The document provides an overview and update on USG Corporation's performance in the third quarter of 2013. It discusses USG's key business segments - North American Gypsum, Worldwide Ceilings, and Building Products Distribution - and highlights their financial results and strategic growth areas. It also summarizes USG's planned joint venture with Boral Limited to form USG Boral Building Products, which will combine their plasterboard and ceiling operations across Asia and Australia. The joint venture is expected to generate over $50 million in annual synergies within three years.
The document discusses USG Corporation's 2015 annual report. It highlights accomplishments in 2015 that advanced the company's strategic plan to strengthen its core North American business, diversify earnings internationally and through new products, and differentiate through innovation. Key achievements included growing the USG Boral joint venture, launching new products, improving safety and cost performance, and establishing centers focused on manufacturing excellence and innovation.
Masco provided a presentation on its business and strategy in May 2013. The presentation covered Masco's investment thesis of having strong fundamentals and being positioned for growth. Masco aims to expand market leadership through leveraging its brands, reduce costs through productivity initiatives, and improve underperforming businesses like cabinets. Masco also seeks to strengthen its balance sheet by reducing debt. Looking forward, Masco believes it is well-positioned to benefit from an economic recovery through its lower cost structure and market-leading brands.
- Masco Corporation held its 36th Annual Institutional Investors Conference on March 2, 2015 to discuss the company's key highlights, capabilities, focus, and momentum with investors.
- Masco has a portfolio of leading brands in cabinets, plumbing, decorative architectural products, and other areas. It is focused on driving strong operating performance and shareholder value creation through initiatives like the planned spin-off of its installation services business.
- The presentation addressed Masco's strengths in brand leadership, customer innovation, market coverage, and financial position, as well as opportunities to leverage its portfolio and actively manage it.
Masco Corporation is a leading building products company with 2013 revenues of $8.2 billion from its portfolio of plumbing, decorative architectural, cabinetry, and other specialty products. It holds the #1 market position globally in several categories including faucets, spas, DIY paints and stains, and kitchen/bath cabinets in the US. The company aims to drive growth through leveraging its strong brands, customer-focused innovation, and broad market coverage across segments, price points, and channels. It also sees opportunities to further optimize its portfolio and drive synergies across its businesses.
Raymond James held its 37th Annual Institutional Investors Conference on March 7, 2016. John Sznewajs, Chief Financial Officer of Masco Corporation, presented at the conference. Masco is a global leader in home improvement and building products with strong brands and industry-leading positions. Sznewajs discussed Masco's transformation initiatives, operational excellence focus, growth strategies capitalizing on its strengths, and financial flexibility to fund growth and return capital to shareholders through 2017.
- Ply Gem Holdings, Inc. is one of the largest manufacturers of exterior building products in North America with over $1.8 billion in net sales.
- They have a multi-channel distribution network serving new construction and home repair/remodeling end markets.
- The presentation discusses Ply Gem's financial performance, acquisition strategy, industry dynamics, and product portfolio which includes vinyl siding, windows, and stone veneer.
Molson Coors Brewing Company 2016 NY Investor/Analyst Meetingmolsoncoorsir
Molson Coors held its annual New York investor/analyst meeting on June 8, 2016. Mark Hunter, President and CEO of Molson Coors, provided an overview of the company's strategic focus on delivering growth and long-term shareholder value through brand-led revenue and profit growth, cash generation, and disciplined capital allocation. Gavin Hattersley, CEO of MillerCoors, then presented on MillerCoors' growth imperative to achieve total volume growth by 2019 through initiatives like accelerating its portfolio transformation and growing its above premium business.
- The document discusses Ply Gem Holdings' second quarter and first half 2017 results. It provides an overview of net sales, gross profit, operating earnings, adjusted EBITDA, and end market exposure for Q2 and the first half of 2017. Key highlights include year-over-year sales growth driven by increased demand and favorable pricing in the US and Canada. Gross margins declined slightly due to higher commodity costs, which were partially offset by price increases. Adjusted EBITDA increased compared to the prior year periods.
