OC - Earnings call transcript Q2 2018

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Operator

Good day, everyone, and welcome to the Owens Corning Q2 2018 Earnings Conference Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. And we do ask that you please limit yourself to one question only. Please note that today's event is being recorded. like the now Thierry over would Denis. I to conference turn to And go Please ahead.

Thierry J. Denis

and everyone. conference good taking William, for you, Thank morning, XXXX. quarter to of business us the review second the Thank join for and today's call our results time for you

us Mike Corning's Thaman, Joining Chairman Michael and CEO; today Financial Chief are McMurray, Officer. Owens and

one many the Following quarter question release limit In order questions. call to our presentation your morning, please this this Earlier and the detailed possible, morning, accommodate only. we financial call as we will yourselves news second as results for to open XX-Q this one-hour a our participants to XXXX. issued that filed

today, For to we'll presentation have refer prepared summarize slides results, the our slides the during and purposes these discussion call. we our of that performance and

earnings of call the reference the Refer owenscorning.com. release, of our of our slide transcript press our offer available reference. be and we where a homepage. the section X website Form we supporting to at slides reminders. on for the couple begin, Please Corporate this access future A can and recording You the presentation slides website, will Investors before under link XX-Q and

will and uncertainties and laws. forward-looking applicable explanation risk these These include detailed We no filings based First, today's refer update inherent a factors SEC results differ is that such our statements. securities actual the future the Please in for to cautionary other current statements of affecting what obligation under required forecasts and risks identified statements materially. to statements could undertake statements remarks the factors our estimates are on and subject forward-looking to risks, events. of to cause our beyond uncertainties more

we found and measure available is for contain earnings the meaningful practice, a believe of and excluded share. and EBIT non-GAAP release in believe historical earnings press our period-over-period measure quarter-to-quarter which measures when slides reconciliations results effective text to on be compare may be today's of Explanations our EBIT investors our owenscorning.com. presentation adjusted with the We we calculating we have non-GAAP Consistent primary financial it and of remove to not is to effect items representative Second, tables period-to-period. to earnings. adjusted GAAP of of comparisons, measures. rate the that in our financial our remarks certain fluctuations, have adjust and significant from tax arriving per our and the ongoing adjusted adjusted earnings potential operations are at Adjusted

cash adjusted to value. use shareholder also and flow investors helpful We free opportunities pursue earnings company's to ability of flow cash to free and evaluate utilize enhance as measures the and cash conversion cash to that generate

Thaman, with slide and those on For McMurray, be CFO, Mike X. presentation, following Michael our slide of will our you And we CEO, from remarks session. by Chairman followed our and begin Q&A opening now, along will Mike?

Michael H. Thaman

strong Thank year. have morning, you, XX% we've that the groundwork key revenue another for growth first the everyone. of In several of Corning achieved and Owens milestones the first EBIT. half, the both the laid half Thierry. year quarter generated Good in

over significant taken actions the and half far. expect half second as last We so and progresses growth as commercial operational benefit improvement the earnings substantial from and we year year, first

gained in Importantly, and price Roofing we've Insulation. momentum

asphalt quarter, inflation last headwind from for a recall you Roofing. As and transportation was

remainder portfolio covered for made our across now multiple price significant Given margin August. of we've and with year. have actions, have inflation announced progress the we Insulation, recent price In expect another the improvement and for one actions

detail quarter, remarks. discuss and acquisition some the with during Paroc, in which will issues which power his We will Additionally, of continue earnings. more we're to operational by were the however FOAMGLAS pleased challenged in Michael

a Composites face mineral productivity and expected wool several than Insulation. did projects in challenges, manufacturing our and failure Composites some We in We rebuilds melter in namely May business. some in major planned two expected additional headwinds slower with improvements unexpected

second for not fact are and inflation. the Despite second results quarter the strong high did results the financial persistently meet also half continue our experiencing full-year. We that to expectations, expect we

in operational performance. our commercial confident our and execution improvements are We in

in Before I talk I'd to program. detail, safety on an about update like you our financial results our give

our As company. core safety I've of commitment has said value many is times, unconditional our and to been a

period the of of level a For recordable X.XX, the over rate a the year, high first half slight incident with a comparable of maintained last safety year. increase we

there accident must forefront stop It's us zero injuries. components do involving serious our the facilities. of keep of of never was our a in everything a worker we toward at a workplace goal safety that important This of and quarter, an each one reminder working with

performance $XXX in then EBIT of America, All and last for Revenue be for I'd by continued the for successful our contribution $X.X XX% billion, about impact negatively to and quarter to million, Insulation in actions and compared review most down second and North Adjusted was three but our X%. our Roofing. in XXXX. material with transportation was period significant the inflation, pricing year the particularly outlook talk Now, Roofing like on acquisitions same businesses the quarter impacted the Insulation. was up

This $XX of For million, a with $XX from improvement, Paroc, primarily while contribution price FOAMGLAS $XX of in EBIT the revenue residential market. insulation Insulation million acquisitions $XXX and growth our along XX%, grew was the driven fiberglass building EBIT quarter, increased million U.S. up to million. by by

operational of XX%. compared and prior with and tempered EBIT headwinds EBIT year in performance the million manufacturing quarter, the EBIT inflation. However, materials continued of in $XXX with transportation In was quarter the margins growth Roofing, with in we delivered activity, productivity by million along rebuild $XXX overall both

with with our year, impacted while in growth we made are slight where volumes margin have led offsetting mix. the Seaboard, In in improvement. the the progress X-point This improved strong we quarter month in contracted. from in and a we This quarter, Eastern past, the exited years a and demand EBIT margins storm mix sequential other line lower price, by in expect expectation. U.S. a trailed to we the which substantial where experienced with share, inflation XX% be The geographic in Margins headwind. was to a market. we shingles that we benefited our each markets mid-single-digit decline market stronger the quarter, geographic growth quarter,

to geographic volumes mix, impacted quarter In were negatively of addition our timing during the shipments. the by

of position. volatility delivered we For this EBIT the the we were previously experienced $XX year. half, and impacted normalize not normal margins with remainder in difficult and a start-up share customer million we compared to our was second patterns, the decline XX%. the first slight expect in by over generated Composites of outside the melter order shipments comparison, business, of timing Results and million I mentioned. our In a of $XX of volume EBIT quarter and quarter failure rebuild negatively the year-over-year and in planned the XXXX costs, But

