Owens Corning announced that its board of directors has approved a quarterly dividend increase and new share repurchase authorization. The actions reaffirm the company’s capital allocation strategy and reflect the success of its disciplined commercial and operational execution to deliver sustainable performance in a dynamic macro-economic environment. The board has declared a quarterly cash dividend of 52c per common share, an approximately 50% increase compared with the prior quarterly dividend. The dividend will be payable on January 19, 2023, to shareholders of record as of January 4, 2023. In addition, the board of directors has approved a share repurchase authorization for up to 10 million shares of the company’s common stock. This is in addition to the previously announced share buyback program in which approximately 7.4M shares remained available for purchase as of September 30. 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. During the first nine months of 2022, the company returned $639 million to shareholders through share repurchases and dividends.
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