Strength at USG, plus profit at L&W Supply division
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.”
Weyerhaeuser sales steady at $2 billion
Federal Way, Wash.-based Weyerhaeuser reported first-quarter sales of $1.984 billion, up slightly from $1.951 billion in the first quarter last year.
“Despite unusually severe winter weather, we delivered strong operating results in the quarter," said Doyle Simons, president and CEO. "Our Timberlands business is realizing increasing benefits from the Longview Timber acquisition and reported its highest quarterly earnings, excluding land sales since 2006."
The company posted net earnings of $183 million, up from $144 million in last year’s quarter.
Looking into the second quarter, Weyerhaeuser expects higher earnings from single-family homebuilding in the second quarter, and a moderate increase in earnings from land and lot sales. Single-family closing volumes should increase seasonally, and average closing prices should improve slightly, the company said.
Matthew Hughes named VP, treasurer at Nortek
Nortek, Inc., a Providence, R.I.-based manufacturer of range hoods, bathroom fans, heating and cooling products, air management systems and more, has named Matthew Hughes VP and treasurer.
In his new role, Hughes will oversee all treasury functions, risk management and taxes.
"Matt has deep experience developing and managing sophisticated treasury functions for a global public company, including capital raising activities and foreign currency hedge expertise," said Nortek president and CEO Michael Clarke. "His significant business process and financial performance improvement experience, along with strong M&A exposure, makes him a great addition to our finance team."
He has 18 years of finance treasury experience under his belt, which he accrued during his time at GTECH Corporation. Most recently, he was CFO of GTECH’s products and services division.
His resume also includes financial stints at Gartner, Inc.