USG narrows Q2 loss to US$70M from US$74M a year earlier; building products supplier works to strengthen core businesses, diversify, preparing to capitalize on market's recovery
July 22, 2011
– USG Corporation (NYSE:USG): Second Quarter 2011 vs. Second Quarter 2010
Consolidated Business Highlights
"We are continuing to pursue our near-term and long-term strategic priorities during the protracted recession in our domestic markets," said James Metcalf, President and CEO. "By strengthening our core businesses, diversifying the sources of our earnings and aggressively leveraging our innovation leadership to differentiate USG's products from the competition, we are confident that we can successfully navigate this recession and capitalize on a recovery."
The corporation's adjusted operating loss was $19 million in the second quarter of 2011, which compares to an adjusted operating loss of $18 million in the second quarter of 2010. The adjusted operating loss for the second quarter of 2011 excludes $2 million of restructuring and long-lived asset impairment charges, while the adjusted operating loss for the second quarter of 2010 excludes $7 million of restructuring and long-lived asset impairment charges.
For the first half of 2011, the corporation reported net sales of $1.5 billion and a net loss of $175 million, or $1.70 per share based on 103.3 million average shares outstanding. For the first half of 2010, net sales were $1.5 billion and the net loss was $184 million, or $1.85 per diluted share based on 99.5 million average shares outstanding. The corporation's results for the first six months of 2011 included restructuring and long-lived asset impairment charges of $11 million, and its results for the first six months of 2010 included restructuring and long-lived asset impairment charges of $19 million.
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 Web site, http://www.usg.com, in the Investor Relations section. The dial-in number for the conference call is 1-866-352-2116 for participants in the United States (1-630-691-2782 for callers from other countries), and the pass code is 30234798. After the live webcast, a replay of the webcast will be available on the USG Web site. In addition, a telephonic replay of the call will be available until Friday, July 29, 2011. The replay dial-in number is 1-888-843-7419 (1-630-652-3042 for international callers), and the pass code is 30234798.
USG Corporation is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, Inc., L&W Supply Corporation and other subsidiaries. Headquartered in Chicago, USG's worldwide operations serve the residential and non-residential construction markets, repair and remodel construction markets, and industrial processes. 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 Web site at http://www.usg.com.
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