Chicago, IL - USG Corporation reported fourth quarter 2013 net sales of $915 million, up 12 percent from fourth quarter 2012 net sales of $815 million. USG’s fourth quarter 2013 operating profit was $60 million compared to an $8 million operating loss in the fourth quarter of 2012. Fourth quarter 2013 net loss was $3 million or $0.03 per diluted share. This result compares to a $13 million net loss or a net loss of $0.11 per diluted share in the fourth quarter of 2012.
The corporation’s adjusted net income was $22 million in the fourth quarter of 2013 compared to an adjusted net loss of $52 million in the fourth quarter of 2012. Adjusted net loss in the fourth quarter of 2013 excluded, among other items, a $16 million pension settlement charge related to a lump-sum payout to terminated employees which lowered the pension obligation by approximately $80 million. The adjusted net loss in the fourth quarter of 2012 excluded, among other items, the $55 million gain from the sale of the corporation’s European operations. Fourth quarter 2013 adjusted earnings per share was $0.19 compared to adjusted loss per share of $0.48 during the fourth quarter of 2012. A full reconciliation of adjusted net income (loss) to net income (loss) and adjusted earnings (loss) per share to earnings (loss) per share is set forth on a schedule attached hereto.
“We’re pleased to have delivered a fourth consecutive quarter of positive operating results with improved performances in all major businesses” said James S. Metcalf, Chairman, President and CEO. “Our Plan to Win is working and we expect to improve upon our results as we capitalize on the increasing opportunity in our end markets.”
USG recorded full year 2013 net sales of $3.6 billion, an operating profit of $258 million, net income of $47 million, and earnings per share of $0.43, with adjusted net income of $73 million and adjusted earnings per share of $0.67. For the full year 2012, net sales were $3.2 billion, operating profit was $73 million, net loss was $126 million, and loss per share was $1.19, with adjusted net loss of $124 million and adjusted loss per share of $1.17. A full reconciliation of adjusted net income (loss) to net income (loss) and adjusted earnings (loss) per share to earnings (loss) per share is set forth on a schedule attached hereto.
“2013 was a foundational year for USG, however our work is not done” Mr. Metcalf said. “We remain committed to keeping our breakeven low and delevering our balance sheet, while seeking organic growth opportunities as we build the USG of the future.”
