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     116  0 Kommentare Owens Corning Reports First-Quarter 2020 Results

    Owens Corning (NYSE: OC) today reported consolidated net sales of $1.6 billion, a decrease of 4% or $66 million, compared with 2019.

    First-quarter 2020 net loss attributable to Owens Corning was $917 million, or $8.43 per diluted share, compared with net earnings attributable to Owens Corning of $44 million, or $0.40 per diluted share, in 2019. The company’s 2020 results included non-cash pre-tax impairment charges related to the Insulation business of $987 million, driven by the recent decline in the company’s market valuation and near-term economic uncertainties related to the COVID-19 pandemic.

    First-quarter 2020 adjusted earnings were $65 million, or $0.60 per diluted share, compared with $58 million, or $0.53 per diluted share, during the same period one year ago. First-quarter 2020 adjusted EBIT was $116 million, comparable with first-quarter 2019. (See Use of Non-GAAP Measures, See Tables 2 and 3.)

    “I’m very proud of our team’s strong execution and ability to deliver our first-quarter results in the face of the COVID-19 pandemic. Our long-standing commitment to safety remains at the forefront of everything we do while serving the needs of our customers, our communities, and other key stakeholders,” said Chairman and Chief Executive Officer Brian Chambers. “Going forward, the continued resilience of our team, along with our strong customer connections, operating discipline, and balance sheet, position us well to manage through this crisis and gain momentum once our markets begin to recover.”

    Return of Capital Actions

    • During first-quarter 2020, Owens Corning repurchased 1.3 million shares of common stock for $81 million. Through April 2020, the company returned $133 million to shareholders in share repurchases and dividends. As of the end of the quarter, 2.3 million shares were available for repurchase under the current authorization.
    • Owens Corning maintains a strong balance sheet, access to liquidity, and a well-structured debt maturity profile. The company finished first-quarter 2020 with $908 million of available liquidity, inclusive of $234 million in cash. During the quarter, the company borrowed $400 million on its existing revolving credit facility for normal seasonal working capital needs and to strengthen its cash position. The company’s only near-term debt maturity is the remaining $150 million from its term loan due in February 2021.

    Other Highlights

    • Owens Corning sustained a high level of safety performance in first-quarter 2020, with a recordable incident rate of 0.47, a 37% improvement over first-quarter 2019.
    • In April, Owens Corning published its 2019 Sustainability Report which presented the company’s progress toward its 2020 sustainability goals and introduced metrics to quantify progress toward its ambitious 2030 goals.
    • In February, Owens Corning was recognized by the Ethisphere Institute as one of the 2020 World’s Most Ethical Companies for the third consecutive year.

    2020 Outlook

    • The key economic factors that continue to impact the company’s businesses are global industrial production, U.S. housing starts, and global commercial and industrial construction activity.
    • The company expects the COVID-19 pandemic will negatively impact the market outlook of its three businesses that was previously provided. The magnitude of the impact will depend on the depth and duration of the crisis, as well as the timing of the recovery in the markets served by the company. The company continues to focus on reducing costs, minimizing capital expenditures, and managing working capital.
    • General corporate expenses are now estimated to be between $100 million and $120 million, compared with its previous estimate of $125 million to $135 million. Capital additions are now estimated to be between $150 million and $200 million below depreciation and amortization of approximately $460 million, rather than in line with depreciation and amortization.
    • The company will continue to sustain strong conversion of adjusted earnings into free cash flow.
    • Interest expense is currently estimated to be between $120 million to $125 million, compared with its previous estimate of $115 million.
    • The company estimates an effective tax rate of 26% to 28%, and a cash tax rate of 10% to 12% on adjusted pre-tax earnings, which is due to the company’s foreign tax credit carryforwards.

    First-Quarter 2020 Conference Call and Presentation

    Wednesday, April 29, 2020
    9 a.m. Eastern Time

    All Callers

    • Live dial-in telephone number: U.S. 1.888.317.6003; Canada 1.866.284.3684; and other international +1.412.317.6061.
    • Entry number: 4624710 (Please dial in 10-15 minutes before conference call start time)
    • Live webcast: https://services.choruscall.com/links/oc200429.html

    Telephone and Webcast Replay

    • Telephone replay will be available one hour after the end of the call through May 6, 2020. In the U.S., call 1.877.344.7529. In Canada, call 1.855.669.9658. In other international locations, call +1.412.317.0088.
    • Conference replay number: 10141765
    • Replay available at https://services.choruscall.com/links/oc200429.html
    • Webcast replay available until April 29, 2021.