China mid entered insulation mineral In several leading in our with XXXX, both a handprint a position. Annual manufacturing environmental, enhance manufacturing standout a the the we transactions made honored three a Chinese producer and building governance few we've Strategic and highlight a May, our high-modulus footprint. list, In we with of for leading supply to our Supply Best Glass, which Corporate agreement announced glass technology We Report, public our with wind facility, markets. we temperature Agreement XXth Responsibility our developments. in Cooperation reinforcements, and position manufacturer Asia, And May, outlook wool supply Taiwan for be strengthening about enhance environmental CPIC, like to to will growing the reinforcements, X,XXX high-temperature ranked base. social to competitive largest acquired and progress number extend U.S. evaluates Citizens which a companies support performance. I'd talking reduce fiber. Before industrial to we were on demand Corporate Sustainability our and license glass announced global Magazine's in published into energy of We reflects which Also our

believe we achieve XXXX approximately $XX an by our delivered acquisitions. industrial our earnings We through to significant increasing will second than due environment for half, consistent Insulation, than we on U.S. to we requiring of XXXX by bit contributions our stronger $XXX million improvement what million. for outlook. be from improvement better consensus Overall, improvement with On in half of even onto versus first to outlook million and expect EBIT half in expectations housing deliver in more the $XXX the improvement global improved and first half second million. performance has generated expect pricing, our We Now, pricing, In growth. year-on-year year about manufacturing improved little the $XX XXXX, starts a the production guidance.

have not high transportation operational challenges. improvement we persistently due the for to in EBIT expectation half and first inflation business our However, increased

discuss will remarks. we to in new Insulation, operating during for For both about acquisitions. the detail leverage and second growth in XX% be In expected Michael excluding markets. remodeling is construction his more Roofing, expect the half, this

the mid-single-digit of lower the asphalt a storm shingle expect decline overall market we However, U.S. demand. on

our the market. Given will mix, trail likely the our volume overall year geographic for

to recently continued fiber global price expect continue glass our Composites, growth growth. by announced actions, production August In industrial recover and higher the target through We pricing including asphalt transportation costs to market, we inflation increase. in driven

a are full expect of lower in to expect $XXX we to our slightly greater below to the for EBIT businesses, million outlook a company and costs, and EBIT year. operating half. given our From million range volume manufacturing higher as positioned perspective, for slightly result of stronger our a we inflation, For than last $XXX market in the anticipated performance second and year, be outlook generate the adjusted

to at free expect convert we XXX%. adjusted flow cash to Lastly, earnings about

Both us the In has We maximize and housing deploy support capital strategy. giving growth. starts summary, global on in second commercial well are the greater strong market strong free Corning expecting Owens flow price executed realization our cash U.S. flexibility shareholder achieved half, returns. and to to

second XXXX. necessary taken been XXXX to operational are in growth some into We issues, we've and year but the steps the in to into quarter with accelerate address the well challenged half the of going earnings positioned them. We've

of As to fundamentals all conditions operating achieving over of milestones businesses three earnings free I underlying and turn support market XXX% revenue, said the it XXXX, The than Michael? to details three haven't remain who and our changed for that, businesses double-digit billion business. our of With of in I'll generating cash number further will strong. a converting $X review should more in Michael, before, margins flow.

Michael C. McMurray

everyone. morning, good Mike, and you, Thank

in improvement unplanned have we half As top underway. growth earnings in actions manufacturing results actions we is and planned and have further million year, costs into have trends Roofing, $XX Mike the and volumes. line pricing in deliver pace although But in in continued are in Roofing with year in taken environment, half and of early expected million the accelerated, of The macro driven and and Insulation our with robust and price earlier, Insulation the our produced strong by we further strong the in lower of These a the acceleration along actions, position experienced by negatively improvement and second quarter, were second acquisitions of Composites improvement of financial impacted the Insulation. has improvement The mentioned quarter, company pricing Roofing million first second inflation the price delivered the the to XXXX. $XX in year. of actions $XX strong

start which first on key quarter. the (sic) financial data slide let's Now, for our summarizes X, [second]

primary in tables $X.XX million billion, The earnings XX% $XX Depreciation for expense tax and one from XX-Q. reported down million, the million reported quarter sales lower XXXX. $XXX amortization XXXX Corning as XXXX. Adjusted of You'll The same resulting in and of the acquisitions million Insulation compared to and acquisitions. EBIT information last our quarter share $XXX period was a attributable the the compared and more price compared second strong quarter compared in our to were today's to find diluted by effective up and million, $XXX XXXX $XXX to period the per $XXX the was of Form Insulation sales year-over-year primarily execution. year of up amortization per depreciation driver, two was rate $XXX X% financial second same year, Adjusted XXXX over ago. for million earnings second business the for were $XX release acquisition-related or $X.X in as $X.XX of to and restructuring driven Net compared XXXX. XX% same XXXX. growth million was news the the share, or to net from in for in Owens diluted lower million $XXX second quarter million, incremental the costs, to consolidated due period we well Today, as up quarter detailed

million Our second our our detail you'll adjusting X, items, $XXX $XXX second of $XXX capital adjusted million. additions for reported the quarter quarter our EBIT On of XXXX quarter the reconciling were million. slide of EBIT see to

$X the position. For Composites to to the primarily from totaled year related last resulting million, quarter, our announced adjusting items restructuring low-delivered actions strengthen charges cost

beginning were a tempered results, of by more Now, Insulation the our businesses million, up primarily by XXXX. highlights, was improvement for in EBIT with on by planned $XX the were transportation On business. ready costs our other Insulation same higher to second in segment call, strength the please Insulation and $XX at we and last manufacturing price This to EBIT Insulation level Pipe growth prior review a facility year impacted quarter. strong X, furnace year. and the decreased to $XX I due to realization review as strong in business. period compared X, Newark, EBIT to the period quarter our seasonally we particular were EBIT get and quarter review million versus provide contribution slide second the execution in volumes. over million, EBIT where Sales with quarter businesses, slide of $XXX our Adjusted Commercial XXXX. and Composites of decreased million our of million prior shared activity The U.S. with all upgrade headwinds. quarter, General the to XXXX We $X a ask the financial inflation million weaker mainly execution operational you million from Roofing higher the in $XX ago, cost business our we by of our both leverage unplanned turn the expenses of Insulation detailed turn Manufacturing and rebuild material adjusted expectation respectively. aggressive FOAMGLAS our a compared FOAMGLAS. of driven $XX With increased a that and XX% the for agenda an $XX was corporate rebuild high in on of second earnings price for second performance earnings where and improvement was the comparing Paroc to million. million, year. half of strong and up was and Paroc $XX by costs. EBIT technology the same by Ohio provide the capacity operating took and quarter second contribution the in significant slightly the across year. key residential

the million agenda, We and $XX U.S. wool expected our challenges performing operational about this our completed Asia related primarily be America together We These other headwind. and mineral expectations. to Latin faced successfully but challenges, half businesses to wool prior below a this No all business operational regions U.S. U.S. financial were business performance our this and doubled the performance the disappointed about mineral year. business. We headwind. doubt expect by second mineral the in currently XXXX to versus we wool of improve of

