Owens Corning reported financial results for the first quarter of 2008 marked by global growth in composites. Net sales increased to $1.353 billion, up from $1.124 billion in the first quarter of 2007. However, net earnings decreased to a $15 million loss compared to $1 million profit last year. Composite Solutions sales increased 82% due to acquisition but Insulating Systems sales declined 11% due to a difficult U.S. housing market. Roofing & Asphalt reported an increased loss due to higher asphalt prices. The company remains focused on profitable growth.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
1. Elemental Economics - Introduction to mining.pdf
OWENS CORNING OC_Q108
1. First Quarter 2008 Business Results
Performance Marked by Global Growth in Composites
Mike Thaman, Chairman & CEO
Duncan Palmer, CFO
May 7, 2008
2. Forward-Looking Statements and
Non-GAAP Measures
This presentation contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. These forward-looking statements are subject to risks, uncertainties and other
factors that could cause actual results to differ materially from those projected in
these statements. Such factors include competitive factors, pricing pressures,
availability and cost of energy and materials, acquisitions and achievement of
expected synergies therefrom, general economic conditions and factors detailed from
time to time in the Company’s Securities and Exchange Commission filings. The
information in this presentation speaks as of the date May 7, 2008 and is subject to
change. The Company does not undertake any duty to update or revise forward-
looking statements. Any distribution of this presentation after that date is not intended
and will not be construed as updating or confirming such information.
Additional Company information is available on the Owens Corning Web site:
www.owenscorning.com.
Certain data included within this presentation contains quot;non-GAAP financial
measuresquot; as defined by the Securities and Exchange Commission. A reconciliation
of these non-GAAP financial measures to their most directly comparable financial
measures calculated and presented in accordance with generally accepted
accounting principles can be found in our Current Report on Form 8-K filed with the
Securities and Exchange Commission on May 7, 2008.
2
3. First Quarter 2008 Business Results
Today’s Presentation
• The Quarter in Review Mike Thaman
• Q1 2008 Financial Results Duncan Palmer
• Questions & Discussion All
• Closing Remarks Mike Thaman
3
4. Q1 ’08 Results Consistent with Expectations
• Actions taken
– Reduced accidents by 52%
– Fully implemented $100 million cost-reduction program
– Completed divestitures in Europe
– Composite margins approaching 10%
– On track to achieve $30 million in synergies in Composites
– Programs in place to reduce our leased precious metals
• Confident in adjusted EBIT of $240 million in 2008
• Building materials
– Insulation business made money; expected to be profitable in ’08
– Energy efficiency is a near- and long-term opportunity
– Roofing & Asphalt will return to profitability in Q2 on improved selling prices, storm
demand and productivity
• We are focused on profitable growth at Owens Corning
4
5. Key Financial Data
(in millions, except per share data) Q1-2008 Q1-2007
Net sales 1,353 1,124
Net earnings (loss) (15) 1
Earnings (loss) from continuing operations (15) -
Earnings from discontinued operations - 1
Reported EPS (diluted) from continuing operations (0.12) -
Reported EPS (diluted) from discontinued operations - 0.01
EBIT from continuing operations 19 32
Adjusted EBIT from continuing operations 54 59
Adjusted EPS from continuing operations 0.07 0.13
Adjusted EBIT as a % of sales 4% 5%
Marketing and administrative expenses 142 127
D&A from continuing operations 77 77
Debt, net of cash 2,065 1,970
5
6. Adjusted EBIT
($MM)
0
5
10
15
20
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30
35
40
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50
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60
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Q1 2007 Compared with Q1 2008