The document discusses USG Corporation's 2015 annual report. It highlights accomplishments in 2015 that advanced the company's strategic plan to strengthen its core North American business, diversify earnings internationally and through new products, and differentiate through innovation. Key achievements included growing the USG Boral joint venture, launching new products, improving safety and cost performance, and establishing centers focused on manufacturing excellence and innovation.
Masco provided a presentation on its business and strategy in May 2013. The presentation covered Masco's investment thesis of having strong fundamentals and being positioned for growth. Masco aims to expand market leadership through leveraging its brands, reduce costs through productivity initiatives, and improve underperforming businesses like cabinets. Masco also seeks to strengthen its balance sheet by reducing debt. Looking forward, Masco believes it is well-positioned to benefit from an economic recovery through its lower cost structure and market-leading brands.
- Masco Corporation held its 36th Annual Institutional Investors Conference on March 2, 2015 to discuss the company's key highlights, capabilities, focus, and momentum with investors.
- Masco has a portfolio of leading brands in cabinets, plumbing, decorative architectural products, and other areas. It is focused on driving strong operating performance and shareholder value creation through initiatives like the planned spin-off of its installation services business.
- The presentation addressed Masco's strengths in brand leadership, customer innovation, market coverage, and financial position, as well as opportunities to leverage its portfolio and actively manage it.
Masco Corporation is a leading building products company with 2013 revenues of $8.2 billion from its portfolio of plumbing, decorative architectural, cabinetry, and other specialty products. It holds the #1 market position globally in several categories including faucets, spas, DIY paints and stains, and kitchen/bath cabinets in the US. The company aims to drive growth through leveraging its strong brands, customer-focused innovation, and broad market coverage across segments, price points, and channels. It also sees opportunities to further optimize its portfolio and drive synergies across its businesses.
Raymond James held its 37th Annual Institutional Investors Conference on March 7, 2016. John Sznewajs, Chief Financial Officer of Masco Corporation, presented at the conference. Masco is a global leader in home improvement and building products with strong brands and industry-leading positions. Sznewajs discussed Masco's transformation initiatives, operational excellence focus, growth strategies capitalizing on its strengths, and financial flexibility to fund growth and return capital to shareholders through 2017.
- Ply Gem Holdings, Inc. is one of the largest manufacturers of exterior building products in North America with over $1.8 billion in net sales.
- They have a multi-channel distribution network serving new construction and home repair/remodeling end markets.
- The presentation discusses Ply Gem's financial performance, acquisition strategy, industry dynamics, and product portfolio which includes vinyl siding, windows, and stone veneer.
Molson Coors Brewing Company 2016 NY Investor/Analyst Meetingmolsoncoorsir
Molson Coors held its annual New York investor/analyst meeting on June 8, 2016. Mark Hunter, President and CEO of Molson Coors, provided an overview of the company's strategic focus on delivering growth and long-term shareholder value through brand-led revenue and profit growth, cash generation, and disciplined capital allocation. Gavin Hattersley, CEO of MillerCoors, then presented on MillerCoors' growth imperative to achieve total volume growth by 2019 through initiatives like accelerating its portfolio transformation and growing its above premium business.
- The document discusses Ply Gem Holdings' second quarter and first half 2017 results. It provides an overview of net sales, gross profit, operating earnings, adjusted EBITDA, and end market exposure for Q2 and the first half of 2017. Key highlights include year-over-year sales growth driven by increased demand and favorable pricing in the US and Canada. Gross margins declined slightly due to higher commodity costs, which were partially offset by price increases. Adjusted EBITDA increased compared to the prior year periods.
Boston 2016 slides master slides - draft sept2 v2molsoncoorsir
This document summarizes Mark Hunter's presentation at the Barclays Global Consumer Staples Conference on September 7, 2016 as CEO of Molson Coors Brewing Company. The presentation outlines Molson Coors' strategic focus on brand-led growth, cash generation, and capital allocation. It also details how acquiring MillerCoors will double Molson Coors' size, deliver $200M in annual synergies, and over $250M in annual cash tax benefits. The acquisition enhances Molson Coors' commercial capabilities to drive top-line growth through improved insights, innovation, digital capabilities, and customer excellence.
