Saturday, February 11, 2012
USG 4Q2011 Earnings Highlights
Fourth Quarter 2011 vs. Fourth Quarter 2010
Consolidated Business Highlights
· Sales increased 7.8 percent to $750 million
· Operating loss of $42 million compared to $95 million
· Adjusted operating loss of $37 million compared to $39 million
Business Unit Highlights
· U.S. Gypsum wallboard shipments totaled 1.09 BSF vs. 945MMSF
· Worldwide Ceilings operating profit increased $6 million, or 50 percent
· L&W same store net sales increased 8 percent
· SHEETROCK®Brand UltraLight Panels accounted for 38 percent of all USG wallboard shipments in the United States
CHICAGO--(BUSINESS WIRE)--February 6, 2012--USG Corporation (NYSE:USG), a leading building products company, today reported fourth quarter 2011 net sales of $750 million, up nearly 8 percent from fourth quarter 2010 net sales of $696 million. USG’s fourth quarter operating loss was $42 million compared to a $95 million loss in the fourth quarter of 2010. The fourth quarter 2011 net loss after-tax was $100 million or $0.95 per share. This compares to a $121 million net loss in 2010 or $1.17 per share.
“While some markets remain at or near historically low levels, all of our businesses continue to benefit from the strategic actions we have taken to reduce costs and strengthen our operations,” said James S. Metcalf, Chairman, President and CEO. “United States Gypsum Company and L&W Supply Corporation, our two largest businesses, reduced their reported operating losses in 2011 compared to the prior year, while many of our other key units achieved an operating profit in 2011.”
“The success of our SHEETROCK® Brand UltraLight wallboard products in 2011 was one of the highlights of the year,” Metcalf continued. “Market acceptance and customer feedback regarding both the 1/2 inch product and the newer 5/8 inch products have been outstanding. We foresee significant opportunities to extend the proprietary lightweight technology to other product categories, including our market-leading family of joint treatment products.”
The corporation’s adjusted operating loss was $37 million in the fourth quarter of 2011, which compares to an adjusted operating loss of $39 million in the fourth quarter of 2010. The adjusted operating loss for the fourth quarter of 2011 excludes $5 million of restructuring and asset impairment charges. The adjusted operating loss for the fourth quarter of 2010 excludes $56 million of restructuring and asset impairment charges.
The Corporation recorded full year 2011 net sales of $3.0 billion, an operating loss of $197 million and a net loss of $390 million. For the full year 2010, net sales were $2.9 billion, the operating loss was $260 million and net loss was $405 million.
Looking ahead, Metcalf said, “Our goal is to continue taking the actions necessary to achieve an adjusted operating profit as soon as possible. We will remain focused on strengthening our core businesses, diversifying our earnings and differentiating USG though innovation.”