Chicago, IL, January 29, 2007--USG Corp. on Monday reported a fourth-quarter profit after posting a huge loss last year because of provisions for asbestos claims, but a slumping housing market kept earnings lower than Wall Street expectations.
The company, which operates U.S. Gypsum, USG Interiors and L&W Supply Corp., reported net income of $100 million, or $1.11 per share. That compares with a loss of $1.78 billion, or $30.92 per share, in the year-earlier period, which included a $3.1 billion provision for asbestos claims.
The result missed expectations on Wall Street, where analysts polled by Thomson Financial were looking for $1.30 per share. USG said a slowdown in housing construction dampened earnings in the period.
Sales fell to $1.29 billion from $1.34 billion, falling short of Wall Street's average forecast of $1.36 billion.
USG emerged from bankruptcy protection last year after five years under court supervision.
For the year, USG reported profit of $288 million, or $4.33 per share, on 13 percent higher sales of $5.8 billion.
