USG gets back in the black
USG Corporation reported fourth-quarter and full-year results for 2013, generating fiscal-year net income for the first time since 2007.
Net sales for the three months ended Dec. 31 were $915 million, up a full $100 million year-over-year. Sales for the full year came in at $3.6 billion, also marking robust growth since 2012's showing of $3.2 billion.
Meanwhile, net loss for the quarter weighed in at $4 million, an improvement over last year's fourth quarter loss of $12 million. The company's full-year income made up for the quarterly performance, however, at a net haul of $46 million (compared to a loss of $125 million in 2012).
"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."
“2013 was a foundational year for USG, however our work is not done," he added. “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.”