Rowan Strong is an offshore drilling company presenting to investors. The presentation discusses the company's competitive advantages including its modern high-specification fleet that is well-positioned for demanding drilling projects. It also highlights Rowan's strong financial position with little debt coming due over the next five years, allowing it to focus on positioning for an industry recovery. The offshore drilling market is showing signs of improvement as break-even costs for deepwater projects have decreased and supply attrition is expected to reduce older, less competitive rigs rolling off contracts in 2017.
- The document summarizes third quarter and nine month 2017 results for Ply Gem Holdings, Inc.
- In Q3 2017, net sales increased 6.5% to $564.7 million while adjusted EBITDA decreased to $77.1 million. Gross margin contracted 240 basis points to 23.4% due to higher commodity and freight costs.
- For the first nine months of 2017, net sales increased 6.2% to $1,539.4 million. Adjusted EBITDA increased slightly to $185.3 million as higher sales were offset by higher commodity and material costs.
- The company reported strong second quarter 2017 results, with revenue growth of 7% and adjusted EPS growth of 8%.
- Based on first half performance, the company is raising its full-year revenue and adjusted EPS guidance.
- The results were driven by robust growth in North America and China for commercial and residential HVAC products. Industrial performance was steady with continued improvements expected.
- The company continues its strategy of operational excellence to drive margin expansion, while reinvesting in the business and returning capital to shareholders through dividends and share repurchases.
The document provides an analysis of The Home Depot's financial performance from 2005-2006 including income statements, assets and capital structure, sales growth, profit margins, and ratios. It also discusses the company's leadership over time and challenges it faces from competitors like Lowe's. External factors like economic, social, technological, political/legal, and global trends that influence the home improvement industry are examined.
The Home Depot is the world's largest home improvement retailer with over $45 billion in annual sales. Under CEO Nardelli, the company focused on overhauling business processes but also decreased customer service, which was a core strength. Going forward, Home Depot should continue its strategy of related diversification through acquisitions in building supply while maintaining its reputation for low prices and customer service.
Masco - Investor Presentation - September 2014Masco_Investors
Masco Corporation announced plans to unlock shareholder value through 1) spinning off its installation and other services businesses to form a new publicly-traded company, 2) reducing corporate expenses, and 3) implementing a share repurchase program of up to $1.2 billion. The spin-off would create two focused companies, with Masco concentrating on branded building products and the new company focusing on installation and distribution services. These initiatives aim to drive improved performance and unlock value for shareholders.
- Masco reported strong results for the first quarter of 2016, with total sales increasing 4% year-over-year to $1.72 billion.
- All of Masco's business segments experienced sales growth in the quarter, with Plumbing Products sales up 2% and Decorative Architectural Products sales increasing 9%.
- Increased operating leverage and cost productivity led to a significant expansion in operating margins across most business segments compared to the prior year. Adjusted earnings per share increased 78% to $0.32.
Masco Corporation reported second quarter 2017 earnings. Total sales increased 3% year-over-year to $2.057 billion, while operating profit rose 4% to $357 million. Plumbing sales increased 3% due to growth at Delta, Hansgrohe, and Watkins. Decorative Architectural sales grew 5% from increased pro sales at Behr and builder's hardware expansion. Windows sales increased 4% excluding foreign exchange impacts. Management updated 2017 EPS guidance to $1.93 to $2.00 per share and announced plans to increase the annual dividend.
Masco Corporation reported third quarter 2017 earnings. Total revenue increased 3% year-over-year to $1.936 billion. Operating profit increased to $296 million, up $21 million from the previous year. Earnings per share for the quarter were $0.50, up 22% year-over-year. The presentation provided financial details and highlights for each of Masco's business segments, discussed progress on strategic initiatives, and updated full-year earnings guidance.