Paroc expected. expectation the run these have in well further we and of a delivered the our spectrum. both price our to a acquisitions the of glass results consistent quarter. businesses perspective, North high in price that August, the the confidence that FOAMGLAS make collectively the rate and delivered are delivered our the been in and we extend integrations report commercial solid due support with seasonality to progress. market of business. but continued we'll half are significantly to in This announced significant footprint The EBITDA positioned in end I'm for temperature pace XX%. margins to second and have than quarter, residential is Together, progress, pleased American progressing geographic network, the XXXX, slower Within of continue U.S. been second across the has we We progress insulation technologies with make actions of XXXX. businesses. in portfolio progress From Further particular our strong have

acquisitions. our the and full-year upgraded we EBIT $XX of half XXXX, estimate million. year-over-year, almost driven result, $XXX million contributions primarily realization a by by from to As have the improved first price price In

XXXX show the performance growth. XXXX, and improved primarily of improvement expected the half balance to producing $XXX with operational Pricing compared EBIT improvement, second Second is the expected is more than $XX coming half to million alone double year-over-year to of versus million about from in EBIT half continued benefit the from first acquisitions.

improvements. For full-year the of growth This full-year, guidance we EBIT $XXX expect and price approximately operational million. our for outlook includes

the of XX%, to of leverage anticipate operating excluding acquisitions. continue We about second half impact

Although track the be guidance in this leverage for performance to XX% operating business. good full-year of half the year, will confident first goal the this continues remain because below we that our mid-term of

you the review and The currency and volumes. the million, difficult than million, our first business. in a Sales These the attention trailed lower manufacturing your costs same comparison lower up to some for of favorable ask were higher last our in we compared same was slightly translation volumes. In in costs, benefit quarter $XXX business our results lower year, rebuild as volume half Composites markets. largely including for period turn a weakness a I'll for the period offset faced slightly EBIT second to year by slide Now, the expectation. to sales X XXXX. the of year-over-year result $XX inflation, was slightly higher of $XX million of certain quarter Composites

second last higher the on our negatively quarter call, results. to quarter's of rebuild highlighted expected we costs had timing As impact

double-digit challenges our melter was Despite in an the margins EBIT and quarter, repaired headwinds, performing pre-failure other we at network, manufacturing This quarter. including delivered Composites the quickly is these levels. operational During business failure in Asia. experienced also melter still the in unexpected

volume performance. Our should on and comparison year versus second improved EBIT last improve manufacturing easier performance an half

continued debt year offset of last quarter, with from we fiber low-cost In the improved guidance. be India rebuilds. production start-up in in EBIT growth. benefit the bad markets, two the While expect growth will of associated the our the driven third of to headwinds we glass We the charge about melter with completion growth that with global costs $XX possible million, industrial previously had in XXXX, expect by earnings and largely of expected

the high, full-year, and of utilization continues slightly in manufacturing into strong, which lower For inflation, performance should second constructive slightly growth EBIT strong accelerate, a outlook. Composites volume industry expect continued on face to Global last rates a below produce the growth should earnings remain costs higher the year now remains we environment. and half. volume impact

we low announced actions, growth melters and Additionally, expect provides drive Roofing business. will our an lower manufacturing previously $XX were prices. Roofing volumes, was same $XXX restructuring that The the expansion by supply subscale million strategic XX the sales XXXX. in India cost facility sales to driven support for productivity our and overview primarily of alliances Slide year down quarter decline a compared by higher partially ago. million, selling offset period EBIT

For asphalt the for grew U.S. shingle quarter, mid-single-digits. the shipments second industry

quarter. Our volumes trailed the market in the

than On flat asphalt successful about At with For million very last outlook levels strong actions experienced and sales with detailed execution the the up seaboard, to the compared the quarter increase, that million attributable Roofing and for costs. driven expected of to of believed half the share to approximately contracted, The the volumes strong price with quarter. year half, demonstrated in we EBIT we our delivered outbound our business down to be our the the to market. in to was XXXX, XX% down and the growth for asphalt second provided inflation the $XX of business. which every share, volumes consistent which for timing offset first price long-term impacted drivers we shipments, our quarter. mix, the and price in period our our of increase, negatively we market to the in quarter lower higher volumes. in versus call, update same In Outside was we successful the balance $XXX pricing estimate $XX of decline nearly expect and Eastern strong our XXXX and equipment. We million, that our seaboard, shortage remainder geographic April in half XX% second May The portion where much of in by lower transportation primarily year, as time, transportation almost other we demand on be overall would the a or with a mid-single-digits along volume Eastern of to year. U.S. first out trucking more margins the shingle summary, the were associated the cost a guidance. restore that the inflation due rest have

We we announced fact, We've than experienced compression for and an pleased price demonstrated and we've experienced half. I significant we the June expectation a In asphalt inflation offset margin price. transportation more has further expect inflation with recover higher year actions am the to progress be anticipated for costs. implemented these to now in August and the asphalt to effort we inflation full further that asphalt first inflation increase in in offset offsetting in to the tracked double inflation in XXXX.

