USG’s income is highest in 7 years
USG Corporation touted its second quarter results, which brought in its highest quarterly net income since 2007.
Net sales for the three months ended June 30 came in at $948 million, an increase of 3.5% from $916 million year-over-year.
Net income for the quarter totaled $57 million, up from $25 million in the second quarter of 2013. An adjusted operating profit of $93 million was also a nice boost, up from $76 million.
“I’m pleased to report our best quarterly results in seven years,” said James Metcalf, chairman, president and CEO. “Despite slower than expected acceleration in industry opportunity, most of our businesses and products improved their performance from a year ago and we also recorded our first full quarter of operations in our USG Boral joint venture.”
Other highlights included an increase in shipments of U.S. Gypsum wallboard (from 1.29 BSF to 1.32 BSF). However, ceilings operating profit went down to $24 million compared to $26 million.
Boise Cascade booms in Q2
Boise Cascade posted solid numbers for its second quarter earnings report.
Net sales of $961.2 million for the three months ended June 30 marked a 13% improvement over last year’s $852.3 million in sales. Meanwhile, net income came in at $26.4 million, up from $10.4 million in the second quarter of 2013.
The jump in sales was largely attributed to volume increases in plywood and EWP, with plywood sales volumes increasing 21% on the back of the acquisitions of two new plywood manufacturing facilities last fall. EWP sales were buoyed by increases of 29% and 28% in I-joists and LVL sales.
"Second quarter demand for the products we manufacture and distribute was markedly better than in first quarter, as weather improved across the country and housing and repair and remodel activity regained momentum," said CEO Tom Carlile. "We generated good sales volume growth in engineered wood products and our distribution business. While plywood prices declined compared to last year`s second quarter, pricing remains favorable and we saw improved pricing sequentially on essentially all of our manufactured products."
APPA stats show growth of pet category
Statistics from the American Pet Products Association estimate a 5% increase in total U.S. pet industry expenditures in 2014, bringing the figure to $58.5 billion.
Compared with 10 years ago, pet expenditures are up 68%.
The APPA’s estimated breakdown of the $58.5 billion spending on pets has food at the top of the list, with $22.62 billion. That’s followed by supplies/OTC medicine, $13.72 billion; vet care, $15.25 billion; live animal purchases, $2.19 billion; and pet services (grooming and boarding), $4.73 billion.
According to the 2013-2014 APPA "National Pet Owners Survey," 68% of U.S. households own a pet, which equates to 82.5 millions homes. In the first year the survey was conducted, 1988, 56% of U.S. households owned a pet.