USG Corp. Post Q4 Fourth Quarter and Full Year 2015 Results
Building products company USG Corp. reported results for the fourth quarter and full year of 2015.
"We finished 2015 on a strong note by achieving impressive margin expansion in our Gypsum and Ceilings businesses," said James S. Metcalf, Chairman, President, and CEO. "Improved pricing in both businesses, coupled with our cost discipline, drove this increased performance."
In a release on February 5, the Company noted on a consolidated basis in the fourth quarter of 2015, net sales were $925 million, compared to $954 million in the fourth quarter of 2014. Foreign currency unfavorably impacted net sales by $18 million in the fourth quarter of 2015.
USG generated $812 million in net income and $5.51 per diluted share in the fourth quarter of 2015, $731 million and $4.96 of which was driven by the release of an income tax valuation allowance. This compares to a net loss of $53 million and $0.36 loss per diluted share in the fourth quarter of 2014. On an adjusted basis, net income of $62 million and diluted earnings per share of $0.42 in the fourth quarter of 2015 increased from $31 million and $0.21, respectively, in the fourth quarter of 2014. Foreign currency unfavorably impacted consolidated net income by $8 million in the fourth quarter of 2015
The corporation's Gypsum segment generated $93 million of operating profit in the fourth quarter of 2015. On an adjusted basis, operating profit of $77 million in the Gypsum segment improved by $9 million over the fourth quarter of 2014, led by the US Gypsum business which realized 240 basis points of improved operating margins. The wallboard business provided $1 million of this improvement, while the surfaces and substrates business drove $5 million of improved profit and lower SG&A spending contributed $6 million in incremental profit. Improved operating performance of $3 million in Canada and Mexico was more than offset by the impact of $6 million of unfavorable foreign currency.
The Ceilings segment earned $19 million of operating profit in the fourth quarter of 2015 compared to $18 million of operating profit in the fourth quarter of 2014. Stronger pricing in all tile categories was the primary driver of record fourth quarter margins of 16.7 percent in the US Ceiling business. The impact of an improved cost position in ceilings products was offset by lower volumes.
The Distribution segment earned $5 million of operating profit in the fourth quarter of 2015 compared to $7 million of operating profit in the fourth quarter of 2014. Same store sales increased 3 percent. Improved volumes were more than offset by higher costs.
The USG Boral business generated $15 million of adjusted equity method income in the fourth quarter of 2015 compared to $14 million in the fourth quarter of 2014. This $1 million of improved performance was driven by $6 million of operational improvement offset by the impact of $2 million of unfavorable foreign currency and the absence of a $3 million insurance recovery recorded in the fourth quarter of 2014.
USG recorded full year 2015 net sales of $3.8 billion, net income of $991 million, and diluted earnings per share of $6.73. On an adjusted basis, the corporation generated full year 2015 net sales of $3.8 billion, net income of $259 million, and diluted earnings per share of $1.76. For comparative purposes, on an adjusted basis, USG recorded net sales of $3.6 billion, net income of $146 million, and diluted earnings per share of $1.00 for the full year of 2014. 2015 sales and adjusted net income include the unfavorable impact of foreign currency of $65 million and $28 million, respectively.
"In 2015, we realized operating margin expansion in all of our businesses and generated the most earnings since 2006 when demand was fifty percent higher," Metcalf said. "With growth expected in every market that we serve, a continued focus on controlling costs, and our commitment to innovative new products, I'm excited for what lies ahead in 2016."
USG Corp. is a manufacturer and distributor of high-performance building systems through its United States Gypsum Company, USG Interiors, and L&W Supply Corp. subsidiaries and its USG Boral Building Products joint venture.
More information and complete details:
www.usg.com
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Alexandra Scarborough
Gilt and Sarah Jessica Parker Unveil SJP by Sarah Jessica Parker Bridal Collection for SpringSarah Jessica Parker, in partnership with Gilt, kicked off the exclusive launch of SJP by Sarah Jessica Parker Bridal, Gilt’s first foray into bridal ready-to-wear that would have Carrie Bradshaw swooning.