For which margins quarter, of a was achieved EBIT the improvement. sequential we second four-point XX%

than cost deliver second with inflation be half. pricing in The We strong margins quarter with transportation expected and another also in continues exited to year to The more to line our taken the asphalt positioned Roofing actions we've long-term offset XXXX. guidance. in the are business EBIT

expect We continued and growth remodeling in demand and for construction in continued shingles new components. double-digit growth

on lower activity. trail Owens storm shingle U.S. this will mid-single-digits volumes of the mix. be market down because market Corning's year expect likely to geographic We the

For year, inflation will pricing to expect that costs. continue asphalt transportation cover higher and the our we full actions

company's outlook XXXX. share of shares of per the announced average our quarter, the provides of Now, an repurchased financial previously let price second $XX.XX under matters XX, for In a repurchase share. stock program, to your overview at me turn we attention slide which significant an and XXX,XXX

current authorization. XX, the X.X June of As under shares remain company's million repurchase available for

priority. paying remains cash in future term we loan progress priorities in the balance our As free meaningful down of a deployment XXXX our making the Paroc flow, for

capital shareholders. industrial consensus In both return and consistent repurchases for important expectations starts year. slightly production stock to environment expect we to continues to expect In and will mechanisms EBIT global growth. behind with company last dividends The an be housing Composites, addition, U.S.

continues offset persistent Insulation, the expect inflation $XXX of pricing approximately and year. For million. growth we to Roofing, strong of asphalt impact be we In and for transportation to EBIT expect performance the

We and expect market U.S. on the volumes geographic trail overall our shingle the mid-single-digits storm lower due to we expect mix. volumes decline market to to

expect to For first Owens and adjusted $XXX million in total, strong Corning million. in drive half price between we full a momentum $XXX outlook second half performance, year resulting EBITDA

Now, guidance I other please XX, turn items where financial to year. slide provide on the for

a As conversion recent discussed tax represents which of in about between and XXXX, excess call, of which line working another be This $XXX improved XXX%. $XXX Poland on includes earnings last XXX% quarter's cash to that XXXX. to fourth our performance has into the years. related earnings, be and related million and the expect In CapEx an million. million, corporate now better of of primarily acquisition, strong free to began additions construction Paroc in in outlook. million adjusted rate advantaged $XXX position is cash a expenses year we expect of free $XX Capital to translated We will a flow, about quarter ratio, improved conversion new capital strong in flow about

to about million. expense and $XXX be million. million to between new this is is expect $XXX to be expense Depreciation $XXX Interest capacity and available We be expected expected XXXX. in amortization

along offset tax U.S. taxes our for other and that cash expect to significantly with NOL, credits, time some carryforwards come. We will

foreign adjusted As tax to other be tax cash a XXXX initiatives, credits and XX% our result pre-tax XX% rate tax we to of NOL, expect of planning our earnings.

is to the U.S. expected corporate XX% call adjusted earnings, that, of reform. reduction tax us effective a With which XXXX question-and-answer a session. XX% turn from be six-point Thierry Thierry? tax as in over is of result the lead I'll to the pre-tax year, to rate Our to prior

Thierry J. Denis

you, William, begin Thank the Q&A to ready Michael. session. we're

Operator

you. Thank

today our will Bouley Please Matthew session. begin Barclays. will question-and-answer be questioner And ahead. with the We now go first

Matthew Bouley

Roofing question you Thank my out Hi. I on a taking wanted side. to for question. the start with

I you've the think, the in achieved. price for highlighted margin of an comments, expectation balance given improvement prepared for the the you year,

I be the fact, margin It just price half, full Roofing and wanted to how the just in there be embedded So in ability we think the incremental seems what guide. is, in side. is the first year-over-year should you. to improvement a some you've if above would if asphalt about kind year And clear to really, given need comment of necessary? Thank you've get the what guided is price achieved on that to that

Michael H. Thaman

Thanks, is This Mike. Matthew.

first with exited margins for quarter, coming a improvement midterm couple XXX-basis-point improvement fact, Let we the or highlights second that, of try coming out remarks use that of of we me XX% sequential say kind to We of prepared margins above a through your walk XX% guidance and the is and had question. out seen the we the just of were our did our in month-by-month in XX% to which comments quarter, those with had over guidance margin the long-term while quarter, that, consistent address of terms our rates and quarter margins.

increase, followed we a like that So had had a increase. the with and then, we March We we increase, June with a felt June May increase.

what increase, June terms inflation cost the and been transportation of top cost. as had come with and So with increase that persistent numbers pretty that up caught gotten a on in here asphalt started run had through had both we to our of

us feel that rate. can't like that ahead, anything As we sustain we causes see we margin look don't to

manufacture today, see shingle making a on dollars related we'll cost shingle we're and reasonable and in fixed of changes But margins selling the good absorption. some to the making a Now, volumes cash shingles. margin basic of economics

offsetting some of though, of inflation, half. We that and in the that are an believe additional the we repair obviously, help compression there in so terms year. would us increase see for is August help looking in the August that price success any continued will some we saw there margin also And, out first inflation see ahead, would us we the increase

we bullish. us recover quite the saw structure that early I second, like margin So seeing of compression margins in shape. and that don't our feel of margin but half the will the year margin we half of do outlook heading through allow first for good know the part quarter the the some second the the half in second to is into is we're that second

Operator

And John with Lovallo our Please ahead. today America. Bank be of next questioner will go

John Lovallo

It my and the significantly get with are mean, like have taking looks the I for getting still is dollars? in that incremental comps seems Roofing just here Thanks the about you're sales more year pull geographic back thinking you like, sticking challenge. guys. mix Hey, to Maybe here. margin on a on of or to just through big half challenging kind be going a I headwind. Matt's how follow-up mean, question. It flow the question of through expansion going the

Michael H. Thaman

John. our issue in persistent Yeah, thanks I first think the all, a mean, remarks, comments, say for the did through is probably geographic we year. mix of issue we the

down the shipments. half We of think we flat that in that of were geographic was that probably half. while So mix of We of half, the trail market timing the was kind was mid-single-digits. about in the first market half and first

think market our So probably We geographic in first on the a the in in adjusted terms business the second basis. half couple points a of relative adjusted track mix half volumes. the geography trailed of on by basis, a we'll market

Owens of times Corning the three Where price it shingle. for seen half of we market an significant in a the amount manufacturers mean, outlook recovering the with idea to for is inflationary very today think we this are said our through a May the number a your receptive on or experiencing alone with very price market. and volume call, it's product we're of terms is, inflation. overall costs I outlook our the time in that the our think a next the of in increases we've second think that I environment, not year, for inflation elasticity. in consistent is our I long roof no first to June, March, And lasts in of we So valuable

a is shingles, margins good produce us acquire reasonable inflation So getting being think, of us to recovery for a thing go (XX:XX). to our able and to make we

dynamics the we we margins we're second So look kind and industry fact, reach of for see good And that those are don't is are cause producing. of the margins we're June believe to seeing today July half, us second the of us. to would what that out achieving the as that timeframe through half that in in types any ahead

side So where we've volume outlook certainly us and leaves the geographic aside leaving for price we're margin that we're feeling relatively good achieved on mix what on confident about on second half. our the and

