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Jun 30, 2021
Owens Corning Q2 2021 Earnings Report
Owens Corning delivered record net sales and adjusted EBIT, with all three businesses posting double-digit EBIT margins for a fourth consecutive quarter.
Key Takeaways
Owens Corning reported record second-quarter results with net sales of $2.2 billion, net earnings of $298 million, and adjusted EBIT of $408 million. All three businesses continued to perform well, driven by strong commercial and operational execution.
Delivered adjusted EBIT margins of 18%, with all three businesses continuing to post double-digit EBIT margins for a fourth consecutive quarter.
Roofing produced $234 million of EBIT with 26% EBIT margins.
Insulation delivered $112 million of EBIT with 14% EBIT margins.
Composites reported $98 million of EBIT with 17% EBIT margins.
Revenue by Segment
Forward Guidance
The company expects the U.S. residential housing market to remain robust and global commercial and industrial markets to continue to strengthen. General corporate expenses are now estimated to be between $150 million and $155 million, Capital additions are expected to be approximately $460 million. Depreciation and amortization is now estimated to be approximately $500 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
- Global commercial markets to continue to strengthen
- Global industrial markets to continue to strengthen
Challenges Ahead
- The company continues to closely monitor and manage the regional impacts of the COVID-19 pandemic on its businesses.
- General corporate expenses are now estimated to be between $150 million and $155 million
- Capital additions are expected to be approximately $460 million.
- Depreciation and amortization is now estimated to be approximately $500 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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