Building products firm USG Corp. (USG) Wednesday reported first-quarter net income of $2 million or $0.02 per share compared to a net loss of $27 million or $0.26 per share last year.
Adjusted net income was $1 million, while in the prior year the firm lost $27 million.
On average, 17 analysts polled by Thomson Reuters expected earnings of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.
Sales increased 4 percent to $814 million from $783 million. Analysts expected revenues of $864.23 million.
James Metcalf, Chairman, President and CEO, said, ''We are pleased to report our first quarter of net income in more than five years. All segments showed improved results in the period, and our commitment to innovation and lowering our break-even are evident in our results."
The stock, which closed at $25.55 on Tuesday, is falling 2.9 percent in pre-market activity.
by RTT Staff Writer
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