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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.
Owens Corning
Owens Corning
Owens Corning Revenue by Segment
Revenue by Segment
Roofing Revenue
CapyFin.comInsulation Revenue
CapyFin.com 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