    About Owens Corning

    Owens Corning is a global building and industrial materials leader. The company’s three integrated businesses are dedicated to the manufacture and advancement of a broad range of insulation, roofing and fiberglass composite materials. Leveraging the talents of 19,000 employees in 33 countries, Owens Corning provides innovative products, manufacturing technologies, and sustainable solutions that address energy efficiency, product safety, renewable energy, durable infrastructure, and labor productivity. These solutions provide a material difference to the company’s customers and make the world a better place. Based in Toledo, Ohio, USA, the company posted 2019 sales of $7.2 billion. Founded in 1938, it has been a Fortune 500 company for 65 consecutive years. For more information, please visit www.owenscorning.com.

    Use of Non-GAAP Measures

    Owens Corning uses non-GAAP measures in its earnings press release that are intended to supplement investors’ understanding of the company’s financial information. These non-GAAP measures include EBIT, adjusted EBIT, adjusted earnings, adjusted diluted earnings per share attributable to Owens Corning common stockholders (“adjusted EPS”), adjusted pre-tax earnings, free cash flow and free cash flow conversion. When used to report historical financial information, reconciliations of these non-GAAP measures to the corresponding GAAP measures are included in the financial tables of this press release. Specifically, see Table 2 for EBIT and adjusted EBIT, Table 3 for adjusted earnings and adjusted EPS, and Table 8 for free cash flow.

    For purposes of internal review of Owens Corning’s year-over-year operational performance, management excludes from net earnings attributable to Owens Corning certain items it believes are not representative of ongoing operations. The non-GAAP financial measures resulting from these adjustments (including adjusted EBIT, adjusted earnings, adjusted EPS and adjusted pre-tax earnings) are used internally by Owens Corning for various purposes, including reporting results of operations to the Board of Directors, analysis of performance, and related employee compensation measures. Management believes that these adjustments result in a measure that provides a useful representation of its operational performance; however, the adjusted measures should not be considered in isolation or as a substitute for net earnings attributable to Owens Corning as prepared in accordance with GAAP.

    Free cash flow is a non-GAAP liquidity measure used by investors, financial analysts and management to help evaluate the company's ability to generate cash to pursue opportunities that enhance shareholder value. Free cash flow is not a measure of residual cash flow available for discretionary expenditures due to the company’s mandatory debt service requirements. As a conversion ratio, free cash flow is compared to adjusted earnings. Free cash flow and free cash flow conversion are used internally by the company for various purposes, including reporting results of operations to the Board of Directors of the company and analysis of performance. Management believes that these measures provide a useful representation of our operational performance and liquidity; however, the measures should not be considered in isolation or as a substitute for net cash flow provided by operating activities or net earnings attributable to Owens Corning as prepared in accordance with GAAP.

    When the company provides forward-looking expectations for non-GAAP measures, the most comparable GAAP measures and a reconciliation between the non-GAAP expectations and the corresponding GAAP measures are generally not available without unreasonable effort due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP measures in future periods. The variability in timing and amount of adjusting items could have significant and unpredictable effect on our future GAAP results.

