Owens Corning Inc OC reported a fourth-quarter FY23 net sales growth of 1% Y/Y to $2.30 billion, beating the consensus of $2.25 billion. Sales by segments: Composites $514 million (-13% Y/Y), Insulation $931 million (-3% Y/Y), and Roofing $928 million (+16% Y/Y). Adjusted EPS was $3.21, up from $2.49 a year ago, above the consensus of $2.86. Adjusted EBIT increased 18% Y/Y to $392 million, with margin expanding to 17% from 15% prior year quarter. Adjusted EBITDA rose by 13% Y/Y to $518 million, and margin expanded to 22% from 20% a year ago. Also Read: Owens Corning Likely To Report Higher Q4 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts Operating Cash Flow for the year was $1.7 billion, and free cash flow stood at $1.2 billion. During the year, the company returned $812 million to shareholders through dividends and share repurchases. In December 2023, Owens Corning's Board of Directors declared quarterly cash dividends per share of $0.60, a 15% increase vs. associated prior quarterly dividends. Outlook: For first-quarter FY24, the company expects overall performance to result in net sales slightly below Y/Y while generating mid-teen EBIT margins. For FY24, Owens Corning expects general corporate expenses of $240 million-$250 million and capital additions of ~$550 million. Last week, the company agreed to acquire Masonite International Corp DOOR for $133.00 per share in cash, representing an implied transaction value of approximately $3.9 billion. Price Action: OC shares are trading lower by 1.75% at $144.47 on the last check Wednesday. Photo via Wikimedia Commons