Thank and good you, everyone. morning, Brian,
are positioned end a and strong We in by quarter, As third deliver adjusted $X.X earnings year had significant execution another free mentioned of good some Owens commercial and earlier, challenging and billion, Corning revenue markets. quarter, the we Brian despite operational record cash flow improvement. had EBIT strong of to highlighted
and the in For and productivity $XXX grew adjusted EBIT year-to-date both good spending. earnings, manufacturing by revenue and capital quarter, strong strong cost flow million good stronger working improved cash control, addition, free management capital on disciplined on our volumes,
Slide start quarter. key X, for our summarizes which on let data me third Now, financial the
Roofing more XXXX period $X.X by reported consolidated revenue tables of sales constant currency information Form highlighted of Composites. organic You'll we news financial same in a consolidated today's growth XXXX. XX-Q. X%, detailed find in net sales third release volume and basis, the for billion, reported to X% of compared quarter up we On Today, strong in and the the delivered growth
to Adjusted diluted to the $XXX third or the $X.XX same ago, same Owens Adjusted XXXX in were last of Corning productivity was for good $XX quarter EBIT diluted million a for year the solid volumes, earnings period for Net compared $XXX control. period per compared million $XXX share, manufacturing third the per XXXX record up of million, XXXX. or $XXX stronger were share, million, cost quarter for year. attributable earnings third compared one $X.XX million million, to on to and quarter $XXX the
to like would EPS. one adjusted related item mention to I
on this the give a transaction later extinguishment been the third adjusted quarter, debt, I'll Company remarks. results. on in the color our incurred of has $XX my which of loss more out million During prepared
was compared up as slightly same expense amortization for and a the year ago. quarter Depreciation to the period million, $XXX
improved Our disciplined flow ago. a year from from quarter period capital Free for Both same operations totaled capital one and from cash third additions cash improved million. $XXX million, Net $XXX the by working capital spending. quarter. the the million performance flow benefited for $XXX were million improvement $XXX
EBIT $XXX adjusting During the million. XXXX third and between our no had reported we items quarter, adjusted of
last our increased year. Composites EBIT Now We'll by decreased from as XXXX million. by $X EBIT by to of comparing increased level increased million, EBIT compared to $XX million down a EBIT $XX performance, high were prior year. to Adjusted $XX $XX Insulation X. corporate expenses EBIT million. provide and by the Roofing turn please review Slide million, adjusted XXXX. General slightly
the of review in financial the that you from of third X% of prices. Slide provide a results, foreign where were quarter negative for with $XXX beginning same volumes, X, primarily down by lower currency business, insulation period turn ago. Insulation selling was offset I ask a American detailed With to million, business. with we business key impact The more year our highlights, slightly Residential review translation, fiberglass partially to higher Sales sales in along our North our Insulation negative
driven EBIT was and our sales other inflation in Residential Improved $XX quarter. for by fiberglass insulation more insulation other XXXX. volume business. down Insulation to Improved manufacturing lower production technical in businesses improved million, the quarter was in offset in North same million performance our $XX the progress offset technical The volumes growth was and compared businesses and period pricing. American than the by and the and building
operational commercial strong continues execution facing to businesses into despite Europe. these Our weaker be some in markets in and
Residential in starts. was business quarter loss production impact previously face of North difficult American the lagged we impacted $XX our of housing in weaker continue will headwind business, as highlighted volume a of we year and some million actions. by insulation a fourth In this curtailments production comparison curtailment result quarter. be fiberglass negative would the this The share The to
In earnings pricing market the goal businesses. during expect market growth position, we restore broadly share our stable. we to in to some and continue to XXXX, other the Consistent quarter, with continued was technical while building our insulation recapture
and production We that sales this the lower in earnings will expect be Insulation North American than Residential growth more volumes business. offset by
The on over by has last results past $XX quarters. the Insulation million over year's quarterly business average three just trailed
expect two quarter, headwinds create to approximately of During $XX we fourth additional other million. the items
expected of face to actions fourth will majority the in fourth American in North price are was the XXXX, Insulation the business the difficult quarter. variance First, additional Residential realized business The comparison headwind. will create represent quarter. fiberglass price quarter of increases, implemented in number the These including into in a of a This a XXXX. which one fourth the pricing negative
businesses for technical year, in into have building fourth and Insulation the negative timing good is continued earnings the three other global growth the of first the weakness to improve and face Second, full comparison it Europe for delivered expected will to the quarter projects. and a some quarters in due but
