Owens Corning aspires to be a net positive company through strategic collaborations, intentional decision making, and effective corporate guidance.
Economic growth is central to a sustainable enterprise. We are committed to balancing economic growth with social progress and environmental stewardship to continue delivering sustainable solutions to our customers and stakeholders across the globe.
Owens Corning’s economic progress can be measured by its financial indicators and robust performance across each of its businesses. In 2016, Owens Corning delivered record levels of adjusted EBIT and free cash flow, driven by strong commercial and operational execution. 2016 revenue was $5.7 billion, up 6%; and adjusted EBIT was $746 million, up 36%, both compared with the prior year. Additionally, the company generated record free cash flow as a result of improved earnings, strong working capital performance and an advantaged tax position. Free cash flow was $570 million, up 67% versus the prior year. The company converted adjusted earning to free cash flow at a rate of 126% over the last 2 years, in excess of the prior guidance of about 100% over the years 2015 to 2018. The company’s performance reflects the continued improvements it’s made to its portfolio of businesses. The company operates low-cost assets that generate healthy margins and allow for a disciplined capital allocation strategy.
Our communities play an integral role in the success of Owens Corning. We define “communities” as the neighbors of our operating locations, our partner organizations and all other stakeholders. We are committed to improving the living standard of our communities. To achieve this goal, we encourage employee volunteer activities and provide cash and in-kind contributions.
We aspire to build market leading businesses; global in scope – human in scale. How we care about people is how we show we are a unique company; our employees are at the core of everything we do. We are building a diverse and creative workforce through training and development programs, learning opportunities, and incentives. We are committed to work-life balance and ensuring our employees are safe and healthy.
Owens Corning is a long-standing partner and supporter of Habitat for Humanity. Our partnership with Habitat for Humanity continues to help the company deliver on its purpose.