Sales dip slightly at USG
USG Corp., a leading building products company, today reported net sales of $761 million for its second quarter of 2011, a 1.04% decrease over sales of $769 million a year ago.
The company posted an operating loss of $21 million and a net loss of $70 million, compared with $25 million and $74 million, respectively, in the second quarter of 2010.
U.S. Gypsum wallboard shipments totaled 986 MMSF in the second quarter of 2011 versus 1,070 MMSF a year ago. Revenues for the U.S. Gypsum division were $322 million in the second quarter, a 4.2% decrease from $336 million a year ago. L&W Supply, the distribution arm of USG, recorded an operating loss of $14 million compared with $22 million during the same period last year.
“We are continuing to pursue our near-term and long-term strategic priorities during the protracted recession in our domestic markets,” said James Metcalf, president and CEO. “By strengthening our core businesses, diversifying the sources of our earnings and aggressively leveraging our innovation leadership to differentiate USG’s products from the competition, we are confident that we can successfully navigate this recession and capitalize on a recovery.”
The 16th quarter to lose
The 16th quarter to lose money! I don't know how these people keep their jobs. The board of directors must consist of Chicago politicans. If USG is the supposed gypsum leader they should raise their prices to become profitable. This is poor management saying look at our market share while the company spirals down. L&W is the price warrior in many markets and continues to have a negative bottom line. I can see the problem...salespeople that are amateurs selling on price alone.
iLevel lends a hand for Joplin recovery
Federal Way, Wash.-based building products manufacturer and distributor iLevel by Weyerhaeuser is donating construction materials to help relief efforts in Joplin, Mo., following the spring tornado that killed more than 150 people. The company is providing a truckload of oriented strand board (OSB) sheathing and a truckload of 2×4 lumber to help repair and rebuild homes and other buildings damaged in the May 21 storm.
"A few days after any tragedy like this, the news crews leave and people outside the area return to their lives, but the hard work of rebuilding continues much longer," said Stewart Lavigne, manager, OSB marketing and sales for iLevel by Weyerhaeuser. "We heard from local officials and building material dealers that construction supplies in the area had been exhausted, and there’s still a need for donations and other support. We’re pleased to work with our business associates to help the people in Joplin and throughout Missouri and assist with the city’s recovery."
"I certainly appreciate iLevel by Weyerhaeuser donating these much-needed supplies for Joplin’s rebuilding efforts," said Missouri Representative Bill White (R-Joplin). He said Joplin has a long road of recovery ahead of it.
The donation is being coordinated through iLevel dealer Forest Products Supply Co. in St. Louis and in conjunction with the Mid-America Lumbermens Association (MLA).
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NVR posts second-quarter declines
Reston, Va.-based home builder NVR has posted second-quarter net income of $38.4 million, down 46% from $71.3 million in the same quarter of 2010.
Consolidated revenues for the second quarter ended June 30 totaled $695.9 million, down 28% from $964.5 million in the year-ago period. Second-quarter home-building revenues were $682.7 million, down 28% from $947 million in the second quarter of 2010.
For the first six months of 2011, net income totaled $53.6 million, down 48% from $103.4 million in the first six months of 2010. Consolidated revenues for this period were $1.2 billion, down 22% from $1.6 billion in the comparable 2010 period.
New orders in the second quarter of 2011 decreased 4% to 2,468 units, compared with 2,559 units in the year-ago period. The cancellation rate in the second quarter of 2011 was 12.5% compared with 12% in the second quarter of 2010.
NVR’s home-building unit sells and builds homes under the Ryan Homes, NVHomes, Rymarc Homes and Fox Ridge Homes trade names.
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