Composites lead Owens Corning net sales

Owens Corning had net sales of $2,300 million for the first quarter of 2024, a one percent decrease over net sales of $2,331 million in the first quarter of 2023. In roofing, net sales increased seven percent to $957 million year over year, resulting from carryover price and favourable mix driven by demand for premium laminate shingles and strong attachment of components products. In insulation, net sales decreased two percent to $904 million year over year, as demand in the segment’s North American business remained relatively stable while its European business was impacted by the weaker macro environment. In composites, net sales decreased 11 percent to $523 million year over year, as positive price for nonwovens was offset by lower volumes and price declines in glass reinforcements on broader market pressure. Overall adjusted EBITDA was $565 million for the first quarter, an increase of 15 percent compared to the prior-year period. Adjusted EBITDA as a percentage of sales was 25 percent compared to 21 percent. The company had net earnings of $299 million, down 22 percent compared to net earning of $383 million last year.