Owens Corning (NYSE: OC) reported Q2 EPS of $0.88, $0.69 better than the analyst estimate of $0.19. Revenue for the quarter came in at $1.6 billion versus the consensus estimate of $1.53 billion.

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 continue to create uncertainty in its end markets. 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 expects to capitalize on near-term market demand, control costs, and sustain strong conversion of adjusted earnings into free cash flow as residential, commercial, and industrial markets continue to recover.
• General corporate expenses are estimated to be between $105 million and $115 million, and capital additions are estimated to be between $250 million and $300 million, both in line with the company’s prior guidance.
• Interest expense is currently estimated to be between $125 million to $130 million, compared with its previous estimate of $120 million to $125 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.