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Usg Corp (USG) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

SEC Filings

Usg Corp

CIK: 757011 Ticker: USG

Exhibit 99.1

USG Corporation Reports Third Quarter 2018 Results

Price Improvement Offset by Cost Inflation

CHICAGO--(BUSINESS WIRE)--October 25, 2018--USG Corporation (NYSE:USG), an industry-leading manufacturer of building products and innovative solutions, today reported financial results for the third quarter of 2018. As compared to 2017’s third quarter, results for 2018’s third quarter are below:

  • Net sales of $851 million up $56 million, or 7%
  • Operating profit of $69 million down $22 million, or 24%
  • Net income of $59 million down $7 million, or 11%
  • Diluted EPS of $0.41 down $0.05, or 11%

As compared to 2017’s third quarter, non-GAAP financial measures for 2018’s third quarter are below:

  • Adjusted operating profit of $90 million down $16 million, or 15%
  • Adjusted net income of $65 million down $3 million, or 4%
  • Adjusted diluted EPS of $0.45 down $0.02, or 4%

Consolidated Third Quarter Results

Third quarter 2018 net sales were $851 million on a consolidated basis, compared to $795 million in the third quarter of 2017. Operating profit decreased to $69 million from $91 million, while adjusted operating profit decreased to $90 million from $106 million in the third quarter of 2018 compared to the third quarter of 2017. The lower operating profit in the third quarter of 2018 was driven primarily by rising costs, including higher transportation costs coupled with higher planned SG&A costs to support USG’s Customer-First strategy.

USG recorded $59 million in net income, or $0.41 per diluted share, for the third quarter of 2018, compared to net income of $66 million, or $0.46 per diluted share, in the third quarter of 2017. On an adjusted basis, net income of $65 million, or $0.45 per diluted share, for the third quarter of 2018 decreased from $68 million, or $0.47 per diluted share, in the third quarter of 2017. A full reconciliation of GAAP to adjusted metrics is provided in the attached schedule.


The following information was filed by Usg Corp (USG) on Thursday, October 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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Inside Usg Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parentheticals)
Condensed Consolidated Statements Of Income
Acquisitions And Dispositions
Acquisitions And Dispositions - Acquisitions (Details)
Acquisitions And Dispositions - Dispositions (Details)
Debt
Debt (Tables)
Debt - Fair Value And Accrued Interest (Details)
Debt - Schedule Of Long-Term Debt Instruments (Details)
Debt - Senior Notes And Credit Facility (Details)
Derivative Instruments
Derivative Instruments (Tables)
Derivative Instruments - Locations On Balance Sheet And Statement Of Comprehensive Income (Loss) (Details)
Derivative Instruments - Narrative (Details)
Derivative Instruments - Pretax Effects Of Derivative Instruments On Consolidated Statements Of Operations (Details)
Employee Retirement Plans
Employee Retirement Plans (Tables)
Employee Retirement Plans - Components Of Net Pension And Postretirement Benefit Costs (Details)
Employee Retirement Plans - Narrative (Details)
Equity Method Investments
Equity Method Investments (Tables)
Equity Method Investments - Narrative (Details)
Equity Method Investments - Schedule Of Equity Method Investments (Details)
Equity Method Investments - Summarized Financial Information (Details)
Equity Method Investments - Translation Gains Or Losses (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Benefit) (Details)
Litigation
Litigation - Narrative (Details)
Marketable Securities
Marketable Securities (Tables)
Marketable Securities - Contractual Maturities (Details)
Marketable Securities - Reported On Aoci (Details)
Merger Agreement
Merger Agreement - Narrative (Details)
Organization, Consolidation And Presentation Of Financial Statements
Organization, Consolidation And Presentation Of Financial Statements (Policies)
Organization, Consolidation And Presentation Of Financial Statements (Tables)
Organization, Consolidation And Presentation Of Financial Statements - Presentation Of Financial Statements (Details)
Organization, Consolidation And Presentation Of Financial Statements - Segments (Details)
Segments
Segments (Tables)
Segments - Reportable Segments (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Awards Granted (Details)
Share-Based Compensation - Other (Details)
Share-Based Compensation - Terms Of Awards Granted (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details)
Stockholders' Equity - Amounts Reclassified From Aoci (Details)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Schedule Of Treasury Stock (Details)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Tables)
Supplemental Balance Sheet Information - Accrued Expenses (Details)
Supplemental Balance Sheet Information - Asset Dispositions (Details)
Supplemental Balance Sheet Information - Asset Retirement Obligations (Details)
Supplemental Balance Sheet Information - Inventories (Details)
Ticker: USG
CIK: 757011
Form Type: 10-Q Quarterly Report
Accession Number: 0000757011-18-000103
Submitted to the SEC: Thu Oct 25 2018 2:18:16 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Concrete Gypsum And Plaster Products

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