Ply Gem reported third quarter and nine month 2016 results. For Q3, sales were down slightly but gross profit margin expanded. Adjusted EBITDA increased 7.7% year-over-year, marking the tenth consecutive quarter of improvement. For the nine months, sales increased 2.9% and adjusted EBITDA grew 28.3% due to margin initiatives and cost discipline. The Windows and Doors segment saw lower sales from weather impacts and weakness in Western Canada, while gross margin declined slightly due to higher costs.
Home Depot is a home improvement retailer that sells building materials and home improvement products. It operates stores throughout the United States, Canada, China, and Mexico. There are three main types of retail customers for Home Depot: do-it-yourself customers, do-it-for-me customers, and professional customers. Home Depot's largest customer category is professional customers, which include home builders and contractors. To forecast Home Depot's quarterly earnings per share, analysts examine historical quarterly EPS trends and Wall Street estimates, as well as key assumptions around sales growth and expenses.
This presentation provides an overview of Libbey Inc. for investors. It discusses Libbey's management team, strategy to create momentum through initiatives focused on profitable growth, operational excellence, and improving the financial and balance sheet position. The strategy aims to return Libbey to its long-term financial goals of revenue growth, adjusted EBITDA margins of 14-15%, net debt to adjusted EBITDA of 2.3-2.7x, and ROIC of 10-12% by 2021 through continuous improvement.
This presentation by Libbey Inc. provides an overview of the company's management, strategy to drive growth, and financial goals. It summarizes Libbey's leadership, operational priorities around manufacturing and inventory optimization, and strategic initiatives including new product development focused on healthcare and e-commerce. The presentation outlines Libbey's goal of returning to long-term financial targets of revenue growth of 2-5% annually and adjusted EBITDA margins of 14-16% by 2021 through these strategic initiatives and continuous improvement.
Lowe's has experienced strong financial growth in 2005, with a 19% increase in sales and 27% increase in net earnings. As a top home improvement retailer, Lowe's continues to prosper through focusing on customer needs and expanding its store network. In 2005, Lowe's opened 150 new stores and plans to open 155 more in 2006. Lowe's financial statements show increasing profits, assets, and stockholders' equity over the past three years, indicating the company's continued success.
Ball Corporation reported solid first quarter earnings for 2008. Earnings per share were 80 cents, up from the record 86 cents in the first quarter of 2007. Higher earnings in European beverage cans and food and household products offset lower earnings in North American beverage cans and aerospace. The company expects full-year free cash flow of $300 million and continued strong performance in European beverage cans. Operational improvements and focus on costs also drove better results in food and household products in the first quarter.
- The document summarizes Ply Gem's first quarter 2017 results, including financial highlights and performance by business segment. Net sales increased 5.2% year-over-year to $430 million. Adjusted EBITDA increased 9.5% to $27.1 million.
- The Window and Doors segment saw a 3.0% sales increase due to higher prices and volumes. Gross margin expanded due to improved pricing, partially offset by higher costs.
- The Siding, Fencing and Stone segment had an 8.2% sales rise from increased volumes. However, gross margin declined due to higher resin and aluminum costs and product mix.
- Leverage has declined steadily since 2011 and stood at
- Masco reported strong first quarter 2017 results, with top line growth driven by its North American Plumbing segment. The company achieved 22 consecutive quarters of sales and operating profit growth.
- Operating leverage led to expanded margins and earnings per share exceeded expectations. The company updated its EPS target range provided in 2015.
- Plumbing Products sales increased 8% excluding foreign exchange impacts, fueled by record sales and profits at Delta. Decorative Architectural Products saw builders' hardware growth despite difficult comparisons.
This document provides an overview of RioCan Real Estate Investment Trust's (RioCan) 2016 year-end results and key financial metrics. It discusses RioCan's portfolio size and composition, core strengths, stable tenant base, conservative balance sheet and debt profile, and financial highlights such as funds from operations, same property NOI growth, distributions to unitholders, and interest coverage ratios. Non-GAAP measures are used to assess performance and are defined in RioCan's MD&A. Forward-looking statements are also present and associated risks outlined.
