Mission Viejo, CA - Within USG's first quarter results announcement released earlier today, it was reported that their Worldwide Ceilings business had net sales of $166 million (13% increase over '03) and operating profit of $15 million (88% increase over '03). $12 million of the $15 million operating profit came from the U.S., $2 million from Canada and $1 million from International.
USG achieved higher operating profit largely due to increased product shipments and improved selling prices for tits ceiling grid and tile products. The higher shipments and pricing were primarily attributable to increased demand in the quarter and the positive impact of new sales and distribution policies. Market concerns about a shortage of steel used to make grid and related increases in steel costs contributed to the higher demand for grid during the quarter. The company expects demand for grib to moderate from the strong first quarter levels and the cost of steel used to produce grib go rise significantly as the year progresses.
Full details of USG's lastest results announcement can be found at www.usg.com.
