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
- 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%
“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.