USG Corporation Reports 2013 Second Quarter Results; L&W Posts Profit

July 29th, 2013 by DWM Magazine

USG Corp., building products company, whose companies include L&W Supply, reported second quarter 2013 net sales of $916 million, up 15 percent from second quarter 2012 net sales of $798 million. USG’s second quarter 2013 operating profit was $74 million compared to a $28 million operating profit in the second quarter of 2012.

“We are pleased to generate net income for the second consecutive quarter,” says James S. Metcalf, chairman, president and CEO. “Results in all major business units have improved from one year ago, including L&W Supply, which achieved an operating profit for the first time since 2008.”

The corporation’s adjusted net income was $26 million in the second quarter of 2013, which compares to an adjusted net loss of $18 million in the second quarter of 2012. The adjusted net income for the second quarter of 2013 excludes $1 million in restructuring charges. The adjusted net income for the second quarter of 2012 excluded $2 million in income from discontinued operations and $41 million in loss on the extinguishment of debt.

“We will continue to lower our break-even, improve our margins and find growth opportunities as we build upon the recovery,” Metcalf says. “The positive trend in our results demonstrates that our plan to win is working.”

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