The document provides an overview of GE's 2010 annual report. It highlights that GE's revenue and earnings grew in 2010 after declining in previous years due to the economic downturn. Key metrics such as industrial backlog and cash reserves increased. GE also invested heavily in innovation and US manufacturing. The report discusses GE's strategy of focusing on infrastructure, globalization, and clean energy technology to drive sustainable growth.
Masco reported its second quarter 2013 earnings. Sales increased 10% to $2.1 billion driven by growth in North American new home construction and retail performance. Operating margins increased 290 basis points to 9.6% due to operating leverage and cost control efforts. All business segments contributed to top and bottom line growth. Masco reiterated its commitment to expanding market leadership, reducing costs, improving underperforming businesses, and strengthening its balance sheet.
Masco Corporation presented its second quarter 2013 earnings results. Key highlights included:
- Sales increased 10% driven by growth in North America and internationally despite challenging markets.
- Margins expanded significantly due to operating leverage from increased volume and focus on cost control.
- All business segments contributed positively to top and bottom line results.
- The company continues to execute on its strategic priorities and delivered a strong quarter.
Boston 2016 slides master slides - draft sept2 v2molsoncoorsir
This document summarizes Mark Hunter's presentation at the Barclays Global Consumer Staples Conference on September 7, 2016 as CEO of Molson Coors Brewing Company. The presentation outlines Molson Coors' strategic focus on brand-led growth, cash generation, and capital allocation. It also details how acquiring MillerCoors will double Molson Coors' size, deliver $200M in annual synergies, and over $250M in annual cash tax benefits. The acquisition enhances Molson Coors' commercial capabilities to drive top-line growth through improved insights, innovation, digital capabilities, and customer excellence.
Rowan Strong is an offshore drilling company presenting to investors. The presentation discusses the company's competitive advantages including its modern high-specification fleet that is well-positioned for demanding drilling projects. It also highlights Rowan's strong financial position with little debt coming due over the next five years, allowing it to focus on positioning for an industry recovery. The offshore drilling market is showing signs of improvement as break-even costs for deepwater projects have decreased and supply attrition is expected to reduce older, less competitive rigs rolling off contracts in 2017.
- The document summarizes third quarter and nine month 2017 results for Ply Gem Holdings, Inc.
- In Q3 2017, net sales increased 6.5% to $564.7 million while adjusted EBITDA decreased to $77.1 million. Gross margin contracted 240 basis points to 23.4% due to higher commodity and freight costs.
- For the first nine months of 2017, net sales increased 6.2% to $1,539.4 million. Adjusted EBITDA increased slightly to $185.3 million as higher sales were offset by higher commodity and material costs.
- The company reported strong second quarter 2017 results, with revenue growth of 7% and adjusted EPS growth of 8%.
- Based on first half performance, the company is raising its full-year revenue and adjusted EPS guidance.
- The results were driven by robust growth in North America and China for commercial and residential HVAC products. Industrial performance was steady with continued improvements expected.
- The company continues its strategy of operational excellence to drive margin expansion, while reinvesting in the business and returning capital to shareholders through dividends and share repurchases.
The document provides an analysis of The Home Depot's financial performance from 2005-2006 including income statements, assets and capital structure, sales growth, profit margins, and ratios. It also discusses the company's leadership over time and challenges it faces from competitors like Lowe's. External factors like economic, social, technological, political/legal, and global trends that influence the home improvement industry are examined.
The Home Depot is the world's largest home improvement retailer with over $45 billion in annual sales. Under CEO Nardelli, the company focused on overhauling business processes but also decreased customer service, which was a core strength. Going forward, Home Depot should continue its strategy of related diversification through acquisitions in building supply while maintaining its reputation for low prices and customer service.
Masco - Investor Presentation - September 2014Masco_Investors
Masco Corporation announced plans to unlock shareholder value through 1) spinning off its installation and other services businesses to form a new publicly-traded company, 2) reducing corporate expenses, and 3) implementing a share repurchase program of up to $1.2 billion. The spin-off would create two focused companies, with Masco concentrating on branded building products and the new company focusing on installation and distribution services. These initiatives aim to drive improved performance and unlock value for shareholders.
