USG gets back in the black
Chicago-based building industry giant USG Corp. reported first-quarter net sales of $814 million, up 4% from first-quarter 2012 net sales of $783 million.
First-quarter 2013 net income was $2 million. This result compares with a $27 million net loss in the first quarter of 2012.
“We are pleased to report our first-quarter of net income in more than five years,” said James S. Metcalf, chairman, president and CEO. “All segments showed improved results in the period, and our commitment to innovation and lowering our break-even are evident in our results.”
The company also reported a first-quarter 2013 operating profit of $49 million compared with a $24 million operating profit in the same quarter last year.
The corporation’s adjusted net income was $1 million in the first quarter of 2013, which compares with an adjusted net loss of $27 million in the first quarter of 2012. The adjusted net income for the first quarter of 2013 excludes $2 million of restructuring charges and a $3 million benefit from a change in tax law. The adjusted net income for the first quarter of 2012 excludes $2 million of restructuring charges and $2 million of income from discontinued operations.
“Achieving positive net income in the first quarter is an important milestone as we emerge from the most significant downturn in our company’s history, but there is more work to be done,” Metcalf said.