You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Throughout this past quarter, our global team has demonstrated tremendous resiliency, continuously adapting to changing market conditions and maintaining an incredible focus on taking care of each other, supporting our customers and maximizing our financial performance relative to the market opportunity.
Prith will then provide additional financial details on the second quarter, and then I'll come back to discuss our outlook for the third quarter and the remainder of the year.
I will start with safety and our second quarter results.
An unconditional commitment to safety has long been our guiding principle at Owens Corning, and this has served us well to address the challenges of COVID-19.
In the quarter, our recordable incident rate was 0.69, a slight improvement compared with the second quarter of 2019.
I'm pleased with this performance and that everyone has kept safety and caring for each other the forefront of everything we do.
Over the past several months, our executive team and dedicated COVID-19 response team have worked with our global enterprise to ensure our operations remain safe and effective for our employees, their families and other key stakeholders.
We remain vigilant in our use of personal protective equipment, health screenings, robust cleaning procedures, restrictions on business travel and work-from-home options as we actively monitor local health conditions and update our operating protocols as risk levels change.
I would like to now move to our financial performance in the quarter.
Through the strength of our market-leading businesses, innovative product and process technologies and unique enterprise capabilities, the company delivered financial results better than what we outlined during our last earnings call as we capitalize on a faster recovery in residential end markets, particularly in the U.S., improved manufacturing leverage and strong cost controls.
For the second quarter, revenues were $1.6 billion, down 15%, 14% on a constant currency basis compared with the same period last year, and adjusted EBIT was $167 million.
Since the start of the pandemic, we've been focused on four key areas to ensure the strength and continuity of our business.
First, keeping our employees and other key stakeholders, healthy and safe, as I just discussed.
Second, staying closely connected to our customers, our suppliers and our markets.
Third, rapidly adapting our businesses to near-term changes in market conditions, while remaining focused on positioning us for long-term success.
And fourth, ensuring a strong balance sheet with access to capital as needed.
I remain confident that by managing these four priorities well, we will continue to deliver strong performance for the remainder of this year and position the company well for 2021.
During this time of increased demand uncertainty, we have stayed closely connected with our customers and suppliers to understand and respond to shifting market conditions.
After experiencing a significant drop in order volumes at the start of the quarter, we continue to see our business improve in May and June as shelter-in-place restrictions began to lift, and demand for our products in most of our end markets increased.
As mentioned earlier, we have seen residential markets in the U.S. and also in parts of Europe recover at a faster pace than many had anticipated, which positively impacted our second quarter results.
In our Roofing business, after temporarily curtailing operations earlier in the quarter, we ramped up production to run at full capacity to service increasing demand.
And in Insulation, we have experienced solid demand in our North American residential fiberglass business due to the strong recovery in U.S. new construction housing.
Within most of our commercial and industrial end markets, the recoveries has been slower, and we continue to take the necessary actions to balance our production with expected near-term demand.
Given the essential products we provide and the localized nature of our supply chain, we've been able to operate our manufacturing network effectively and productively, quickly adjusting to the changing needs of our customers while managing our inventories.
In addition, our team has delivered great results during the quarter around cost control.
We have focused on minimizing or postponing discretionary expenses and reduced operating expenses in the quarter by over $30 million compared with last year.
We are also realizing benefits from the longer-term structural changes we made prior to the pandemic in our Insulation and Composites businesses.
In insulation, we are clearly seeing the impact of the network optimization actions implemented late last year.
And in Composites, we have maintained a consistent focus on manufacturing productivity and network optimization to lower our cost, which is evident in the results we delivered in the quarter despite the challenging market conditions.
We maintained a strong balance sheet with access to liquidity and a well-structured debt maturity profile.
While our financial position at the beginning of the quarter was strong, in May, we took advantage of favorable capital markets and successfully completed a 10-year $300 million bond issuance.
This, along with our working capital management and opex and capex controls, led to an increase in our available liquidity to approximately $1.5 billion, including almost $600 million in cash.
During the second quarter, we paid down $210 million on our existing revolving credit facility.
Our only near-term debt maturity is the remaining $150 million from our term loan due in February 2021.
