Losses narrow at USG Corp.
Fourth-quarter sales increased 8% for the Chicago-based building products company as the operating loss narrowed to $42 million.
“While some markets remain at or near historically low levels, all of our businesses continue to benefit from the strategic actions we have taken to reduce costs and strengthen our operations,” said James Metcalf, chairman, president and CEO. “United States Gypsum Company and L&W Supply Corporation, our two largest businesses, reduced their reported operating losses in 2011 compared with the prior year, while many of our other key units achieved an operating profit in 2011.”
A highlight for 2011 was the performance of the company’s Sheetrock Brand UltraLight wallboard products, Metcalf added.
USG fourth-quarter sales were $750 million, compared with $696 million in the same quarter last year. For the full year, sales were $3.024 billion, up 2.9% compared with $2.939 billion in 2010.
Operating loss for the quarter was $42 million, compared with a loss of $95 million in the same period last year. The company’s operating loss of $197 million for the full year compares with an operating loss of $260 million in 2010.
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Earnings drop at Weyerhaeuser
Federal Way, Wash.-based Weyerhaeuser Co. reported net earnings of $65 million for the fourth quarter, on net sales from continuing operations of $1.6 billion. This compares with net earnings of $171 million on net sales from continuing operations of $1.5 billion for the same period last year.
"In 2011 we took full advantage of opportunities to improve our performance in a weaker than expected US housing market," said Dan Fulton, president and CEO. "In Timberlands, we used our long term competitive strength in the Asian export markets to capitalize on emerging Chinese demand. Cellulose Fibers leveraged strong customer relationships and excellent operational performance to deliver a second consecutive year of record financial results. Our Real Estate business maintained profitability despite challenging market conditions, and Wood Products generated improved results. Through the sale of our hardwoods and Westwood Shipping Lines businesses we sharpened our strategic direction, and we remain focused on improving performance to generate superior sustainable returns for our shareholders in 2012."
For the full year 2011, Weyerhaeuser reported net earnings of $331 million, on net sales from continuing operations of $6.2 billion. This compares with net earnings of $1.281 billion on net sales from continuing operations of $6.0 billion for the full year 2010. Earnings for the full year 2010 include $1.064 billion from income tax adjustments related to Weyerhaeuser’s conversion to a Real Estate Investment Trust (REIT).
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Carter Lumber acquires DSD Builders Supply
Kent, Ohio-based Carter Lumber acquired the assets of DSD Builders Supply of Canton, Ohio, a former subsidiary of Stark Truss. The asset purchase of DSD Builders Supply included the inventory, rolling stock and equipment.
“Carter Lumber has always positioned itself to take advantage of opportunities in the markets we serve”, said Jeff Donley Carter Lumber’s Chief Operating Officer. “By making this investment, we continue to strengthen our market position as one of the premier building materials suppliers in the country.”
Carter will operate the store under the Holmes Lumber brand, which has been a division of Carter since 2004. Holmes Lumber opened the new store today in Canton, Ohio and adds to its current facilities in Millersburg, Ohio and Sugarcreek, Ohio. The store will become a full service lumberyard, with expanded product offerings. In addition, many of the key employees including former manager Mike Kiefer were retained in the transition.
“We are very pleased to bring this new store into the Carter Lumber Family of Companies," said Donley. "We look forward to the long term growth potential in this market."
Carter Lumber was the Home Channel News Pro Dealer of the Year in 2007.
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