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Wednesday, February 23, 2011

USG Reports Results

USG Reports Q4 Results

USG Corporation Reports 2010 Fourth Quarter and Full Year Results CHICAGO--(BUSINESS WIRE)--USG Corporation (NYSE:USG):
“While 2011 is likely to be another difficult year, we think the worst may be behind us”
Consolidated Business Highlights

•Sales declined 3.3 percent to $696 million •Operating loss of $95 million compared to $11 million •Adjusted operating loss of $39 million compared to $77 million
Business Unit Highlights

•U.S. Gypsum wallboard shipments totaled 945 MMSF vs. 1.06 BSF •U.S. Gypsum average wallboard price of $111.95 per thousand feet vs. $109.86 •Worldwide Ceilings operating profit increased $7 million

•L&W same store net sales declined 3.4 percent, total sales declined 7.4 percent
USG Corporation (NYSE:USG), a leading building products company, today reported fourth quarter 2010 net sales of $696 million, an operating loss of $95 million and a net loss of $121 million, or $1.17 per diluted share based on 102.9 million average diluted shares outstanding. In last year’s fourth quarter, the operating loss was $11 million and the net loss was $598 million, or $6.02 per diluted share based on 99.3 million average diluted shares. The company recorded full year 2010 net sales of $2.9 billion, an operating loss of $260 million and a net loss of $405 million. For the full year 2009, net sales were $3.2 billion, the operating loss was $185 million and net loss was $787 million.

“Our adjusted operating results improved in a declining U.S. market, we added to our liquidity and we continued to drive down costs,” said James S. Metcalf, President and CEO.
The corporation’s adjusted operating loss was $39 million in the fourth quarter of 2010, which compares to an adjusted operating loss of $77 million in the fourth quarter of 2009. The adjusted operating loss for the fourth quarter of 2010 excludes $56 million of restructuring and asset impairment charges. The adjusted operating loss for the fourth quarter of 2009 excludes $31 million of restructuring and asset impairment charges and $97 million of income from the settlement of litigation.

“While 2011 is likely to be another difficult year, we think the worst may be behind us,” Metcalf continued. “There is still a high degree of uncertainty about the shape and timing of the recovery, but we know that our operating strategies are working and that the fundamentals underlying our core businesses are solid.”
Looking ahead, Metcalf said, “We remain optimistic about the long-term. Basic demographics, the aging domestic housing stock, and a general economic recovery in the U.S. will ultimately stimulate demand for our products. The company is poised to capture the significant operating leverage in our business when market demand rebounds from the historic lows experienced recently.”

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