Operator

with Please Group. Thompson next our would ahead. Research Thompson Kathryn go be And today questioner

Kathryn Ingram Thompson

announcement were with announced more, impacted but given by Composites worth competitive this What on move? Thank thoughts taking How that and Corning? you question wanted also I this on And Owens that segment it with for that for appreciate CPIC. you. color little supply strategic on talked the a more a Hi. today. subject. would you with and landscape I Taishan? focusing was be your QX know in reported agreement the CPIC, get revisiting change the results bit mean Thank the the my little about to would bit Jushi you've does in

Michael H. Thaman

for I Kathryn. throw and But comments, Mike. with our this up at that Composites a Michael it of look and more if detail. utilizations sustain structure amount – improvement little Thanks, to to Maybe I'll maybe leading had consolidation. and the you or of drove set bit is we of our delivered time ability period went a entire ability fair in over and years, kind our through in in relatively business make strong into products our we six in market then, the confidence a business high a up returns margins. operating the much our better with little we more a the where came a and capital position, a cost us invest reworked saw very business product shape both low a portfolio confidence last where really to of five to gave good That good industry on few

of I strategic in supply is next business. you're wave kind very growth the base to earnings with our the kind at wave of and next supply asset seeing wave of seeing kind cost of delivered think these you're chain the – what power network low to configured of of get here order agreements, the next our moves in

three took next have high we better restructuring on subscale much very economics replace year, out that. network. supply So competitive these actually we're if the and were not we to announced investment. associated agreements, last the economics able you we These look some no limited our costs year, with subscale melters a with or took melters relatively to at world had capital stage. in smallest what these We had did With that last that action melters of

used we've together the to that of and in our support our support terms region of the being be our our Asia currently position agreements help in to to of that's market globally use some in low Asia, manufacturers order in also cost. with some in technology So capacity and mutually some growth able and growth beneficial put

protecting show sheet way bottom the have light know the very volume don't So operating and add both way. intellectual smart strategic important you it's to balance this our cognizant in an think get a We've line that good it business, for drive if we down making line us our is with team. this sure leverage I continue grow cost top We're move of our and you'd doing Asian to us. to I growth. success capability do And a in and and property give anything Michael, to that.

Michael C. McMurray

implications Kathryn part have online the bottom the only transactions any implications likely towards most thing add, think these the But will for of line – think there next both Mike I in – isn't. if XXXX, come I'd for year latter second really there and I asked XXXX. was and half only

Operator

Susan Credit questioner And Suisse Please with will ahead. Credit go today Susan morning. our - Good Suisse. Maklari LLC next be you. Thank Maklari (USA) Securities

Michael H. Thaman

give - expected. them I mineral you is the in to from Paroc, there? slower Can more talent Good along us of kind things Suisse pull there Focusing of Insulation up color Susan on to is little a coming like morning, guess LLC bit help a kind that be little knowledge just leverage sounds of with can Securities the a bit, here? (USA) wool facility continuing Credit you piece the Susan. any or And little over completion it Maklari than what you

Michael H. Thaman

you Thank question. the Sure. for

a of level. Let me kind first just macro at start

going I is desired, think because much visibility if Insulation the we've importantly, being have give and than not more through start-up facility or business. forced leverage investors business, But has our would a to confusing performed confounding our have results we have starting it operating up well, the a to that more we been be in well. story not to producing it's that's and obviously the an facility mineral operating leverage we it's negative wool reason would of the

confidence good Insulation that now, tremendous this kind operating quarters, losses North a story with business And our lose could leverage price important has four that to had think leverage in operating division. facility produce kind in we've what going Insulation and last So, the situation start-up ramp of some operating our in to story four-year we're of we leverage our in the fiberglass negative in American people really the produced cause ourselves and find associated the over of where we business. of volume

year, or half in wool rest second XX% the as be and is leverage, think you'll neutral operating facility his business do year. to of fact, we comments in result, of numbers the terms where the the of in we positively will mineral second and reason terms the the last on think see the with going said, of that's comp what can we'll Michael in In be in pretty fundamentally, price to track a volume. And case half back the it either was clean

ranges. America facility, higher we've the to to going specific temperature North Now, seen specifications in

little to to us basic mineral was North Paroc, we facility So, for response a We purchased to wool. to in the now to we mineral a in bit and build technology are technology. get in our point, good we that, bigger in Subsequent America. acquired have thought order that your wool

very So, we're it. real their getting that and team quickly the associated technology And we Paroc our that North moving in to help synergy and how our ideas we're we improve in then involved understanding seeing from assets. Paroc terms with of acquisition here to States a bringing their and back American a deployed of the benefit get real technology in

look to a can tailwind be ahead, mineral the I from bit second better As maybe in wool tailwind. think little we half anywhere facility the a slight

in we So, have progress made the quarter.

tailwind become on progress in And half second half continued a will think in We – Depending we in adder the be amount how we progress that certainly are performance. talking then, could either the about half. (XX:XX) make reasonable our into second the we probably rapidly it, XXXX, of or expecting make some aren't to second this to anymore.

for could second have that Insulation quarter that second today. a see and quarter It's (XX:XX) it aside, the I'd fact in think it's think position. be. progress does underlying strength the make not did I to So, caused we to where in we most the operating say part, an I leverage the in not fundamental wanted okay that obviously, represent in we us And the business

Operator

will Rehaut go be ahead. Please next with today questioner Michael Our JPMorgan.

Michael Jason Rehaut

everyone. morning, Good Thanks.

Michael H. Thaman

Good morning.