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to risks, uncertainties and other factors and actual results may differ materially from any results projected in the statements. These risks, uncertainties and other factors include, without limitation: the severity and duration of the current COVID-19 pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; levels of residential, commercial and industrial construction activity; levels of global industrial production; competitive and pricing factors; demand for our products; relationships with key customers; industry and economic conditions that affect the market and operating conditions of our customers, suppliers or lenders; domestic and international economic and political conditions, including new legislation, policies or other governmental actions in the U.S. or elsewhere; changes to tariff, trade or investment policies or laws; uninsured losses, including those from natural disasters, pandemics, catastrophe, theft or sabotage; climate change, weather conditions and storm activity; availability and cost of energy, transportation, raw materials or other inputs; legal and regulatory proceedings, including litigation and environmental actions; research and development activities and intellectual property protection; issues involving implementation and protection of Information technology systems; our level of indebtedness; our liquidity and the availability and cost of credit; levels of goodwill or other indefinite-lived intangible assets; achievement of expected synergies, cost reductions and/or productivity improvements; the level of fixed costs required to run our business; our ability to utilize net operating loss carry-forwards and foreign tax credits; issues related to acquisitions, divestitures, joint ventures or expansions; foreign exchange and commodity price fluctuations; price volatility in certain wind energy markets in the U.S.; loss of key employees, labor disputes or shortages; defined benefit plan funding obligations; and factors detailed from time to time in the company’s Securities and Exchange Commission filings. The information in this news release speaks as of April 29, 2020, and is subject to change. The company does not undertake any duty to update or revise forward-looking statements except as required by federal securities laws. Any distribution of this news release after that date is not intended and should not be construed as updating or confirming such information.

    Owens Corning Investor Relations News

    Table 1

    Owens Corning and Subsidiaries

    Consolidated Statements of Earnings (Loss)

    (unaudited)

    (in millions, except per share amounts)

     

    Three Months Ended
    March 31,

     

    2020

    2019

    NET SALES

    $

    1,601

     

     

    $

    1,667

     

     

    COST OF SALES

    1,295

     

     

    1,342

     

     

    Gross margin

    306

     

     

    325

     

     

    OPERATING EXPENSES

     

     

    Marketing and administrative expenses

    179

     

     

    182

     

     

    Science and technology expenses

    21

     

     

    22

     

     

    Goodwill impairment charge

    944

     

     

     

    Other expenses, net

    32

     

     

    5

     

     

    Total operating expenses

    1,176

     

     

    209

     

     

    OPERATING INCOME (LOSS)

    (870

    )

     

    116

     

     

    Non-operating income

    (4

    )

     

    (2

    )

     

    EARNINGS (LOSS) BEFORE INTEREST AND TAXES

    (866

    )

     

    118

     

     

    Interest expense, net

    27

     

     

    36

     

     

    EARNINGS (LOSS) BEFORE TAXES

    (893

    )

     

    82

     

     

    Income tax expense

    24

     

     

    39

     

     

    Equity in net earnings of affiliates

    1

     

     

    1

     

     

    NET EARNINGS (LOSS)

    (916

    )

     

    44

     

     

    Net earnings attributable to noncontrolling interests

    1

     

     

     

    NET EARNINGS (LOSS) ATTRIBUTABLE TO OWENS CORNING

    $

    (917

    )

     

    $

    44

     

     

    EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS

     

     

    Basic

    $

    (8.43

    )

     

    $

    0.40

     

     

    Diluted

    $

    (8.43

    )

     

    $

    0.40

     

     

    WEIGHTED AVERAGE COMMON SHARES

     

     

    Basic

    108.8

     

     

    109.5

     

     

    Diluted

    108.8

     

     

    110.1

     

     

    Table 2

    Owens Corning and Subsidiaries

    EBIT Reconciliation Schedules

    (unaudited)

    Adjusting income (expense) items to EBIT are shown in the table below (in millions):

     

    Three Months Ended
    March 31,

     

    2020

     

    2019

    Restructuring (costs) / gains

    $

    (5

    )

     

    $

    2

     

    Gains on sales of certain precious metals

    10

     

     

     

    Goodwill impairment charge

    (944

    )

     

     

    Intangible asset impairment charges

    (43

    )

     

     

    Total adjusting items

    $

    (982

    )

     

    $

    2

     

    The reconciliation from Net earnings (loss) attributable to Owens Corning to EBIT and Adjusted EBIT is shown in the table below (in millions):

     

    Three Months Ended
    March 31,

     

    2020

     

    2019

    NET EARNINGS (LOSS) ATTRIBUTABLE TO OWENS CORNING

    $

    (917

    )

     

    $

    44

     

    Net earnings attributable to noncontrolling interests

    1

     

     

     

    NET EARNINGS (LOSS)

    (916

    )

     

    44

     

    Equity in net earnings of affiliates

    1

     

     

