USG Corp. reported its strongest first-quarter results since 2007, and profitability in its L&W Supply division.
First-quarter net sales of $850 million were up 4% over the previous year period. Net income of $45 million compares with net income of $2 million in the first quarter of 2013.
“Despite the harsh winter conditions across most of the United States during the first quarter, we delivered positive operating results and net income,” said James S. Metcalf, chairman, president and CEO. “We also made significant progress with our Plan to Win by finalizing our joint venture with Boral and calling the remaining $75 million in 10% convertible notes.”
L&W Supply’s operating profit of $1 million compared with an operating loss of $2 million in the same quarter last year.
In other business unit highlights, U.S. Gypsum average wallboard prices of $166.66 per thousand square foot compared with $153.07 in last year’s quarter. Wallboard shipments improved to 1.15 billion sq. ft., up from 1.11 billion.
Metcalf added: “We believe that most of the volume lost in the first quarter due to the weather will be realized over the balance of the year.”