Owens Corning (OC) Tops Q1 EPS by 30c, Revenues Beat

Owens Corning (NYSE: OC) reported Q1 EPS of $1.73, $0.30 better than the analyst estimate of $1.43. Revenue for the quarter came in at $1.92 billion versus the consensus estimate of $1.83 billion.

“Over the past year, our team has risen to the challenges we’ve faced and we continue to demonstrate the earnings power of our company. While market conditions have turned more favorable, our operating priorities, investments, and strong execution have positioned us to deliver these outstanding financial results,” said Chairman and Chief Executive Officer Brian Chambers. “We are excited by the opportunities we have to grow our company, help our customers win in the market, and deliver value to our shareholders.”

2021 Outlook

• The key economic factors that impact the company’s businesses are residential repair and remodeling activity, U.S. housing starts, global commercial construction activity, and global industrial production.
• In the near term, the company expects the U.S. residential housing market to remain robust and the commercial and industrial markets to continue to strengthen.
• The COVID-19 pandemic continues to create market uncertainty.
• 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.

For earnings history and earnings-related data on Owens Corning (OC) click here.

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