The collection includes dresses, skirts, bodysuits and other pieces, ranging in price from $295 to $2,395 and from sizes 0 to 14.
"Collaborating with Gilt on my first bridal ready-to-wear collection was an opportunity I couldn't pass up," said Sarah Jessica Parker. "The team there is brilliant and allowed me to be imaginative and take risks as I was designing for the non-traditional bride. It has been quite fun to play around with colors, fabrics and details to create unique pieces for all kinds of brides." The collection, comprised of ten styles, is inspired by Parker's vision of a modern, non-traditional bride, and is designed to dress a woman for a variety of wedding milestone moments; from her bridal shower through her wedding reception. Styles offered are a unique mix of classic dresses and gowns, modern bodysuits, full skirts, and a jumpsuit. The color palette includes traditional bridal white, sleek black, plus pops of blush, poppy, light gray and blue.
Designed in collaboration with Gilt, the collection was produced in New York City utilizing fabrics like cashmere and stretch crepe sourced from Spain, Italy and France.
The pieces all feature carefully curated details like elegant bows, sophisticated cutouts, feathers, intricate embroidery and beautiful hand-stitched beading.
The actress and style icon is no stranger to chic bridal wear. Carrie Badshaw, famously played by Parker, took part in an elaborate bridal photo shoot in Sex and the City: The Movie. The shoot featured gowns from designers like Christian Lacroix and Lanvin. Parker famously wore a black wedding gown for her own wedding to Matthew Broderick in 1997.
"Not only is Sarah Jessica Parker's style known around the world, her point of view is one-of-a-kind," says Tom Ott, Chief Merchant of Gilt. "Sarah Jessica brings her impeccable taste and fashion sensibility to life in this collection. We think our customers will be delighted with the offering which is stylish and well-priced in the bridal category."
As part of the bridal launch, Gilt will also offer 15 exclusive styles from the SJP by Sarah Jessica Parker footwear line, each of which are complementary to the bridal collection.
To correspond with the bridal collection launch, Gilt City will present offers from some of Sarah Jessica Parker's favorite places in New York City.
The offers were each chosen as a way to help brides plan for and celebrate the big day with highlights including, Leather Spa, Lars Nord Studio Tailoring, Mah-Ze-Dahr Bakery, among others.
More Information:
http://www.Gilt.com/SJP -
Alexandra Scarborough
Tea Forté Introduces ‘Matcha’ CollectionConvenience meets tradition in Tea Forté’s new Ceremonial Matcha Bowl Set and the Matcha Single Steeps.
The company said its spring harvested, shade grown, stone ground, organic matcha tea is best served in a centuries-old Japanese tea ceremony called chanoyu: a preparation technique known for its centering meditative qualities.
"The launch of Tea Forté's Matcha collection represents our continued commitment to wellness and cultivating all the potential mental and physical health benefits of tea," says Tea Forté CEO Michael Gebrael. "In addition to our high quality Pure Matcha, we've also blended four distinct flavored Matcha varieties. Prepackaged in pouches measured out for a single serving, our Single Steeps Matcha is ideal for the office, travel, or to keep with you for a boost anytime."
Tea Forté noted its handcrafted ceremonial tea bowl, handmade bamboo whisk and measuring ladle “encourages serene enjoyment of our premium Kosher, gluten-free and vegan matcha blends.” These include: Pure Matcha, Chocolate Matcha, Coconut Matcha, Ginger Matcha, and Chai Matcha.
According to a release, in addition to its distinctive taste, matcha is prized for its health benefits. Steeped green tea contains only the antioxidants that can be extracted in water, while with matcha, the whole leaf is consumed.
Available now in select stores and online at teaforte.com.
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Expedia.com has released a year-end look at U.S. traveler behavior and trends for 2017, analyzing data to identify the most in-demand destinations, hotels, activities and more.
Among other insights, the roundup revealed:
- Labor Day was the busiest weekend for car rental
- Disney Theme Parks topped the list of things to do
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