    1

     

    Income tax expense

    24

     

     

    39

     

    EARNINGS (LOSS) BEFORE TAXES

    (893

    )

     

    82

     

    Interest expense, net

    27

     

     

    36

     

    EARNINGS (LOSS) BEFORE INTEREST AND TAXES

    (866

    )

     

    118

     

    Adjusting items from above

    (982

    )

     

    2

     

    ADJUSTED EBIT

    $

    116

     

     

    $

    116

     

    Table 3

    Owens Corning and Subsidiaries

    EPS Reconciliation Schedules

    (unaudited)

    (in millions, except per share data)

    A reconciliation from Net earnings (loss) attributable to Owens Corning to adjusted earnings and a reconciliation from diluted earnings (loss) per share to adjusted diluted earnings per share are shown in the tables below:

     

    Three Months Ended March 31,

     

    2020

     

    2019

     

    RECONCILIATION TO ADJUSTED EARNINGS

     

     

    NET EARNINGS (LOSS) ATTRIBUTABLE TO OWENS CORNING

    $

    (917

    )

     

    $

    44

     

     

    Adjustment to remove adjusting items (a)

    982

     

     

    (2

    )

     

    Adjustment to remove tax (benefit)/expense on adjusting items (b)

    (18

    )

     

    1

     

     

    Adjustment to remove significant tax items (c)

    18

     

     

    12

     

     

    Adjustment to tax expense to reflect pro forma tax rate (c)

     

    3

     

     

    ADJUSTED EARNINGS

    $

    65

     

     

    $

    58

     

     

     

     

     

    RECONCILIATION TO ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS

     

     

    DILUTED EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS

    $

    (8.43

    )

     

    $

    0.40

     

     

    Adjustment to remove adjusting items (a)

    9.03

     

     

    (0.02

    )

     

    Adjustment to remove tax (benefit)/expense on adjusting items (b)

    (0.17

    )

     

    0.01

     

     

    Adjustment to remove significant tax items (c)

    0.17

     

     

    0.11

     

     

    Adjustment to tax expense to reflect pro forma tax rate (c)

     

    0.03

     

     

    ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO OWENS CORNING COMMON STOCKHOLDERS

    $

    0.60

     

     

    $

    0.53

     

     

     

     

     

    RECONCILIATION TO DILUTED SHARES OUTSTANDING

     

     

    Weighted-average number of shares outstanding used for basic earnings per share

    108.8

     

     

    109.5

     

     

    Non-vested restricted and performance shares

     

    0.4

     

     

    Options to purchase common stock

     

    0.2

     

     

    Weighted-average number of shares outstanding and common equivalent shares used for diluted earnings (loss) per share

    108.8

     

     

    110.1

     

     

    (a)

    Please refer to Table 2 "EBIT Reconciliation Schedules" for additional information on adjusting items.

    (b)

    The tax impact of adjusting items is based on our expected tax accounting treatment and rate for the jurisdiction of each adjusting item.

    (c)

    To compute adjusted earnings, we apply a full year pro forma effective tax rate to each quarter presented. For 2020, we have used a full year pro forma effective tax rate of 27%, which is the mid-point of our 2020 effective tax rate guidance of 26% to 28%, excluding the adjusting items referenced in (a) and (b) and excluding the impact of a change in valuation allowances recorded against certain deferred tax assets. For comparability, in 2019, we have used an effective tax rate of 28%, which was our 2019 effective tax rate excluding the impact of a change in estimate related to proposed regulations on global intangible low-taxes income (GILTI), part of the U.S. Tax Cuts and Jobs Act of 2017, the tax impact of adjusting items and other significant tax items.

