Owens Corning Reports Net Sales of $1.6 Billion

August 03 2020

• Company delivered solid quarterly results in a challenging environment
• Roofing produced $148 million of EBIT on strong shingle demand
• Insulation delivered $32 million of EBIT on recovering new residential construction
• Composites generated $6 million of EBIT on disciplined cost control
• Continued strong operating cash flow of $281 million; total liquidity increased to about $1.5 billion

Owens Corning reported consolidated net sales of $1.6 billion in second-quarter 2020, compared with $1.9 billion in second-quarter 2019, a decrease of 15%.

Second-quarter 2020 net earnings attributable to Owens Corning were $96 million, or $0.88 per diluted share, compared with $138 million, or $1.26 per diluted share, in second-quarter 2019.

Second-quarter 2020 adjusted earnings were $96 million, or $0.88 per diluted share, compared with $141 million, or $1.29 per diluted share, during the same period one year ago. Second-quarter 2020 adjusted EBIT was $167 million, compared with $231 million in 2019.

Other Highlights

• Owens Corning sustained a high level of safety performance in second-quarter 2020, with a recordable incident rate of 0.69, a slight improvement over second-quarter 2019.
• In June, Owens Corning ranked No. 1 on the 100 Best Corporate Citizens list for 2020 for the second consecutive year. This is the sixth year the company has been named to the list which recognizes standout global environmental, social and governance (ESG) performances of the largest U.S.-based public companies.

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