Before turning it over to Prith to discuss our second quarter financial results in more detail, there's one other item I would like to highlight.
Last month, Owens Corning ranked number one on the 100 Best Corporate Citizens list for 2020, and is one of only a small number of companies that have earned this honor twice.
The list ranks companies in the Russell 1000 index for standout global environmental, social and governance performances.
We were honored by this recognition, which is evidence of our continuing commitment to integrate high ESG standards into all that we do.
We believe our commitment and that of the entire business community to improving environmental, social and governance issues is critical to addressing the extraordinary challenges we all face today with racial inequalities and other social injustices which have been compounded by the economic and health uncertainties associated with the COVID-19 pandemic.
These issues have and will continue to have a tremendous impact on how we work and live.
At Owens Corning, we believe in the power of our diversity and aspire to create an environment where all of our employees' voices are heard and appreciated for their unique value.
Our team has been and will continue to be active, vocal and promote meaningful reform.
As a company, I'm proud of our people, the work we've done so far and what I know we will accomplish in the future.
Through the collective agility and resilience of our 19,000 colleagues, Owens Corning delivered solid financial performance in the second quarter in the face of a challenging environment.
We have continued to respond to dynamic market conditions by adjusting production and maintaining discipline on operating expenses and capital investments throughout the quarter.
In addition, we have taken a number of actions to increase liquidity and reinforce our cash position, which gives us the financial strength and flexibility to navigate uncertainty caused by COVID-19.
The tables in today's news release and the Form 10-Q include more detailed financial information.
For the second quarter, we reported consolidated net sales of $1.6 billion, down 14% versus 2019 on a constant currency basis.
Revenues were down in all three segments as a result of the demand decline from COVID-19.
Although the recovery in residential end markets in the U.S., particularly in May and June, has been more robust than what many would have expected from the initial slowdown due to shelter-in-place restrictions.
Adjusted EBIT for the second quarter of 2020 was $167 million, down $64 million compared to the prior year, largely driven by a $61 million decline in Composites.
Net earnings attributable to Owens Corning for the second quarter of 2020 were $96 million compared to $138 million in Q2 2019.
Adjusted earnings for the second quarter were $96 million or $0.88 per diluted share compared to $141 million or $1.29 per diluted share in Q2 2019.
Depreciation and amortization expense for the quarter was $116 million, up slightly as compared to Q2 2019.
Our capital additions for the second quarter was $47 million, down $60 million versus 2019.
On slide six, you will see our adjusting items, reconciling our second quarter 2020 adjusted EBIT of $167 million to our reported EBIT of $171 million.
During the second quarter, we took actions to reduce personnel costs in our Composites segment and recorded $5 million of restructuring costs associated with these actions.
In addition, we recognized $9 million of gains on sale of precious metals used in our production tooling.
As we discussed in last quarter's call, our productivity initiatives and further developments in our manufacturing process technology have enabled us to modify the designs of our production tooling by reducing the precious metal needed and thus allowing us to sell certain precious metal holdings in the second quarter of 2020.
Adjusted EBIT of $167 million was down $64 million as compared to the prior year.
Roofing EBIT decreased by $3 million.
Insulation EBIT decreased by $10 million.
And Composites EBIT decreased by $61 million.
General corporate expenses of $19 million were down $10 million versus last year, primarily due to our disciplined cost controls.
Sales for the second quarter were $595 million, down $9 million from Q2 2019 on a constant currency basis.
During the quarter, our overall volumes were impacted throughout the segment by COVID-19, and selling prices were down $6 million year-over-year.
Within North American residential fiberglass insulation, sales volumes were largely consistent with Q2 2019 and some favorable price realization on the January price increase helped to partially offset negative price carryover from last year.
In technical and other building insulation, volumes were down.
However, we saw sequential improvement within the quarter.
We were encouraged by the resiliency of our mineral wool businesses in Europe and in the U.S., which maintained flat volumes year-over-year.
EBIT for the second quarter was $32 million, down $10 million as compared to 2019, primarily due to lower sales volumes.
We are continuing to proactively balance production with expected demand.