Michael Jason Rehaut

for back I Composites a just circle little moment. wanted to a bit to

growth relative any volume driving terms slower you what's if backdrop the than in to I that itself production on circle you that to also wanted the color of I a could industrial remains think – given with to strategic then, expectations. global First, picture the think industry your give licensing level, the arrangements least prior slightly steady us back CPIC. And or anticipated, bigger at just

over agreed intellectual Obviously, be Just over and then or and yourself sometimes that used that kind of on technology that you technology. used control of there's being years it's China, what concerns ensure agreements being time just protect property going you've the well with in losing against a couple basic to? do level, exactly may first for how companies in

Michael C. McMurray

Michael. macro overall, bit Thanks, But half. first the maybe half say little probably say industry here the take originally bit expectations for kind go take going pretty what That I'll It's and But are to year. of second for said, the me that kind as Mike. we a and a less anticipated micro. solid. Mike's let start we Owens then today the Utilization remains I'd of stand than global high. I'd Corning growth the of at rates and had start remain growth relatively then

at and China what of maybe the in forward, still being I growth that were Europe in less beginning think kind said, seen growth than But looking of year. bit expectations vibrant maybe the little the we've growing. a

it's from I costs. and little well. FX creating And guidance think of then, headwind a probably slightly manufacturing bit drag quickly benefit half going than in we've due second it is the bit to also are. half the Again, But of to probably half of less I'll of we at our other question. And about that India higher say this to had front the that facility, in trade heard for melter China. year. start-up which A inflation. failure Mike And of delay turn us our outlook currently uncertainty. year year slightly a is to little it pre-failure That's full-year bit team is back versus which to that a kind to full-year really a be answer being and create change being that's again last of just repaired a the probably melter half volume little the policies related other in going had a the up discussed. slight to you lowered they comes of performing if we And think in the if as it bit that then, our lower the then, spot a are stay the And rates the where you levels. we've made, then, why of we've and

Michael H. Thaman

good Yeah. real Michael, around question technology. it's a

technologies. very, have very We good

important an of asset our So, business. it's Composites

market-leading technology. I do have think we

technology the both divide you good we have if and technology into and technology, process process product product good technology. technology think I very very

of scale in and environment, advantages today's scale overwhelm the probably the in process cost think we advantages have technology. terms of I

to find scale way to So, to assets. technology process need we a marry our

melters we're safeguards very, small we looked The on cost have to have pieces a glass how that never pieces specific of facility we're that we out found know those melters. taking those very technology knew largest used sure in position. being eyes is exactly ourselves and contributing melters our could competitive. will in and So, and going the we high-strength very situation doesn't the to scale CPIC what get of had our very the with agreement, to then scale we in, By that build technology when specific to be get we that at world, process the three supply allow to cost We us make low agreement we migrate. working it

also to In though, agreement. product have would we technology addition proprietary this that of that sit outside

products would modify would that the we the product to out product our or the have of put Owens and that the and use own lines to CPIC the distinct cause products product and coming strategic proprietary them our cause ability Corning at is from us That customer. have So, agreement lines. to forms supply different into consumers productivity that advantages the

drive the we've we So, needed through the to it. continue thing gives and But cost, that a and at scale both Not we those assets of to terms and accomplish our we business this chain technology. to is to lot the best looked the that we gone make think in capital, biggest are protection of that us of world-class worlds. competitive move in of scale assets sure

Operator

go Please today ahead. Kim be ISI. The next Stephen will Evercore questioner with

Stephen Kim

to all make you wanted question Yeah. Thanks correctly I wanted back very sure much, said. turn I to just what Roofing. to guys. heard the I

then I heard anything I'm if going to I wrong. you just I there's me if and position So, it, correct can think heard it I way – the

of that – XX the in to that that was or missed XQ and geography up think percentage by order I like of about about something just due it and so timing the you points to shipments. due you half that single-digits of on and you industry half mid indicated sounds was was the

recover in that regarding obviously why what kind change in that be terms And XXX that assuming point anytime to I from that's miss it's XXX back understand So, a of we're about half. geography, of to should confident to to volume of we going shipments. soon. isn't basis wanted talking then point going timing right, significant basis fairly that was and the

the would gets it the in the the the timing right half be persistent geography of a here effect industry? going and your volume The of so, the year? is you that to is think shipments be will And to net to trail slightly reversed for back year that is headwind that

Michael H. Thaman

Yeah.

trying down impact we'll in of and back hurricanes we be the into market strong the last up year going to of was to the in rest second your in product to is in and of first we're issue the will that catch think exceptionally think some the trail mix half lower that full-year, in for way leaves or to a aside satisfy bit the a think of fall. the timing a storm your question as demand. – enough future will shipments Florida result, will to as carryover think So, half now us, the of the little result, the you the exactly shipments start Florida do make, there's related of way end some the that work slow my the activity towards for is geography conclusion point which We came came in the the the to Obviously, through year. at start potential do trail the we backwards, will mix between hurricane back and the any we the have bit mix for geographic Seaboard additional half. the it a country won't second half, And full-year. but but Eastern do overcome will first was that than We geography geography, the we'll the Florida that as a In full-year. particular,

Your mix. where on though, our give that, add we saw terms saw bit market, of analysis we the of would the there the pretty were The in one much you and was in market bit where of the second to we spot ahead a I first volumes. a was geographic to is quarter overall of some thing confidence quarter

market. we're ahead the So, that bit and we of headwind a overcame

of view, of market in timing we're with quarter. would a we'd a a in expect market we're to bit ahead the shipments I behind on from our of timing based about the they talk the bit. little the we how when point So, the catch We're second quarter, discussions shipments, sales expect, third think up little a first quarter. of again in bit having third quarter team on We see the

good data the but in So, normal that tear effect. when of the you all apart it's a through half, variation material We're a on we it, some feel would wrong first we side shipments of timing see the pretty the volatility. little bit not the there's

Operator

And Zelman Please be & with ahead. will go questioner Speer our Justin next Associates. today

Justin Andrew Speer

Hi, this Appreciate it, Justin & Zelman guys. with Associates.

Michael H. Thaman

Hey, Justin.