Q
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Adjusted EBIT by Business Segment
$54
6
7. Q1 2008 Reconciliation from Reported
to Adjusted EBIT
60
$7 $54
55
$4
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$12
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7
8. Composite Solutions
($in Millions) Q1 2008 Q1 2007 % Change
Q1 2008 Highlights
Net sales 666 366 82%
• Sales up 82% and EBIT up 156% year-over-year,
primarily due to acquisition
EBIT 64 25 156%
• Volume & selling prices up, improved productivity EBIT as % of 10% 7%
sales
• Currency translation favorable EBIT as % of 107% 34%
all segments
• Inflation not fully offset by higher prices
D&A 30 27 11%
Q1 2008 Revenue by End Market Four-year and LTM Financial Performance*
Sales EBIT Margin as % of Sales
U.S. & Canada
Commercial $2,100 12%
& Industrial $1,800
20%
$1,500
8%
International $1,200
U.S. & Canada
74%
Residential $900
Construction 4%
$600
6%
$300
$0 0%
8
2004 2005 2006 2007 LTM
Company estimates
*Includes gains from the sale of metal ($45 million in 2006, $7 million in 2005)
2004 is not recast for the effect of discontinued operations
9. Insulating Systems
($in Millions) Q1 2008 Q1 2007 % Change
Q1 2008 Highlights
Net sales 373 419 (11)%
• Profitable in a difficult U.S. housing market;
sales down 11% year-over-year
EBIT 16 53 (70)%
• Two-thirds of decline due to lower volume and
EBIT as % of 4% 13%
mix, one-third due to price erosion sales
EBIT as % of 26% 72%
• EBIT declines due to lower selling prices,
all segments
idle facility cost, inflation and lower volumes
D&A 30 30 N/C
• Commercial & industrial demand holding
Q1 2008 Revenue by End Market Four-year and LTM Financial Performance
International Sales EBIT Margin as % of Sales
11%
$2,500 25%
U.S. & Canada
New Residential $2,000 20%
Construction
38%
U.S. & Canada $1,500 15%
Commercial
& Industrial $1,000 10%
28%
$500 5%
U.S. & Canada
Residential Repair
$0 0%
& Remodeling 9
Company estimates 2004 2005 2006 2007 LTM
23%
10. Roofing & Asphalt
($in Millions) Q1 2008 Q1 2007 % Change
Q1 2008 Highlights
Net sales 306 306 N/C
• Sales year-over-year unchanged
EBIT (17) (8) (113)%
• Asphalt prices escalating, leading to greater
year-over-year EBIT loss EBIT as % of (6)% (3)%
sales
• Selling price increases announced, which will EBIT as % of (28)% (11)%
benefit Q2 performance all segments
D&A 10 10 N/C
• Spring storms add to demand in Q2
Q1 2008 Revenue by End Market Four-Year and LTM Financial Performance
U.S. & Canada Sales EBIT Margin as % of Sales
Commercial & Industrial $2,000 10%
11%
8%
$1,500
6%
U.S. & Canada
$1,000
Residential Repair
U.S. & Canada
4%
& Remodeling
New Residential
64%
Construction $500
2%
25%
$0 0%
10
Company estimates 2004 2005 2006 2007 LTM
11. Other Building Materials & Services
($in Millions) Q1 2008 Q1 2007 % Change
Q1 2008 Highlights
Net sales 53 69 (23)%
•Masonry products facing weak construction-
EBIT (3) 4 (175)%
related demand
EBIT as % of (6)% 6%
sales
• Basement finishing and SunSuites™ demand
EBIT as % of (5)% 5%
down due to weak consumer credit markets all segments
and decline in home values
D&A 3 2 50%
Q1 2008 Revenue by End Market Four-Year and LTM Financial Performance*
Sales EBIT Margin as % of Sales
International
10%
$1,200 10%
U.S. & Canada
8%
Commercial $900
U.S. & Canada
& Industrial New Residential 6%
19% Construction $600
52% 4%
$300
2%
U.S. & Canada
Residential Repair
$0 0%
& Remodeling 2004 2005 2006 2007 LTM
11
19% Company estimates
* 2004 not recast for the effect of discontinued operations
12. Other Items:
Share Repurchase, Taxes & Liquidity
• Board of directors authorization for repurchase of up to 5 percent of
Company’s stock remains in place – none repurchased through Q1 2008
• Taxes
– U.S. cash tax rate will be less than 2 percent
– Overall cash taxes paid in 2008 will be less than $40 million paid in 2007
– Effective tax rate for U.S. operations will be about 35 percent
– Effective tax rate for non-U.S. will be less than 25 percent
– Blended rate may vary quarter to quarter
• Our liquidity position remains strong
12