USG Q4 Loss Narrows; Shares Up 13% - Update

(RTTNews) - USG Corp. (USG) shares jumped 13 percent after the building materials supplier reported a smaller loss for the fourth quarter compared to last year, helped primarily by increased shipments and higher selling price.

USG, which provides gypsum wallboard and joint compounds, said its US gypsum wallboard shipments rose to 1.38 billion square feet from 1.22 billion square feet, while average wallboard price climbed to $155.09 per thousand square feet from $132.26 a year ago.

USG said its sales for the fourth quarter rose 12 percent to $915 million from last year, and trumped analysts' consensus estimate of $907.83 million.

Chicago, Illinois-based USG's fourth-quarter loss narrowed to $3.0 million or $0.03 a share from a loss of $13 million or $0.11 a share last year. Adjusted earnings were $0.19 a share for the quarter compared to a loss of $0.48 per share last year.

On average, 19 analysts polled by Thomson Reuters estimated earnings of $0.09 per share for the quarter. Analysts' estimates typically exclude one-time items.

Commenting on the results, Chief Executive James Metcalf observed, "We're pleased to have delivered a fourth consecutive quarter of positive operating results with improved performances in all major businesses. Our Plan to Win is working and we expect to improve upon our results as we capitalize on the increasing opportunity in our end markets."

USG is currently trading at $33.25, up $3.81 or 12.94%, on a volume of 2.6 million shares, above the three-month average volume.