Owens Corning (NYSE:OC) Q4 2023 Earnings Call Transcript

So as we progress through the year, I would think we would get into easier comps on a year-over-year basis relative to our performance. And then if the market slows a bit versus prior year, again, I’ll go back to what we saw in Q4 of ’22 and Q1 of last year. As the market slow, demand for our products stayed really strong. Distributors had to replenish their inventories of our product. Contractors demanded our product, and we saw good growth and a good share position as a result.

Operator: Thank you. And our final question goes to Garik Shmois of Loop Capital. Oh, it appears Garik has disconnected. We will move over to Anthony Pettinari of Citi. Anthony, please go ahead. Your line is open.

Anthony Pettinari: Hi. I just had a quick follow-up on Insulation in 1Q. I think single-family starts inflected positively on a year-over-year basis in 3Q. So I’m just wondering if you could talk about sort of the cadence of North American resi Insulation shipments as 4Q progressed. And into 1Q, assuming demand tends to lag starts by 3 months, could North American resi Insulation volumes potentially be positive year-over-year as you lap these easier comps? I think you talked about flattish, but just any more context there?

Todd Fister: Sure. Thanks, Anthony. Yes, I mean, as we look at starts for the first quarter, we said relatively flattish. I mean, could we be up a little versus that? Absolutely, it could be modestly, but we’re talking very, very low single-digit type of numbers. We think flat is a more appropriate number. As we look at the full year, I think consensus has starts looking pretty similar on a year-over-year basis. So we pick up a bit in single-family on a year-over-year basis is a strength. Multifamily could be down a little bit on a year-over-year basis. But overall, it ends up looking pretty similar to ’23. Yes, so as we look at the first quarter, we would expect sort of flattish overall results for volumes at resi.

Operator: Thank you. That’s all the questions that we have time for today. I’ll now hand back the call over to Brian Chambers to close.

Brian Chambers: Well, I’d like to thank everyone for making time to join us on today’s call and for your ongoing interest in Owens Corning, and we look forward to speaking with you again on our first quarter call. Thanks, everyone.

Operator: Thank you. This now concludes today’s call. Thank you all for joining. You may now disconnect your lines.