Justin Andrew Speer

in talk perspective to get outlook some and confident industry and from context pricing investors about be wanted in why discipline, view I should offsetting I the took what Roofing your place when want costs of volumes to your in expectation at the back industry of half, margin the couching in XXXX for with lost headwinds particularly decline the that and discipline. industry looking the with to and for

fighting that I think volumes about. August of materials price. pretty your in And against that's different you going you your something follow-up this how see? full-year got to industry if we much lot Margins perspective? hard saw a you it cost think, is people time risk not for that, hit raw are is thinking the a with then inflation on Why guide the share that increase when the given and softer, successful,

Michael H. Thaman

Justin. Thanks, Okay.

happy elephant here, addressing That's by about the XXXX. start and me the maybe that. potentially Let to in be talk room I'd

the If probably first We buy you XX market in look winter had activity at XXXX, the XXXX years. in was the quarter. smallest roofing a last

first the follow deep shipped the that significantly activity with failure actually load inventory a think year, with going I volume rebuy industry relatively increases. because was that everybody the It very the was the quarter. basis channel to significant of And bigger. with got overall price in the such were presented the high The of to flat was actual channel. loaded percentage opportunity a We there quarter of first were small not asphalt in in such the in market a was through first discounting amount the market on to in thinking balance little a quarter be of year-to-go the activity inflation a year the we environment. a order

for the was all So, at going on. in getting we were no that cost exchange discounting price relief

the So, broad-based I how terms as in would environment. in pretty characterize market the lack operated, given of industry of industry a that discipline the

market in in remarkably is the I be second-best environment think today about decade. a the going we're today. we're different last that's market What a market probably to talking

relative So, the to despite this the fairly robust year, it's decade, market. a fact declined last is last from

we're We are don't We I where some inventory This environment. time did sense. out the is in in This environment. aggressive see an the an makes think big we think quarter. asphalt also inflation is over-shipments second the a We over-shipments cost in but in carry roofing not peak first that and quarter. distributors channels, big of there's season. inflationary in year inventory, saw

And off demonstrated as it's an think inventory we've up. prices increases money in ability to make get to have distributors price for we as inventory can the they of carry their normal price. environment go I pretty inflationary three where

year. said inflation we'd today. come we'd $XX In the year have he last So, we're comments, the believing sitting saw we million into Michael's here to similar

Our disclosed the that also his and double the current for order million remarks probably shingle our the he $XX of call But in that, business inflation on prepared first Roofing of so of through first portion the inflation. on is we've impact gotten month half, half. that half. that had we the don't the the first We in final for June worth of have of increase the price only full $XX price of million

the of rate August $XX back run the we continued based increase, the upside the and amount of have basis, the cover ability impact a to saw possible get we and second we year-to-go of of through the a see on the increase inflation fair quarter. that confidence June on So, the million

that and sat the of we're the very we at investors at having I So, that marketplace chair XXXX, at sat similarities there's from between my somehow see an and like that having view we're this environment few saw that in if time chair view marketplace facing today time, in looks time. a in the this

Operator

Jefferies. questioner next Phil be with will The today go Please ahead. Ng

Philip Ng

get to your for XQ order guys. a view you're Insulation, little generally going and inflation Hey, been hikes data Curious decelerate you've certainly, June up. out you're seeing what weaker. rate there, accelerate. in you your if guidance pricing expecting has implied to on housing patterns bit seen in with And

you've baked of in any the increase in much is to retail August baked that Thanks. how on the curious side well. momentum and Just if as

Michael H. Thaman

which three-month of Okay. we where kind look home both is and driven off being actually moving on to was we're a construction and the, new and house lack to seeing going. Internally, I both a some sales The June existing we starts of interest to good. Having some Thanks, inventories are tend activity why prices. print availability about Phil. in think, the very carefully are probably May inflation have Obviously, be housing and average. watch supply, continue in print affordability levels of of at prices house very nervousness said housing great. very low continue that, of wasn't and The very, rates

the look starts. housing movement didn't you create three-month much that If June of the really average, moving in at trajectory

think we for continue saw to against half half. power some year our unprecedented. going So, first in a very EBIT us is consensus is half Insulation in below new because business. in think We business. that sweet of a growth demand improvement spot or last we are Whether We in half at industry going the million to in versus the be little periods of starts and very mentioned housing the starts, bias saw to is allocation tight second was in utilization year, insulated the that of half we in the that deliver that the little six call, sweet of the an spot. the Industry that we're be the first I seasonal still first bit bit above, of we our there tight the construction on forecast in a come here to Insulation seasonal all towards in for confident the growth the and need steady where next really which of improved environment capacities is demand in with and second year year-on-year to the get in months slow single-family some $XXX multi-family in

Operator

And be will the next today go SunTrust. questioner of Please Keith Hughes ahead.

Keith Hughes

but Thank you. year, prepared I of of I million was to just price, million $XX $XXX of also $XX improvement, Insulation for on want to EBIT reiterated comments your go price that think the incremental million you discussed. another was back there

a just I'm think the that confused Can up? you I little numbers. on clear

Michael H. Thaman

Sure, clear that to Keith. Happy up.

of million $XXX we improvement. talked about So,

achieved a on million (XX:XX) versus $XXX year. far, we've basis, prior So year-to-date about of improvement

exact I $XX number million. think the is

year to of second to be overall $XXX in guidance, half last year, we'd be What if $XXX we versus for about in to the going you $XX pricing have delivered overall million than of to is guidance second realization give at look – more $XX the we is So, of million of the to first said half that million year. the prior means of us if the that price, than have better our that price half. you of And year, our in million get price.

to So, half to in terms going contribution half million second price growth. see (XX:XX) from to acceleration of of first we're of year-on-year just $XX the

year-on-year and of first improvement. half, million where ostensibly of in $XX $XX EBIT the So, price million

of improvement. year-on-year price saying we're and EBIT $XX-plus-million of million half, probably Second $XXX

doing the were think, of operational improvement. first than issues, terms were we not that successful were melters, business to need U.S. America Latin to By in side also it, some $XX in come were reason little of clear half. do the a million and quite quite bit kind price go the hot So, just pretty Michael acceleration our the we the mineral doing we businesses had That order second assets large, get We where half. million in our $XX in on as successful the operational we we in About issues. in of and with and an to Obviously, the rest of all that of EBIT was out for in rebuilding and price I regional to The not where lays and stuff, of where wanted, major additional half. said, wool in we're ready we frustrated Asia, to other to doing and planned with. didn't turnaround of was the wanted. where grow get more facilities and maintenance how second in come EBIT that it didn't get our of disappointed get

stronger contributor be So, a have we think of acquisitions be a we and performance then volumes. in actually on on the second half. contributor to to and top think going much positive of top price, operating will positive price It's going the we're

the So, the into first in if with we those three together million second of on we're get second already the $XXX you the to just where basically $XX half half, kind the half of pieces annualize $XXX price million way the think take price, you we million, the and up. and are to run

need that order to about we against better sure commitment. and pretty So, guidance good in that we make that feel get we to operating can deliver

Thierry J. Denis

for William. we like question probably. Hey, is time Thierry. This more It one have looks

Operator

East with ahead with will our from Wells question. Fargo. Stephen questioner last And today be your Please go Okay.

