USG Corporation Reports 2013 Second Quarter Results (7/25/13)
Second Quarter 2013 vs. Second Quarter 2012
Consolidated Business Highlights
•Sales increased 15 percent to $916 million
•Operating profit of $74 million compared to $28 million
•Net income of $25 million compared to net loss of $57 million
Business Unit Highlights
•U.S. Gypsum wallboard shipments totaled 1.29 BSF vs. 1.15 BSF
•U.S. Gypsum average wallboard price of $153.77 per thousand square feet vs. $132.09
•Worldwide Ceilings operating profit increased 37 percent to $26 million
•L&W operating profit of $1 million compared to operating loss of $7 million
•SHEETROCK® Brand UltraLight Panels accounted for 50 percent of all USG wallboard shipments in the United States
CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE:USG), a leading building products company, today reported second quarter 2013 net sales of $916 million, up 15 percent from second quarter 2012 net sales of $798 million. USG’s second quarter 2013 operating profit was $74 million compared to a $28 million operating profit in the second quarter of 2012. Second quarter 2013 net income was $25 million or $0.22 per diluted share. This result compares to a $57 million net loss in the second quarter of 2012 or ($0.53) per diluted share.
“We are pleased to generate net income for the second consecutive quarter” . “We are pleased to generate net income for the second consecutive quarter,” said James S. Metcalf, Chairman, President and CEO. “Results in all major business units have improved from one year ago, including L&W Supply, which achieved an operating profit for the first time since 2008.”
The corporation’s adjusted net income was $26 million in the second quarter of 2013, which compares to an adjusted net loss of $18 million in the second quarter of 2012. The adjusted net income for the second quarter of 2013 excludes $1 million in restructuring charges. The adjusted net income for the second quarter of 2012 excluded $2 million in income from discontinued operations and $41 million in loss on the extinguishment of debt.
“We will continue to lower our break-even, improve our margins, and find growth opportunities as we build upon the recovery,” Metcalf said. “The positive trend in our results demonstrates that our Plan to Win is working.”
A conference call is being held today at 10:00 A.M. Central Time during which USG senior management will discuss the corporation’s operating results. The conference call will be webcast on the USG website, www.usg.com, in the Investor Relations section. The dial-in number for the conference call is 1-800-315-2944 (1-847-413-2929 for international callers), and the pass code is 35125479. After the live webcast, a replay of the webcast will be available on the USG website. In addition, a telephonic replay of the call will be available until Friday, August 2, 2013. The replay dial-in number is 1-888-843-7419 (1-630-652-3042 for international callers), and the pass code is 35125479.
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, LLC, L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG’s worldwide operations serve the commercial, residential, and repair and remodel construction markets. USG’s wall, ceiling, flooring and roofing products provide leading-edge building solutions for customers, while L&W Supply branch locations efficiently stock and deliver building materials nationwide. For additional information, visit the USG website at www.usg.com.
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