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USG Corporation Reports First Quarter 2018 Results
Highest First Quarter Net Sales in a Decade; Strategic Initiatives and Refreshed Operating Model Contributed to Top-Line Growth
- New corporate strategy announced at Investor Day expected to drive continued profitable growth and increase shareholder value over the mid-term
- Delivered $786 million of net sales for the quarter, a 3% increase, compared Q1 2017; on an adjusted basis, net sales increased 4% compared to Q1 2017
- Improved pricing across all divisions, including highest U.S. Wallboard price in 12 years (+9% sequential price)
- U.S. Wallboard and Surfaces operating profit decreased on lower volumes resulting from the timing of pre-buy and adverse weather conditions in Q1, coupled with higher costs
- U.S. Performance Materials revenue increased 7% compared to Q1 2017; on an adjusted basis, net sales increased 8% primarily due to price initiatives
- U.S. Ceilings net sales up 23% compared to Q1 2017 as price and volume improved across tile and grid products; newly acquired Ceilings Plus expands USG’s specialty products portfolio
- USG Boral net sales increased 4% while USG’s equity income contracted $4 million due to margin compression from inflationary input costs
- Advanced Manufacturing delivered $4 million of incremental EBITDA; on track for incremental $25 million of EBITDA in 2018
- Deployed strategic capital to lower cost position and fuel future growth
- 1.8 million shares repurchased in Q1 for approximately $62 million; through the end of Q1, the Company repurchased $246 million of USG shares, out of up to $500 million approved by the Board
- Excellent safety performance in the first quarter, with 98% of plants having worked without a lost time injury
CHICAGO--(BUSINESS WIRE)--April 25, 2018--USG Corporation (NYSE:USG), an industry leading manufacturer of building products and innovative solutions, today reported financial results for the first quarter of 2018, including sales of $786 million and adjusted net sales of $796 million, a 4 percent increase over the prior year, driven primarily by price improvement across its businesses.
“It is encouraging to see increased sales and strategic progress in the first quarter that are necessary to enable us to meet our 2020 financial targets. As we previously indicated, our wallboard volumes were impacted by the timing of our U.S. wallboard price increase and the frequent storms that affected many regions of the country. However, we are encouraged to see shipping volumes increase over the last six weeks, as our Sheetrock® brand and industry leading technology continue to be preferred by contractors,” said Jennifer Scanlon, president and chief executive officer of USG Corporation. “This reinforces our confidence in our strategy, which includes organic growth from our logical portfolio of products. Our relentless focus on serving our customers, lowering our cost position and expanding our margins will continue to guide us through the rest of the year. We remain confident in our 2018 outlook for all of our segments and continue to believe that 2019 will be the breakout profit year of our strategy.”
The following information was filed by Usg Corp (USG) on Wednesday, April 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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