USG narrows loss in fourth quarter
Building products giant USG Corp. posted sales of $696 million in the fourth quarter ended Dec. 31, down from $720 million in the same quarter last year.
USG narrowed its loss in the fourth quarter, posting a net loss of $121 million for the three months, compared to a loss of $598 million in the same period last year.
“While 2011 is likely to be another difficult year, we think the worst may be behind us,” said James S. Metcalf, president and CEO. “There is still a high degree of uncertainty about the shape and timing of the recovery, but we know that our operating strategies are working and that the fundamentals underlying our core businesses are solid.”
The company recorded full year 2010 net sales of $2.94 billion, down from $3.24 billion in 2009. The loss for the year was $405 million, compared to a 2009 loss of $787 million.
Metcalf explained adjusted operating results improved in a declining U.S. market. He added a note of optimism.
“We remain optimistic about the long-term," he said. "Basic demographics, the aging domestic housing stock, and a general economic recovery in the U.S. will ultimately stimulate demand for our products. The company is poised to capture the significant operating leverage in our business when market demand rebounds from the historic lows experienced recently.”