Insulation in to press our Enabled structure. Brian's investments to optimize and I'd like other have today's the as we remarks. release improvement insulation Now, productivity Residential prepared well to actions discuss network as by North American the our fiberglass actions taken and improve in in cost in technologies process highlighted cost prior business, actions
These staffing simpler reduce in leaner As Kansas manufacturers facilities. of actions, line curtailment production. part batts impact allowing will focused us by taken City at on result a in a Kansas levels. of reduced and that actions other these facility loosefill we the which in These run will and cold City, higher to rolls, significantly actions utilizations includes have
With are service we these demand with outlook efficiencies. confident footprint decisions, and operating a improved we the smaller current can
million Additionally, These of to customers with are $XX market needs the annual EBIT improvements generate our XXXX, accelerated XXXX. the actions $XX in conditions. we flexibility achieved estimated to serve of our about network maintain within million under approximately by
of benefit as will We expect majority XXXX costs. of the a the reduction that curtailment materialize
charges These other and will XX result approximately which restructuring million actions non-cash. of million, $XX in is related of
in largely two-thirds in with of from These adjusting We Insulation the as expect charges will quarter of to recognized quarter XXXX, first being charges fourth items remainder XXXX. about the treated be results. of and these recognize, excluded the segment
of up in to Sales in period your same for Composites Now, review to you compared our ask I million, to X% attention turn $XXX X Slide Composites third business. quarter a the for XXXX. the were
growth. slower the volume global despite growth business quarter, delivered the During of X%
Selling Our growth broader roofing, were prices the slightly. demand on markets. outpaced down market wind and in glass non-woven
volumes to continued for constant pronounced the EBIT although a were furnace in less selling was The previous of Negative million, higher $X input in foreign Revenues quarters. currency up million same lower to and than basis. on inflation. compared last benefit year. $XX higher offset and sales be was a costs period cost up X% quarter and headwind prices currency the start-up $XX rebuild million partially lower by
EBIT to XX% EBIT. quarter. continued have negative Foreign slightly impact the currency translation on delivered a Composites margins for
The strategic cost and quarter. expect benefited deliver a strong our lines India performance actions facility high-cost completed that manufacturing our performance continues announced the smelter restructuring high solid glass productivity drive operational Composites China commercial expansion, position. and our to to business strength cost manufacturing in with in from and previously low From third we our cost perspective, recently continue improve will CPIC supply and
America. growth relationship to and expect market, in expectations Global industrial glassfiber we in the with with continue have XXXX, Europe to production North growth. particularly soften, For growth the historic consistent continued global
expectations for consensus industrial X%. entered global were As XXXX, we production growth
our to XXXX. could quarter, are the strong has consensus This required continue the third will for production performance, into in X% with manufacturing Today continue slowdown, into XXXX. coupled changes very quarter fourth around and expectations which
XXXX, operating continue expect offset volume to improved and For inflation. performance we growth to largely
by Slide X were The the lower shingles. provides ago, U.S. with third with period sales prices. shingle for by market quarter, was same offset million, market. volumes shingle our The volume business. a driven overview of in selling Roofing tracking quarter asphalt partially this strong the grew higher in Roofing our growth compared $XXX an the up with benefit volumes XX% the by year sales XX% quarter market
the comparison the in and pricing fourth results the make last our rebate of XXXX. was pricing price in primarily volume in year. broadly This quarter not prior the with While year shingle lower during segment increase, adjustments in line with to our quarter. quarter result rebates repeat progress decline stable annual Rebate the taken The will in July we overall comp of in did customer largely were with third associated targets. negative the was
volumes. a EBIT costs. higher costs for selling modest inflation. quarter, asphalt partially from $XX prior lower third $XXX the offset by primarily generate prices year-over-year In to sales was quarter year, continued million, the the Lower due transportation increase to million were
year-to-date net Our asphalt impact exceeds and costs. improvement price the transportation of inflationary
Our XX%. EBIT were margins
Our healthy. to cash contribution be margins continue
For resulting seasonal quarter, of the cost fourth in asphalt a decline we year-over-year expect deflation. modest
year's to to The Roofing XXXX. to business last market the builds lower robust in in Based we fourth and third fourth positioned is than quarter, quarter deliver market tough strong inventory size another the comparison on prior expect year a year. this be year's the quarter performance distributor
to year be U.S. full single flat. industry expect to relatively shipments continue We
where Now, please I financial XX, turn matters. Slide review significant to
