Sheetrock and gypsum manufacturer USG reports loss

USG Corp. (NYSE: USG), a Chicago-based construction materials manufacturer, announced Wednesday a first quarter loss of US$105 million while revenues increased one per cent. Its products include Sheetrock, wallboard, cement board, ceiling suspension systems and ceiling panels.

The company’s products include the Sheetrock brand gypsum panels, wallboard, cement board, ceiling suspension systems and ceiling panels. It distributes construction materials through its L&W Supply subsidiary.

It has Canadian operations in Calgary, Hagersville, Ont., Oakville, Ont., Windsor, N.S., Little Narrows, N.S., Montreal and Surrey, B.C.

Revenues for the three months ending March 31, 2011 were $721 million, up slightly from $716 million during the same period in 2010. Net losses for the quarter decreased from $110 million in 2010 to $105 million this year. As of March 31, the firm had $464 million in cash, $1.37 billion in total current assets and long-term debt of $2.3 billion. All figures are in U.S. currency.

“We are seeing signs of stabilization in U.S. commercial construction and positive trends in the repair and remodel segment, but the new residential construction market remains weak,” USG president James Metcalf stated in a press release. “The long term fundamentals that drive our business remain very solid. As demand improves we will benefit from the operating leverage inherent in both our manufacturing and distribution businesses.”

DCN DIGITAL MEDIA