance. continue to be
to costs Asphalt in We implemented increase we expected July successful quarter. inflation further announced high a asphalt increase third remain inflation. April effective price and offset a with the expected persist through to
shingle roofing quarter Based market we The flat. another is expect strong positioned XXXX. have our business year second full-year and U.S. to now in relatively improved the market to on industry be deliver performance, shipments outlook
starts, on industrial XXXX. consensus The outlook business provide to our for construction commercial Slide with U.S. where outlook Now commercial growth more earnings environment based growth. growth, housing call; expectations been on company’s and an date has industrial execution is softened however, global context consistent to global The since global has I our turn strong. please outlook operational and XX our for last
growth previous insulation curtailments glass be will expect growth lower company performance earnings continues lower than insulation, composites, to other offset the residential market, company fiberglass In in at outlook. expect fiber to The the The rate inflation. in improved company operating business. In and technical to earnings expects growth volume and volumes and although in continues American more a our the building growth businesses. insulation anticipates by offset the this the company North than production
its has now shingle relatively In company roofing, outlook industry shipments the to and be U.S. expects improved flat.
geographic Corning, anticipates strong Owens XXXX higher prior industry performance. the continued favorable half For mix a year. the shipments of the margins for Contribution comparison company the position share still through business and to a first of
provide the I where XX, Slide items on to financial other turn please Now year. guidance for
In years, flow improvements the better of cash the half. ratio free into last strong earnings, quarter. adjusted flow conversion quarter, about advantaged our four excess Inventories our second in million. sequentially of working improved Further expected to in a performance, in are the improved tax cash performance $XX $XXX at position XXX%. capital second strong the was earnings Over translated by and free million
year, the For we free confident we deliver are will year cash that another flow of conversion. strong
remaining making loan. included our At we the $XXX now down the free bank down by dividends progress ongoing prioritize million. in and over is loan this to the term $XXX $XXX flow million, time, company which term Paroc The million. plans net Sequentially, reduced debt paying balance term by paying loan to on cash
free could for has repurchase. million be company’s repurchases which for Additionally, available existing share cash the available authorization, flow shares under X.X
is million which to prior a million Depreciation is result reduction to Interest We controls performance-based $XXX of of amortization be total million million. to expected Capital to $XXX improvement the now guidance $XXX our corporate million. from a a about approximately expected additions of million. previous expenses expect and expected $XXX million, This and our is $XX $XX are to about compensation. expense impact be strong cost now represents guidance. as $XXX expense
XX% As cash we initiatives, of to pre-tax and expect other XXXX a tax adjusted tax planning tax foreign result earnings. our be our NOL, credits rate XX% of to
pre-tax be XXXX is tax Our XX% of XX% effective adjusted rate to expected earnings. to
the turn that, answer to over Thierry? the and call With Thierry question to us in I’ll lead session.