first quarter, successfully were bond $XXX million of advantage of used our third completed XXXX took The ever tender by X%. and debt, bonds. our This company. to proceeds we with green U.S. a incurred results. extinguishment issuance, been of XXXX out of a the has a and the which we million below markets favorable adjusted loss Again, During portions was on $XX green a capital yield XX-year issued bond industrial
The cost will generate plan contract benefit transfer Directors transaction the Company's these $XX future annuity share. in settles $X.XX million obligations. We a purchasing actions of into transferred cash took of entered plan. on September, pension about declared by with the for that liabilities In $XX In $X.XX assets, quarterly annual dividend October, future to pension Board of million of an the we a savings obligations obligation or administrative $X. per reduce and
general in from the are the settlement bond $XX be fourth transactions detailed pension associated a and adjusting our of of and as further XX-Q. to excluded the will notes charge In million charge with This corporate action. treated approximately expenses. this Both recognize quarter, we non-cash item, expect an
business The and based where XXXX. call. industrial for context on I industrial outlook has Slide U.S. expectations earnings commercial continued and more our growth, our growth consensus soften to turn consistent with Company's The since outlook construction global XX, growth. starts to provide production outlook environment on please last Now, global housing is for global
and has execution commercial strong. operational to-date our However, been
year, by In than expects earnings and in business. earnings and Company be volumes the the Insulation, The businesses. American Company the growth anticipates the this production North insulation full curtailments offset for growth more fiberglass will in building technical Residential lower other
more weakness business a fourth in quarter, comparison in the American negative Residential North markets For a cause comparison. and price will certain the difficult
In the market, in macro fiber Company although the to improved continues Composites largely glass Company the has expect outlook for expect operating to The to to growth performance inflation. growth continues the year, and full continued soften. volume offset
In Company expects U.S. flat. relatively be Roofing full to for the industry year, single the shipments
Corning, anticipates the for share Year-to-date and the prior strong mix margins Company Owens a contribution to comparison geographic For business continued industry higher favorable positions performance. shipments the still of a year.
Now, I the please to provide year. turn Slide XX, guidance other for where
capital working ratio Over four and excess flow conversion improved better the to position advantaged years, adjusted of our translated last performance into XXX%. in earnings, earnings strong a cash tax of free
the on of quarter. $XX the improvement Inventories focus about improvements contributed capital solid to earnings cash year-to-date quarter in period. sequentially combination by further million capital and $XXX flow our and in free of working over continued expected management In are disciplined fourth has spending the improved for XXXX, million the
that deliver another For we are conversion. the year, strong year of we cash free flow will confident
loan with the the cash remainder reduction Paroc of dividends of The term to Company ongoing the for prioritize the associated and plans flow year. to free
share under which existing repurchase. available Company's for Additionally, repurchases flow the be has could authorization, million free share X.X cash for available
investors forward, dividends look flow through we of returning repurchases. As targeting at XX% free share cash least and to are time over we
million million benefit million. expenses controls, guidance now of in the $XX result our reduction items some quarter. a a between million cost and last and the as represents to corporate call discussed one-time $XX strong of on expect $XXX We $XXX the to This
expected to corporate more reset historical benefits. one-time sustain Looking is performance of to levels some overall the more improved structural due compensation growth comparison be with to year's normalized against performance-based ahead to expenses with and XXXX, this from improvements, cost we expect benefit levels. we although consistent to associated the This expect
million. and $XXX total to at which approximately Capital additions to our represents expense are $XX $XX amortization from previous an million expected the expected about reduction down and is to the year. million now outlook start Depreciation $XXX of guidance additional be million, our
capital D&A with organic Going should forward, is broadly spending it that in expectation including line over track growth. in our time, investments
Interest expense $XXX be expected to million. is about
foreign our adjusted now and result we As of planning earnings. rate tax a other tax of cash expect tax credits X% be initiatives, our to XX% NOL, XXXX to pre-tax
expected pre-tax be tax Our effective XXXX rate to XX% XX% earnings. adjusted of to is
of and professionally. will to a Brian his start words prepared the Owens Before No decision you miss Brian, remarks. kind doubt team. I rest and his both for with of difficult thank I for I working close, me, want personally at the Corning the
bright Company the future. a has I think
With Thierry turn the call in Thierry? I'll lead that, the question-and-answer session. us to to over
