AddThis

Weak housing market hurts USG

Building materials supplier USG swung to a second-quarter loss on a weak housing market and rising fuel costs.

The company recorded $40 million in losses, swinging from a year-ago profit of $56 million in the second quarter. Net sales were $1.25 billion, down 11.3 percent from $1.41 billion last year.

Gypsum sales were off in the United States -- USG shipped 1.9 billion square feet of gypsum wallboard during the second quarter of 2008, compared with 2.4 billion square feet shipped during last year's second quarter. The drop-off in the United States was in small part offset by higher gypsum sales in Canada and Mexico.

L&W Supply and its subsidiaries, which comprise USG's building products distribution business, reported second-quarter 2008 net sales of $542 million, down 17 percent compared with last year.

Still, USG's Worldwide Ceilings business reported second-quarter net sales of $237 million, a record for any quarter in the division’s history, according to the company.  


Want to read more?
This content is available only to registered users. Log in to read the rest of this article or create a free account.
© 2014 Home Channel News. All Rights Reserved.