US: Owens Corning’s full-year consolidated net sales were US$7.06bn, down by 1% year-on-year from US$7.16bn in 2019. Its loss before interest and taxes was US$124m, compared to earnings before interest and taxes (EBIT) of US$753m in 2019. Earnings were negatively affected by a non-cash pre-tax impairment charges of US$987m related to its insulation division, recorded in the first quarter of 2020 and driven by the economic uncertainties associated with the Covid-19 pandemic. Insulation sales fell by 2% to US$2.61bn from US$2.67bn, while insulation EBIT rose by 10% to US$250m from US$230m. Sales from its composites division also fell but rose for roofing.
Chair and chief executive officer Brian Chambers said, “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. 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.”