In the quarter, higher curtailment costs in technical and other insulation were largely offset by favorable manufacturing performance and better production leverage in North American residential fiberglass insulation, allowing us to see stronger results versus prior downturns.
Sales in Composites for the second quarter were $398 million, down 23% on a constant currency basis, primarily due to lower sales volumes.
The remaining decline in sales was driven by unfavorable customer mix and slightly lower selling prices.
Volumes in our downstream specialty applications, including wind and specialty nonwovens, outperformed volumes in other glass fiber applications.
EBIT for the quarter was $6 million, down $61 million from the same period a year ago, primarily due to lower sales and production volumes.
The negative impacts from production curtailments were slightly offset by manufacturing productivity improvements in the quarter.
The benefit of lower transportation costs was more than offset by lower selling prices and negative foreign currency translation.
Despite these difficult global market conditions, the Composites business still delivered positive EBIT margins and strong cash flow performance in the quarter due to continued focus on operating performance and initiatives around costs and productivity that we have discussed previously.
slide 10 provides an overview of our Roofing business.
Roofing sales for the quarter was $677 million, down 13% compared with Q2 2019 due to lower shingle volumes, $23 million of lower selling prices and lower third-party asphalt sales.
Our shingle volumes tracked relatively close with the overall U.S. asphalt shingle market.
We believe the market decline was driven by destocking at distribution early in the second quarter, coupled with lower out-the-door demand in April.
EBIT for the quarter was $148 million, down just $3 million from the prior year, and yielding 22% EBIT margins for the quarter.
The negative impact of lower sales volumes and early quarter production curtailments was partially offset by lower marketing and administrative expenses.
In addition, we realized a $10 million onetime gain that benefited our margins by 150 basis points related to an exclusion on certain tariffs paid over the last two years.
The U.S. government recently provided a tariff exclusion covering certain components products that we imported from China dating back to late 2018.
Input cuts deflation and lower transportation costs more than offset the negative impact of lower year-over-year selling prices.
As a result, we maintained a favorable price/cost relationship in the quarter, and cash contribution margins were solid as we exited the quarter.
Given the unpredictable market environment, we are continuing to take actions to manage our working capital balances and reduce both operating expenses and capital investments.
As a result, first half free cash flow in 2020 was $15 million higher as compared to the first half of 2019 on lower year-over-year earnings.
We are proactively managing inventories and will temporarily curtail operations that have adequate inventory to service near-term market demand.
We continue to be focused on managing our liquidity through this period of high uncertainty.
In May, we took advantage of favorable capital markets to reinforce our cash position and successfully completed a 10-year $300 million bond issuance with a yield below 4%.
We also generated cash in the second quarter through the sales of precious metals that I discussed earlier and cash settlements related to certain U.S. dollar-euro cross-currency swaps.
Near the end of the first quarter, we drew $400 million on the revolver to increase our cash balance.
With our good year-to-date free cash flow and the financial actions I described a moment ago, we paid down $210 million of the revolver balance in the second quarter.
As of June 30, the company had liquidity of approximately $1.5 billion, consisting of $582 million of cash and equivalents and nearly $900 million of combined availability on our revolver and receivable securitization facility.
As a result of the proceeding, we currently expect interest expense to be between $125 million and $130 million in 2020 compared to our previous guidance of $120 million to $125 million.
Moving forward, we are focused on ensuring a strong balance sheet with access to capital as needed.
We continue to evaluate the possibility of paying the remaining $150 million term loan balance in 2020.
As we move into the second half of the year, our financial performance will continue to be impacted by the depth and duration of the market disruptions caused by the COVID-19 pandemic.
Given the continued uncertainties we face with the pandemic and potential government responses, I'll focus my comments on our short-term outlook based on July trends that could impact the third quarter results for each of our three businesses.
I'll then close with my perspectives on a few key enterprisewide initiatives that will impact our full-year performance.
Broadly speaking, we have experienced a faster recovery in our residential end markets, while commercial and industrial end markets are following at a slower pace.
Given this continued recovery, we expect the company to generate sequentially higher revenues and earnings in the third quarter.
I'll provide some additional details by business, starting with Insulation.
