Owens Corning raises dividend 8% to 26c, expands share repurchase by 10M shares

Owens Corning announced that its Board of Directors has approved a quarterly dividend increase and an expanded share repurchase authorization. "Our performance and cash flow generation are a testament to the strength of our company," said Chairman and Chief Executive Officer Brian Chambers. "The increased dividend and additional share repurchase authorization support our target of returning at least 50% of free cash flow to shareholders over time." The Board has declared a quarterly cash dividend of 26c per common share, an 8% increase compared with the prior quarterly dividend. The dividend will be payable on January 22, to shareholders of record as of January 8. In addition, the Board of Directors has approved a share repurchase authorization for up to 10M shares of the company's common stock. This is in addition to the previously announced share buyback program in which approximately 2.3 million shares remained available for repurchase as of September 30, 2020. The authorization enables the company to repurchase shares through open-market, privately negotiated, or other transactions. The actual number of shares repurchased will depend on timing, market conditions and other factors, and will be at the company's discretion. "Throughout 2020, we have focused on strengthening liquidity, deleveraging the balance sheet and maintaining the dividend," said Chief Financial Officer Ken Parks. "Looking forward, we will continue to focus on maintaining an investment-grade balance sheet while returning capital to our shareholders and funding key business initiatives."