USG reports Q4 loss

Building materials manufacturer USG Corporation reported fourth quarter 2017 consolidated net sales of $831 million, a 13.2% increase from consolidated net sales of $734 million in the fourth quarter 2016.

For the full year, 2017 net sales increased about 6% to $3.2 billion from 2016 net sales of $3 billion.

But the Chicago-based company posted a net loss of $62 million for the quarter compared to a net income of $307 million in the fourth quarter 2016.

USG said the net loss in the fourth quarter of 2017 includes $138 million of income tax expense resulting from the Tax Cut and Reform Bill whereas 2016 net income included $279 million of gain on the sale of discontinued operations stemming from the sale of L&W Supply. On an adjusted basis, USG’s net income of $77 million for the fourth quarter of 2017 increased from $65 million for the fourth quarter of 2016, USG said.

For the full year, USG posted a net income of $95 million, down from a net income of $507 million in 2016.

USG also announced today that its board of directors approved a $250 million increase to its share repurchase program, raising the total authorization to $500 million. As of Dec. 31, 2017, $66 million remained under the corporation’s previously authorized $250 million share repurchase program.

USG provides construction materials globally including gypsum wallboard, performance materials, ceilings, and its USG Boral divisions.