USG Corporation reported fourth quarter 2014 net sales of $954 million, up 4 percent from fourth quarter 2013 net sales of $915 million.
Article continues below
USG’s fourth quarter 2014 operating loss was $24 million compared to $60 million of operating profit in the fourth quarter of 2013 due primarily to $75 million of charges for impairments and other related costs associated with its non-core shipping business and $13 million of charges to permanently settle a pension plan in the United Kingdom.
Fourth quarter 2014 net loss attributable to USG was $53 million, $0.36 loss per diluted share, and $0.36 loss per basic share. This compares to a $3 million net loss attributable to USG, $0.03 loss per diluted share, and $0.03 loss per basic share in the fourth quarter of 2013.
The corporation’s adjusted operating profit was $79 million in the fourth quarter of 2014, which includes, among other items, adjusted equity method investment income of $14 million from USG Boral Building Products, compared to an adjusted operating profit of $75 million in the fourth quarter of 2013. Adjusted net income was $35 million in the fourth quarter of 2014 compared to $22 million in the fourth quarter of 2013.
Adjusted net income and adjusted operating profit in the fourth quarter of 2014 excluded long-lived asset impairment charges of $60 million and contract termination and loss on receivable charges of $15 million related to the corporation's non-core shipping business, as well as a pension settlement charge of $13 million related to the wind-up of its pension plan in the United Kingdom. Fourth quarter 2014 adjusted earnings per basic share was $0.24 compared to $0.19 during the fourth quarter of 2013.
USG recorded full year 2014 net sales of $3.7 billion and operating profit of $162 million, with net income attributable to USG of $37 million, $0.25 per diluted share, and $0.26 per basic share. On an adjusted basis for the full year of 2014, adjusted operating profit was $353 million with adjusted net income of $168 million and adjusted earnings per basic share of $1.19.
For the full year of 2013, net sales were $3.6 billion and operating profit was $258 million, with net income attributable to USG of $47 million, $0.42 per diluted share, and $0.43 per basic share. On an adjusted basis for the full year of 2013, adjusted operating profit was $278 million with adjusted net income of $73 million and adjusted earnings per basic share of $0.67. ■