    Table 4

    Owens Corning and Subsidiaries

    Consolidated Balance Sheets

    (unaudited)

    (in millions, except per share data)

    ASSETS

    March 31,
    2020

    December 31,
    2019

    CURRENT ASSETS

     

     

    Cash and cash equivalents

    $

    234

     

     

    $

    172

     

     

    Receivables, less allowances of $9 at March 31, 2020 and $11 at December 31, 2019

    931

     

     

    770

     

     

    Inventories

    1,062

     

     

    1,033

     

     

    Other current assets

    105

     

     

    86

     

     

    Total current assets

    2,332

     

     

    2,061

     

     

    Property, plant and equipment, net

    3,747

     

     

    3,855

     

     

    Operating lease right-of-use assets

    190

     

     

    203

     

     

    Goodwill

    959

     

     

    1,932

     

     

    Intangible assets

    1,655

     

     

    1,721

     

     

    Deferred income taxes

    31

     

     

    46

     

     

    Other non-current assets

    237

     

     

    188

     

     

    TOTAL ASSETS

    $

    9,151

     

     

    $

    10,006

     

     

    LIABILITIES AND EQUITY

     

     

    Current liabilities

    $

    1,430

     

     

    $

    1,329

     

     

    Long-term debt, net of current portion

    3,213

     

     

    2,986

     

     

    Pension plan liability

    210

     

     

    231

     

     

    Other employee benefits liability

    174

     

     

    179

     

     

    Non-current operating lease liabilities

    129

     

     

    138

     

     

    Deferred income taxes

    274

     

     

    272

     

     

    Other liabilities

    195

     

     

    200

     

     

    OWENS CORNING STOCKHOLDERS’ EQUITY

     

     

    Preferred stock, par value $0.01 per share (a)

     

     

    Common stock, par value $0.01 per share (b)

    1

     

     

    1

     

     

    Additional paid in capital

    4,046

     

     

    4,051

     

     

    Accumulated earnings

    1,376

     

     

    2,319

     

     

    Accumulated other comprehensive deficit

    (726

    )

     

    (610

    )

     

    Cost of common stock in treasury (c)

    (1,210

    )

     

    (1,130

    )

     

    Total Owens Corning stockholders’ equity

    3,487

     

     

    4,631

     

     

    Noncontrolling interests

    39

     

     

    40

     

     

    Total equity

    3,526

     

     

    4,671

     

     

    TOTAL LIABILITIES AND EQUITY

    $

    9,151

     

     

    $

    10,006

     

     

    (a)

    10 shares authorized; none issued or outstanding at March 31, 2020, and December 31, 2019

    (b)

    400 shares authorized; 135.5 issued and 107.8 outstanding at March 31, 2020; 135.5 issued and 109.0 outstanding at December 31, 2019

    (c)

    27.7 shares at March 31, 2020, and 26.5 shares at December 31, 2019

    Table 5

    Owens Corning and Subsidiaries

    Consolidated Statements of Cash Flows

    (unaudited)

    (in millions)

     

    Three Months Ended
    March 31,

     

    2020

     

    2019

     

    NET CASH FLOW USED FOR OPERATING ACTIVITIES

     

     

    Net earnings (loss)

    $

    (916

    )

     

    $

    44

     

     

    Adjustments to reconcile net earnings (loss) to cash used for operating activities:

     

     

    Depreciation and amortization

    116

     

     

    113

     

     

    Deferred income taxes

    21

     

     

    29

     

     

    Provision for pension and other employee benefits liabilities

    (1

    )

     

     

    Stock-based compensation expense

    11

     

     

    11

     

     

    Goodwill impairment charge

    944

     

     

     

    Intangible assets impairment charge

    43

     

     

     

    Other non-cash

    14

     

     

    15

     

     

    Changes in operating assets and liabilities

    (265

    )

     

    (346

    )

     

    Pension fund contribution

    (11

    )

     

    (8

    )

     

    Payments for other employee benefits liabilities

    (4

    )

     

    (6

    )

     

    Other

    (4

    )

     

    (3

    )

     

    Net cash flow used for operating activities

    (52

    )

     

    (151

    )

     

    NET CASH FLOW USED FOR INVESTING ACTIVITIES

     

     

    Cash paid for property, plant, and equipment

    (92

    )

     

    (98

    )

     

    Proceeds from the sale of assets or affiliates

    15

     

     

     

    Derivative settlements

    16

     

     

     

    Other

     

    3

     

     

    Net cash flow used for investing activities

    (61

    )

     

    (95

    )

     

    NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES

     

     

    Proceeds from senior revolving credit and receivables securitization facilities

    736

     

     

    548

     

     

