Owens Corning (NYSE: OC) reported Q2 EPS of $1.29, $0.43 better than the analyst estimate of $0.86. Revenue for the quarter came in at $1.55 billion versus the consensus estimate of $1.47 billion.

Outlook

The company expects an environment consistent with consensus expectations for U.S. housing starts and moderate global growth.

In Composites, the company expects continued growth in the glass fiber market, driven by moderate global industrial production growth. The company continues to expect EBIT growth of at least $30 million for the business in 2016.

In Roofing, the company now expects low double-digit growth of the U.S. asphalt shingle market for 2016. First-half industry shipments were up slightly more than 20 percent, and the company anticipates second-half shipments to be slightly down to flat versus prior year. The InterWrap acquisition contributed strongly in the second quarter and is now expected to deliver at least $30 million of EBIT in 2016.

In Insulation, the company continues to expect slightly negative revenue growth and relatively flat margins for the full year.

The company estimates an effective tax rate of 32 percent to 34 percent, and a cash tax rate of 10 percent to 12 percent on adjusted pre-tax earnings, due to the company’s $2.0 billion U.S. tax net operating loss carryforward.

The company expects general corporate expenses to be $120 million to $130 million in 2016. Capital additions in 2016 are expected to total approximately $385 million, including an estimated $50 million for the completion of the previously announced mineral fiber insulation facility in Joplin, Missouri. Interest expense is expected to be about $115 million, including the financing of the InterWrap acquisition.

For the full-year 2016, the company expects adjusted EBIT of $700 million or more.

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