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Owens Corning
🇺🇸 NYSE:OC
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Dec 31, 2020

Owens Corning Q4 2020 Earnings Report

Owens Corning reported strong financial results, demonstrating strength and resilience in a challenging environment.

Key Takeaways

Owens Corning reported a 14% increase in net sales for Q4 2020, reaching $1.9 billion. Net earnings attributable to Owens Corning were $232 million, or $2.13 per diluted share, compared to $73 million, or $0.66 per diluted share in Q4 2019. Adjusted earnings were $207 million, or $1.90 per diluted share, compared to $125 million, or $1.13 per diluted share in the same period last year.

Consolidated net sales increased by 14% compared to the same period in 2019, reaching $1.9 billion.

Net earnings attributable to Owens Corning were $232 million, or $2.13 per diluted share, compared to $73 million, or $0.66 per diluted share in Q4 2019.

Adjusted earnings were $207 million, or $1.90 per diluted share, compared to $125 million, or $1.13 per diluted share during the same period one year ago.

Adjusted EBIT was $306 million, an increase of $102 million, compared with the same period in 2019.

Total Revenue
$1.93B
Previous year: $1.69B
+13.8%
EPS
$1.9
Previous year: $1.13
+68.1%
Adjusted EBIT
$306M
Previous year: $204M
+50.0%
Operating Cash Flow
$418M
Previous year: $1.04B
-59.7%
Gross Profit
$484M
Previous year: $383M
+26.4%
Cash and Equivalents
$717M
Previous year: $172M
+316.9%
Free Cash Flow
$314M
Total Assets
$9.48B
Previous year: $10B
-5.2%

Owens Corning

Owens Corning

Owens Corning Revenue by Segment

Forward Guidance

The company expects continued strength in the U.S. residential housing market with commercial and industrial markets recovering at a slower pace and the COVID-19 pandemic will continue to create market uncertainty.

Positive Outlook

  • Continued strength in the U.S. residential housing market
  • 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.

Challenges Ahead

  • The COVID-19 pandemic will continue to create market uncertainty.
  • Commercial and industrial markets recovering at a slower pace.
  • Unspecified risks, uncertainties and other factors and actual results may differ materially from any results projected in the statements.
  • Climate change, weather conditions and storm activity
  • Changes to tariff, trade or investment policies or laws

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Owens Corning