    Payments on senior revolving credit and receivables securitization facilities

    (336

    )

     

    (182

    )

     

    Payments on term loan borrowing

    (50

    )

     

     

    Net decrease in short-term debt

    (11

    )

     

    (13

    )

     

    Dividends paid

    (26

    )

     

    (48

    )

     

    Purchases of treasury stock

    (96

    )

     

    (61

    )

     

    Other

    (4

    )

     

    (3

    )

     

    Net cash flow provided by financing activities

    213

     

     

    241

     

     

    Effect of exchange rate changes on cash

    (38

    )

     

    10

     

     

    Net increase in cash, cash equivalents, and restricted cash

    62

     

     

    5

     

     

    Cash, cash equivalents and restricted cash at beginning of period

    179

     

     

    85

     

     

    CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

    $

    241

     

     

    $

    90

     

     

    Table 6

    Owens Corning and Subsidiaries

    Segment Information

    (unaudited)

    Composites

    The table below provides a summary of net sales, EBIT and depreciation and amortization expense for the Composites segment (in millions):

     

     

    Three Months Ended
    March 31,

     

    2020

    2019

    Net sales

    $

    494

     

    $

    513

     

    % change from prior year

    -4

    %

    %

    EBIT

    $

    44

     

    $

    57

     

    EBIT as a % of net sales

    9

    %

    11

    %

    Depreciation and amortization expense

    $

    38

     

    $

    39

     

    Insulation

    The table below provides a summary of net sales, EBIT and depreciation and amortization expense for the Insulation segment (in millions):

     

     

    Three Months Ended
    March 31,

     

    2020

    2019

    Net sales

    $

    603

     

    $

    591

     

    % change from prior year

    2

    %

    -1

    %

    EBIT

    $

    39

     

    $

    15

     

    EBIT as a % of net sales

    6

    %

    3

    %

    Depreciation and amortization expense

    $

    49

     

    $

    49

     

    Roofing

    The table below provides a summary of net sales, EBIT and depreciation and amortization expense for the Roofing segment (in millions):

     

     

    Three Months Ended
    March 31,

     

    2020

    2019

    Net sales

    $

    555

     

    $

    614

     

    % change from prior year

    -10

    %

    -4

    %

    EBIT

    $

    64

     

    $

    74

     

    EBIT as a % of net sales

    12

    %

    12

    %

    Depreciation and amortization expense

    $

    14

     

    $

    13

     

    Table 7

    Owens Corning and Subsidiaries

    Corporate, Other and Eliminations

    (unaudited)

    Corporate, Other and Eliminations

    The table below provides a summary of EBIT and depreciation and amortization expense for the Corporate, Other and Eliminations category (in millions):

     

     

    Three Months Ended
    March 31,

     

    2020

     

    2019

     

    Restructuring (costs) / gains

    $

    (5

    )

     

    $

    2

     

     

    Gains on sales of certain precious metals

    10

     

     

     

    Goodwill impairment charge

    (944

    )

     

     

    Intangible asset impairment charges

    (43

    )

     

     

    General corporate expense and other

    (31

    )

     

    (30

    )

     

    EBIT

    $

    (1,013

    )

     

    $

    (28

    )

     

    Depreciation and amortization

    $

    15

     

     

    $

    12

     

     

    Table 8

    Owens Corning and Subsidiaries

    Free Cash Flow Reconciliation Schedule

    (unaudited)

    The reconciliation from net cash flow used for operating activities to free cash flow is shown in the table below (in millions):

     

     

    Three Months Ended
    March 31,

     

    2020

     

    2019

     

    NET CASH FLOW USED FOR OPERATING ACTIVITIES

    $

    (52

    )

     

    $

    (151

    )

     

    Less: Cash paid for property, plant and equipment

    (92

    )

     

    (98

    )

     

    FREE CASH FLOW

    $

    (144

    )

     

    $

    (249

    )

     

     



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    Owens Corning Reports First-Quarter 2020 Results Owens Corning (NYSE: OC) today reported consolidated net sales of $1.6 billion, a decrease of 4% or $66 million, compared with 2019. First-quarter 2020 net loss attributable to Owens Corning was $917 million, or $8.43 per diluted share, compared …