Stephen East

good guys. and you, Thank morning,

talk the Are cost expect? thing, you Just cost would moderate sections? here, to the in from of will what And guess, business? do seen the or in not – or your that – the all questions. you're second second percentage overall. increase pressures, any Particularly as increase do here the far you've that two on $XXX from thoughts you seeing incremental they've do your impact then think could that each peaked on impact I bigger and billion Mike, what this the tariffs about cadence assuming as any about you quarter that year the you

Michael H. Thaman

tariffs. about Thanks, and talk I'll see then we about Stephen. to a turn back I'll over Michael few to comments inflation, how the make Sure. it

I out, be declare victory expect us that played and has to think half, inflation would the foolish to don't and say year inflation. has for there it then peaked, the way kind of second the in Given be we

first inflation, were in we we the I saw each on like year, getting creep felt six we a of bit think of through point at through business. top when little more the of the months kind

have of sure we an Insulation increase to price posture business. towards the an for make August price that still get top continuing Roofing So, for increase the an There's we aggressive is to August on business. stay price inflation. There

that fair businesses. additional price to We getting of in have both those the going realization market amount dynamics support a optimism are us

of look sell an to you Roofing asphalt, to if at much elevated has And the that asphalt selling We sustained at oil. relatively has year-and-a-half, level in seen for of asphalt relative look at been premium stable. have index an periods long and oil, premium asphalt is the at pretty That kind to think looks particular time, where with I we oil. parity. to tend now, last over a of

but oil here we ability a I be industry kind relative Obviously, power. So, to of think asphalt oil. we prices no question a business and to of it's oil, where forecast go a pricing opposed really where do do great a great have lot of as to from have going to is with

of would talk do and ability sure our that we get product, back to make With our and value it So, I think fair tariffs. about we've see be goal that, terms go to that. think to whatever turn I'll inflation, our for back I demonstrated in to we Michael

Michael C. McMurray

perspective, U.S. been to of tariffs, waves tariffs different regards In or there's of Thanks. a been announced have that five proposed. from kind basically

have implemented, frankly Corning. or three to very, they waves quite been The and impact implications very first little Owens have

modest sourcing on implemented. serve. lot again, to of that The four that kind we Therefore, alternatives. response as this facers. have chemicals speaking, It lot is and the other pretty regions modest, China a talk a the order generally to going to us, related Owens businesses, thing and a The generally to see It of said, say I'd isn't insulation annum, an been for about has $X implications of per announcement, in remind talked that Corning. announcement. That – our hasn't to we some million you $X when within million all it's of that's that we of we could wave well. tariff have three implications manufacture

that announced manage that implications long-term. XX% which And pretty so was we a this quickly. So, been then, recently, again can we we more think tariff, is minimal see implemented. hasn't Again, are on $XXX China probably manageable imports, over billion which down of wave five, some

and So, for there's implications non-wovens coated wovens, composites. glass

those it's business, Chinese tariff. So, have from We actually to in a go per a business would positive think pretty the effective putting and tariffs waivers wovens do because composites our on North be tariffs. It's to we'd in for working perspective, were into glass or XX% to million be million tailwind small, of We're our year, coated composites around place. it effect. piece American subject of we would $X again event imports pretty a that actually a kind $X in be subject Roofing that

kind overall a So, de of again, to Owens minimis impact overall Corning.

Operator

any remarks. will like I to conclude session. question-and-answer back our would this Thierry over for Denis closing conference to the turn And

Thierry J. Denis

I'll for call. for thank for remarks. and thank back Mike you, the it And with everyone us turn Well, joining to William, that, closing today's Thaman you

Michael H. Thaman

this opportunity kind for Thierry. up. Thanks, an giving me sum Thanks of to

what not knew level you the in planned happen. us at was of if second terms management I number team think a how I about things were quarter we we was I disappointment think that a feel there were – go the the to look year. of expected clarify a It needed quarter. helped we some quarter a had denying that that about to what we back lot hope unexpected make going said on questions earlier headwinds We we feel no year, that quarter. the tough we and how good a quarter, of there the in saw this and knew and the There's that in in we

$XX I it about in think that's magnitude EBIT look of order way works. kind of our at million businesses, three But problem had quarter. of the either if the them bad of an each luck or just each you

in some in the detailed Michael regions. mineral it, our of and the of think the had facility I Insulation, progression wool performance we combination of

you've the half. along business. the Primarily Roofing, that if comments Brazil, about trailed million strike, was melter And to operating I through for which we to the a some that And performance was numbers, with for Brazil and first us which listened balance, about, was adjusted our the of our challenge probably hit mix, geographic was that $XX even small had the you we think I go Composites, issues. second in our work around in shipments, failure on trucking talk in think the in it a a didn't out Roofing bit if quarter. market the real

hadn't in year of thinking things out we high can the say near you are came anywhere to company we you be three came second if say – the happened. So, quarter, quarter I into for those won't hadn't wish the watermark terms still we was of the going that performance.

our ones getting are going the the large, us, business. two running of up done that in for I melter By those Insulation, focal first the produce quite a going couple in are us. hand, India way operational in of through wanted in biggest and think, that earlier be points year we getting the So, and get number is hand. don't to. half. second and second through we of the produce a The any first great We as think the see I of to we're way in But how was in we half, didn't behind our issues half the half. great the have rebuilds Composites goal to about probably We talked getting get a a issues in operations

operate I of continued from view. well Roofing think has market to point a

I hand a in order half. terms in performance deliver what great to margin think Roofing's it and in got second needs of volume

we the not reality today, of EBIT little in terms We $XXX with our all performance. in good of the of more will year which cash about. have which to supports very, see a first and we for guidance adjusted million Insulation in momentum half today, operations, bit a million of we strong in pricing, guidance inflation, talked we is the in market leverage the offer $XXX be operating terms very flow I of in the produce And volumes, which bit is lighter tremendous more the which as quite little have Composites to, with sync think, performance a

and the out half. the I come think energized the perform half levels our So, next will look you into create second And talk very made. in at teams Thanks second delivering and in high very, we again half that second look business – the to focused months. joining believe we'll quarter great so we'll getting we've getting for the forward our shareholder to that and second on the us out performance to are half, report of to progress three can come we'll we value, of second and call, the

Operator

today's The Thank conference attending presentation for concluded. has you now disconnect. may you now and

Owens Corning (OC) 25 Jul 182018 Q2 Earnings call transcript