USG Q3 Profit Down

(RTTNews) - USG Corp. (USG) Tuesday reported a decline in third quarter net income to $62 million from $76 million last year. Earnings per share fell to $0.42 from $0.52 a year ago.

Adjusted net income was $68 million.

On average 13 analysts polled by Thomson Reuters expected the company to earn $0.42 per share. Analysts estimates usually exclude special items.

Net sales for the quarter increased to $767 million from $747 million in the previous year. Wall Street analysts were looking for $786.61 million.

James Metcalf, president and CEO said, "We expect to close the sale of our L&W Supply business for $670 million on October 31st, and intend to use the proceeds from the sale to retire debt."