USG Corp. (USG)

[56Chevy]

USG Corporation Reports 2013 First Quarter Results

Date : 04/24/2013 @ 8:30AM
Source : Business Wire
Stock : Usg Corp. (USG)
Quote : $27.2 up 1.65 (6.46%) @ 1:13PM

USG Corporation (NYSE:USG), a leading building products company, today reported first quarter 2013 net sales of $814 million, up 4 percent from first quarter 2012 net sales of $783 million. USG’s first quarter 2013 operating profit was $49 million compared to a $24 million operating profit in the first quarter of 2012. First quarter 2013 net income was $2 million or $0.02 per diluted share. This result compares to a $27 million net loss in the first quarter of 2012 or $0.26 per diluted share.

“We are pleased to report our first quarter of net income in more than five years,” said James S. Metcalf, Chairman, President and CEO. “All segments showed improved results in the period, and our commitment to innovation and lowering our break-even are evident in our results.”

The corporation’s adjusted net income was $1 million in the first quarter of 2013, which compares to an adjusted net loss of $27 million in the first quarter of 2012. The adjusted net income for the first quarter of 2013 excludes $2 million of restructuring charges and a $3 million benefit from a change in tax law. The adjusted net income for the first quarter of 2012 excludes $2 million of restructuring charges and $2 million of income from discontinued operations.

“Achieving positive net income in the first quarter is an important milestone as we emerge from the most significant downturn in our company’s history, but there is more work to be done,” Metcalf said. “We will continue to execute Our Plan to Win as the recovery continues in our core markets.”

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