Within our North American residential business, we saw the impact from shelter-in-place restrictions in the second quarter delay the completion of housing starts, creating a backlog, which will continue to be worked through in the third quarter.
We expect this backlog of work, along with normal seasonal increases, could lead to relatively flat volumes in Q3 versus last year, which we are seeing in our order book so far in July.
In our technical and other building insulation businesses, July volumes are down high single digits versus July 2019.
While we anticipate sequential improvement versus Q2, we expect year-over-year volumes will continue this trend through the third quarter based on a steady but slower recovery in commercial and industrial end markets.
Prices in July have remained relatively stable in both our North American residential and our technical and other insulation businesses.
Given market uncertainties, we continue to proactively balance production with expected demand and to tightly control our inventory levels.
Overall, for our Insulation business in the third quarter, we expect to realize incremental margins of approximately 50% versus the second quarter.
In Roofing, second quarter industry shingle shipments were down about 9%, with our volumes tracking relatively close to the market.
While we have seen positive momentum in recent months, we believe it will be difficult for demand, which has been delayed due to COVID-19, to fully recover in 2020.
Our July shipments have started the quarter higher than prior year.
Based on current trends, we could see market volumes up mid-single digits versus the third quarter of 2019, depending on storm volume and assuming states remain open.
While the current pricing environment has remained relatively stable, in the third quarter, we expect to continue to face an increasing year-over-year headwind from the lack of a spring price increase.
We have recently announced an August increase that could partially offset some of this impact.
Although there was a significant drop in oil prices in March and April, asphalt costs did not trend down at the same level.
Since then, WTI costs have steadily increased, resulting in asphalt costs beginning to increase as well.
While we do expect to realize additional asphalt deflation in Q3, low refinery utilization rates, combined with strong paving demand will impact asphalt cost as we move through the quarter.
Based on all these factors, Roofing EBIT margins in the third quarter could be slightly better than our second quarter margins, normalized for the 150 basis point benefit from the tariff recovery that Prith mentioned in his remarks.
In Composites, while we expect overall volumes to improve versus the second quarter, the global impact of COVID-19 is having a greater impact on demand than in our other businesses.
Our July volumes are down low double digits versus last year, and we expect this trend will continue in the near term.
Volumes in our specialty nonwovens business, which is primarily focused on building and construction applications, and our wind business have continued to perform better than some of our other industrial end markets such as automotive.
In terms of pricing, we came into the year expecting some headwinds due to contract negotiations completed at the end of last year.
Similar to other businesses, transactional pricing has remained relatively stable.
We reported a decline of $5 million in Q2 and expect a slightly higher impact in Q3 based on improving volumes.
We remain committed to tightly managing our inventory levels, which will continue to impact our manufacturing performance in the third quarter as we curtail production to meet demand.
Sequentially, from Q1 to Q2, we experienced decremental margins of about 35%.
With our current outlook of sequential volume growth, we expect incremental margins to be in a similar range in the third quarter.
With that view of our businesses, I'll discuss a few key enterprise focus areas.
We continue to closely manage our operating expenses and capital investments.
We expect corporate expenses for the company to be in the range of $105 million to $115 million and capital investments to be in the range of $250 million to $300 million, both broadly consistent with prior guidance.
We remain committed to generating strong free cash flow and to our target of returning at least 50% to investors over time.
So far this year, we have returned $133 million through share repurchases and dividends, and we'll pay our second quarter dividend of approximately $26 million next week.
As we move through the second half of the year, we will continue to evaluate our liquidity needs based on market conditions and prioritize deleveraging the balance sheet and maintaining our dividend.
As I stated at the beginning of the call, our current operating environment is extremely dynamic.
Our focus is on taking thoughtful, decisive actions, being responsive to the current conditions and quickly capitalizing on our market opportunities.
Our team remains committed to operating safely, servicing our customers and creating value for our shareholders.

user
compname reports q2 adjusted earnings per share $0.88.
q2 adjusted earnings per share $0.88.
q2 earnings per share $0.88.
q2 sales $1.6 billion versus refinitiv ibes estimate of $1.53 billion.
capital additions are estimated to be between $250 million and $300 million in 2020.

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