USG Q3 loss widens
USG Corp. reported third-quarter net loss of $115 million, compared with a net loss of $100 million in the third quarter of 2010. Net sales for the quarter totaled $792 million, up 4.5% from $758 million in the prior-year period.
"Many of our key markets continue to experience recessionary levels of demand that are near record lows," said James Metcalf, president and CEO. "To accomplish both our short-term objective of returning the company to an operating profit and our longer-term aspiration of reducing volatility in our earnings, we will continue to execute our three strategic priorities: strengthening core businesses, diversifying earnings and differentiating USG through innovation. We remain confident that by pursuing these strategies USG will remain a leading building solutions provider in its key product categories and markets."
The corporation's adjusted operating loss was $17 million in the third quarter, compared with $23 million in the year-ago period. Adjusted operating loss excludes restructuring charges and non-cash long-lived asset impairment charges. The majority of these charges were non-cash and primarily relate to the planned closure of a gypsum quarry and ship loading facility in Windsor, Nova Scotia, Canada, that were idled in the first quarter of this year.
For the first nine months of 2011, the building products company reported a net loss of $290 million, compared with a net loss of $284 million in the first nine months of 2010. Net sales for the period totaled $2.3 billion, up 4.5% from $2.2 billion in the prior-year period.