Owens Corning Delivered Net Sales of $7.1 Billion in 2020

March 22 (2021

Owens Corning reported consolidated net sales of $7.1 billion, a decrease of 1%, compared with 2019. Fourth-quarter 2020 consolidated net sales were $1.9 billion, an increase of 14%, compared with the same period in 2019.

Full-year 2020 net loss attributable to Owens Corning was $383 million, or $3.53 per diluted share, compared with net earnings attributable to Owens Corning of $405 million, or $3.68 per diluted share, in 2019. The company’s 2020 results included non-cash pre-tax impairment charges of $987 million recorded in the first quarter. Adjusted earnings in 2020 were $566 million, or $5.21 per diluted share, compared with $500 million, or $4.54 per diluted share, during 2019. Full-year 2020 adjusted EBIT was $878 million, an increase of $50 million compared with 2019.

Fourth-quarter 2020 net earnings attributable to Owens Corning were $232 million, or $2.13 per diluted share, compared with $73 million, or $0.66 per diluted share, in fourth-quarter 2019. Fourth-quarter 2020 adjusted earnings were $207 million, or $1.90 per diluted share, compared with $125 million, or $1.13 per diluted share, during the same period one year ago. Fourth-quarter 2020 adjusted EBIT was $306 million, an increase of $102 million, compared with the same period in 2019.

• Financial results demonstrated the company’s strength and resiliency in a challenging environment
• Roofing produced $591 million of EBIT with 22% EBIT margins
• Insulation delivered $250 million of EBIT with 10% EBIT margins
• Composites reported $165 million of EBIT with 8% EBIT margins
• Generated record free cash flow of $828 million and returned $396 million to shareholders

2021 Outlook

• The key economic factors that impact the company’s businesses are residential repair and remodeling activity, U.S. housing starts, global commercial construction activity, and global industrial production.
• The company expects the COVID-19 pandemic will continue to create market uncertainty.
• In the near term, the company expects continued strength in the U.S. residential housing market with commercial and industrial markets recovering at a slower pace.
• General corporate expenses are estimated to be between $135 million and $145 million.
• Capital additions are expected to be approximately $460 million, below depreciation and amortization of approximately $480 million.
• Interest expense is estimated to be between $120 million and $130 million.
• The company estimates an effective tax rate of 26% to 28%, and a cash tax rate of 18% to 20%, both on adjusted pre-tax earnings. The expected cash tax rate is up from guidance in prior years as available income tax credit carryforwards were substantially utilized by the end of 2020.


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