Owens Corning reported record consolidated net sales of $1.9 billion in second-quarter 2019, compared with $1.8 billion in second quarter 2018, an increase of 5%.Second-quarter 2019 net earnings attributable to Owens Corning were $138 million, or $1.26 per diluted share, compared with $121 million, or $1.08 per diluted share, in second quarter 2018. Second quarter 2019 adjusted earnings were $143 million, or $1.31 per diluted share, compared with $132 million, or $1.18 per diluted share, during the same period one year ago. Adjusted earnings before interest and taxes (EBIT) in second-quarter 2019 were $231 million, compared with $214 million in 2018. Highlights in the quarter included strong performance in the Roofing business and manufacturing productivity across the company.2019 Outlook• The company’s outlook is based on an environment consistent with consensus expectations for global industrial production growth, U.S. housing starts, and global commercial and industrial construction growth.• In Insulation, the company expects earnings growth in the technical and other building insulation businesses. The company anticipates this earnings growth will be more than offset by lower volumes and production curtailments in the North American residential fiberglass insulation business.• In Composites, the company continues to expect growth in the glass fiber market, although at a lower rate than its previous outlook.• In Roofing, the company has improved its outlook and now expects U.S. shingle industry shipments to be relatively flat. For Owens Corning, the company still anticipates a higher share of shipments and a favorable geographic mix comparison with the prior year.• The company estimates an effective tax rate of 26% to 28%, and a cash tax rate of 10% to 12% on adjusted pre-tax earnings.• The company now expects general corporate expenses to be between $125 million and $135 million, compared with the previous range of $140 million to $150 million. Capital additions are expected to total approximately $475 million, compared with $500 million previously. Interest expense is expected to be approximately $130 million.• The company anticipates sustaining strong conversion of adjusted earnings into free cash flow. The company plans to prioritize free cash flow to ongoing dividends and reduction of the term loan associated with the purchase of Paroc
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