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Thursday, April 21, 2011

USG Reports 1Q11 Earnings

First Quarter 2011 vs. First Quarter 2010
Consolidated Business Highlights
  • Sales increased 1%
  • Operating loss of $58 million compared to $82 million
  • Adjusted operating loss of $49 million compared to $70 million
Business Unit Highlights
  • U.S. Gypsum wallboard shipments totaled 992 MMSF vs. 1.15 BSF
  • Worldwide Ceilings operating profit increased $8 million
  • L&W same-store net sales decreased 1%
USG Corporation (NYSE:USG), a leading building products company, today reported first quarter 2011 net sales of $721 million, an operating loss of $58 million and a net loss of $105 million, or $1.01 per diluted share based on 103 million average diluted shares outstanding. In last year’s first quarter, the operating loss was $82 million and the net loss was $110 million, or $1.10 per diluted share based on 99.4 million average diluted shares.

“As expected, we experienced generally weak demand in our domestic markets during the quarter,” said James Metcalf, President and CEO. “Accordingly, we continue to focus on our operating initiatives to drive improvements in our results.

“We are seeing signs of stabilization in U.S. commercial construction and positive trends in the repair and remodel segment, but the new residential construction market remains weak,” Metcalf continued. “The long term fundamentals that drive our business remain very solid. As demand improves we will benefit from the operating leverage inherent in both our manufacturing and distribution businesses.”

The corporation’s adjusted operating loss was $49 million in the first quarter of 2011, which compares to an adjusted operating loss of $70 million in the first quarter of 2010. The adjusted operating loss for the first quarter of 2011 excludes $9 million of restructuring and long-lived asset impairment charges, while the adjusted operating loss for the first quarter of 2010 excludes $12 million of restructuring and long-lived asset impairment charges.

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