Chicago, IL - USG Corporation reported third quarter 2013 net sales of $925 million, up 12 percent from third quarter 2012 net sales of $828 million. USG’s third quarter 2013 operating profit was $75 million compared to $29 million operating profit in the third quarter of 2012. Third quarter 2013 net income was $23 million or $0.21 per diluted share. This result compares to a $29 million net loss in the third quarter of 2012 or a net loss of $0.28 per diluted share.
“We had a very exciting quarter,” said James S. Metcalf, Chairman, President and CEO. “We were hard at work creating a world-leading plasterboard and ceilings joint venture in Asia, Australasia and the Middle East with Boral Limited, which we announced last week. We kept our focus on our core businesses and saw continued strong results in North America, and finally, we launched a dynamic new brand for USG.”
The corporation’s adjusted net income was $24 million in the third quarter of 2013, which compares to an adjusted net loss of $27 million in the third quarter of 2012. The adjusted net income for the third quarter of 2013 excludes a loss of $1 million from discontinued operations, net of tax. The adjusted net income for the third quarter of 2012 excluded $1 million in income from discontinued operations and $3 million in restructuring and long-lived asset impairment charges.
“This is an exciting time for USG as we shift our focus to growth. We plan to continue to lower our break-even, improve our margins, and find growth opportunities as we build upon the recovery,” Metcalf said. “The positive trend in our results demonstrates that our Plan to Win is working.”
