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USG Corporation Reports Second Quarter 2018 Results
Highest Quarterly Net Sales Since Q3 2007
CHICAGO--(BUSINESS WIRE)--July 25, 2018--USG Corporation (NYSE:USG), an industry-leading manufacturer of building products and innovative solutions, today reported financial results for the second quarter of 2018. As compared to 2017’s second quarter, results for 2018’s second quarter are below:
- Net sales of $880 million up $69 million, or 9%
- Operating profit of $75 million down $20 million, or 21%
- Net income of $58 million up $22 million, or 61%
- Diluted EPS of $0.41 up $0.17, or 71%
As compared to 2017’s second quarter, non-GAAP financial measures for 2018’s second quarter are below:
- Adjusted operating profit of $96 million down $13 million, or 12%
- Adjusted net income of $70 million up $6 million, or 9%
- Adjusted diluted EPS of $0.50 up $0.06, or 14%
Consolidated Second Quarter Results
Second quarter 2018 net sales were $880 million on a consolidated basis, compared to $811 million in the second quarter of 2017. Operating profit decreased to $75 million from $95 million, while adjusted operating profit decreased to $96 million from $109 million in the second quarter of 2018 compared to the second quarter of 2017. The lower operating profit in the second quarter of 2018 was driven primarily by higher planned SG&A costs to support USG’s Customer-First strategy and rising costs, including higher transportation costs.
USG recorded $58 million in net income, or $0.41 per diluted share, for the second quarter of 2018, compared to net income of $36 million, or $0.24 per diluted share, in the second quarter of 2017. On an adjusted basis, net income of $70 million, or $0.50 per diluted share, for the second quarter of 2018 increased from $64 million, or $0.44 per diluted share, in the second quarter of 2017. A full reconciliation of GAAP to adjusted metrics is provided in the attached schedule.
The Company remains on track with Advanced Manufacturing, which delivered $6 million of incremental EBITDA this quarter. The program is expected to deliver $25 million of incremental EBITDA in 2018. In addition, the 2018 adjusted SG&A target of $355 million has not changed.
The following information was filed by Usg Corp (USG) on Wednesday, July 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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