Owens Corning (NYSE:OC) shares are trading lower on Wednesday after the company reported worse-than-expected fourth-quarter earnings results.

Earnings Snapshot

The company reported adjusted EPS of $1.10, missing the $1.35 estimate.

Revenue declined 17% year over year (Y/Y) to $2.142 billion, missing the $2.171 billion analyst forecast.

Adjusted EBITDA decreased 36% Y/Y to $362 million, with a margin of 17%, vs. 22% a year ago quarter.

Operating cash flow totaled $590 million, down from $676 million in the year-ago period. Free cash flow dropped 30% Y/Y to $333 million.

Owens Corning ended the quarter with $345 million in cash and cash equivalents.

Segment Performance

In the Roofing segment, sales fell 27% Y/Y to $774 million, with EBITDA of $199 million and a margin of 26%.

The Insulation segment saw a 7% Y/Y decline in sales to $916 million, generating $186 million in EBITDA at a 20% margin.

Meanwhile, Doors business contributed $486 million in revenue (-14% Y/Y) and $33 million in EBITDA, with a margin of 7%.

Executive Vice President and CFO Todd Fister added, “While the challenging end markets in Doors ...