Owens Corning (NYSE: OC) reported Q4 EPS of $1.90, $0.52 better than the analyst estimate of $1.38. Revenue for the quarter came in at $1.93 billion versus the consensus estimate of $1.79 billion.

• Company Delivered Net Sales of $7.1 Billion; Generated Record Operating Cash Flow of $1.1 Billion in 2020
• Financial results demonstrated the company’s strength and resiliency in a challenging environment
• Roofing produced $591 million of EBIT with 22% EBIT margins
• Insulation delivered $250 million of EBIT with 10% EBIT margins
• Composites reported $165 million of EBIT with 8% EBIT margins
• Generated record free cash flow of $828 million and returned $396 million to shareholders

“Our global team demonstrated great flexibility and resolve to deliver strong financial results in an unprecedented year. These results showed the strength of our businesses and the earnings power of our company,” said Chairman and Chief Executive Officer Brian Chambers. “In 2021, we will continue to focus on the health and safety of our teams, serving the needs of our customers, and positioning the company for long-term success.”

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.
• The company expects the COVID-19 pandemic will continue to create market uncertainty.
• In the near term, the company expects continued strength in the U.S. residential housing market with commercial and industrial markets recovering at a slower pace.
• 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. The expected cash tax rate is up from guidance in prior years as available income tax credit carryforwards were substantially utilized by the end of 2020.

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