Owens Corning (NYSE: OC) reported Q1 EPS of $0.60, $0.06 better than the analyst estimate of $0.54. Revenue for the quarter came in at $1.6 billion versus the consensus estimate of $1.64 billion.

• Company Delivered Net Sales of $1.6 Billion
• Company delivered strong results in a challenging environment
• Roofing produced $64 million of EBIT; maintained 12% EBIT margins
• Insulation delivered $39 million of EBIT; doubled EBIT margins to 6%
• Composites generated $44 million of EBIT; posted EBIT margins of 9%
• Company recorded non-cash pre-tax impairment charges of $987 million related to the Insulation business

“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.”

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.

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