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Mar 31, 2021
Owens Corning Q1 2021 Earnings Report
Reported record first quarter net sales, net earnings and adjusted EBIT.
Key Takeaways
Owens Corning reported consolidated net sales of $1.9 billion, a 20% increase compared to 2020, along with net earnings of $210 million, or $1.98 per diluted share. Adjusted EBIT was $282 million, compared to $116 million in the same period in 2020. The company generated operating cash flow of $204 million and free cash flow of $120 million.
Delivered record first quarter net sales, net earnings and adjusted EBIT
Roofing produced $156 million of EBIT with 22% EBIT margins
Insulation delivered $82 million of EBIT with 12% EBIT margins
Composites reported $79 million of EBIT with 14% EBIT margins
Revenue by Segment
Forward Guidance
The company expects the U.S. residential housing market to remain robust and the commercial and industrial markets to continue to strengthen. 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.
Positive Outlook
- U.S. residential housing market to remain robust
- Commercial and industrial markets to continue to strengthen
Challenges Ahead
- COVID-19 pandemic continues to create market uncertainty
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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