USG Corp. reported second quarter net sales of $1.1 billion, a record for any quarter in USG's history, and net earnings of $80 million. Net sales increased $231 million and net earnings more than doubled compared with the second quarter of last year.
"Our financial performance demonstrates that USG has positioned its businesses well to capitalize on the strength of the new housing and residential remodeling markets," said USG Corporation Chairman, CEO and President William C. Foote. "Product shipments were at an all-time high in the second quarter and market selling prices for gypsum wallboard have risen throughout the year. Our strong sales and solid profit performance were somewhat hindered by continuing cost pressures, including higher raw material, energy and employee benefit costs, which were partially offset by increased manufacturing efficiencies and other cost reductions."
Net sales for the first six months were $2.2 billion versus net sales of $1.8 billion for the same period in 2003. USG reported net earnings of $137 million for the first six months of this year compared with net earnings of $37 million for the same period a year ago.