USG Corp. slips after CEO points out Q3 headwinds (9/13/17)
•USG Corp. (NYSE:USG) tumbled 4.6% in today's trade after CEO Jennifer Scanlon told the RBC Industrials Conference that its Houston plant was shut down for a week due to Hurricane Harvey and damages will be a near term operational headwind, especially in Q3.
•Scanlon said USG is facing cost headwinds just from Harvey in the "$1M-ish" range, and pointed out changes in the company's logistics to get raw materials due to storm damage.
•USG's presentation also revealed cost problems with old corrugated containers, a key manufacturing component, and Scanlon noted a spike in OCC costs for the company due to demand in China.
•Shares in other companies in the building materials space also finished lower, including VMC -0.8%, MLM -0.9%, EXP -1.5%, USCR -2.9%, CBPX -2.2%.
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