- Masco reported strong results for the first quarter of 2016, with total sales increasing 4% year-over-year to $1.72 billion.
- All of Masco's business segments experienced sales growth in the quarter, with Plumbing Products sales up 2% and Decorative Architectural Products sales increasing 9%.
- Increased operating leverage and cost productivity led to a significant expansion in operating margins across most business segments compared to the prior year. Adjusted earnings per share increased 78% to $0.32.
Masco Corporation reported second quarter 2017 earnings. Total sales increased 3% year-over-year to $2.057 billion, while operating profit rose 4% to $357 million. Plumbing sales increased 3% due to growth at Delta, Hansgrohe, and Watkins. Decorative Architectural sales grew 5% from increased pro sales at Behr and builder's hardware expansion. Windows sales increased 4% excluding foreign exchange impacts. Management updated 2017 EPS guidance to $1.93 to $2.00 per share and announced plans to increase the annual dividend.
Masco Corporation reported third quarter 2017 earnings. Total revenue increased 3% year-over-year to $1.936 billion. Operating profit increased to $296 million, up $21 million from the previous year. Earnings per share for the quarter were $0.50, up 22% year-over-year. The presentation provided financial details and highlights for each of Masco's business segments, discussed progress on strategic initiatives, and updated full-year earnings guidance.
Ply Gem reported third quarter and nine month 2016 results. For Q3, sales were down slightly but gross profit margin expanded. Adjusted EBITDA increased 7.7% year-over-year, marking the tenth consecutive quarter of improvement. For the nine months, sales increased 2.9% and adjusted EBITDA grew 28.3% due to margin initiatives and cost discipline. The Windows and Doors segment saw lower sales from weather impacts and weakness in Western Canada, while gross margin declined slightly due to higher costs.
Home Depot is a home improvement retailer that sells building materials and home improvement products. It operates stores throughout the United States, Canada, China, and Mexico. There are three main types of retail customers for Home Depot: do-it-yourself customers, do-it-for-me customers, and professional customers. Home Depot's largest customer category is professional customers, which include home builders and contractors. To forecast Home Depot's quarterly earnings per share, analysts examine historical quarterly EPS trends and Wall Street estimates, as well as key assumptions around sales growth and expenses.
This presentation provides an overview of Libbey Inc. for investors. It discusses Libbey's management team, strategy to create momentum through initiatives focused on profitable growth, operational excellence, and improving the financial and balance sheet position. The strategy aims to return Libbey to its long-term financial goals of revenue growth, adjusted EBITDA margins of 14-15%, net debt to adjusted EBITDA of 2.3-2.7x, and ROIC of 10-12% by 2021 through continuous improvement.
This presentation by Libbey Inc. provides an overview of the company's management, strategy to drive growth, and financial goals. It summarizes Libbey's leadership, operational priorities around manufacturing and inventory optimization, and strategic initiatives including new product development focused on healthcare and e-commerce. The presentation outlines Libbey's goal of returning to long-term financial targets of revenue growth of 2-5% annually and adjusted EBITDA margins of 14-16% by 2021 through these strategic initiatives and continuous improvement.
Lowe's has experienced strong financial growth in 2005, with a 19% increase in sales and 27% increase in net earnings. As a top home improvement retailer, Lowe's continues to prosper through focusing on customer needs and expanding its store network. In 2005, Lowe's opened 150 new stores and plans to open 155 more in 2006. Lowe's financial statements show increasing profits, assets, and stockholders' equity over the past three years, indicating the company's continued success.
Ball Corporation reported solid first quarter earnings for 2008. Earnings per share were 80 cents, up from the record 86 cents in the first quarter of 2007. Higher earnings in European beverage cans and food and household products offset lower earnings in North American beverage cans and aerospace. The company expects full-year free cash flow of $300 million and continued strong performance in European beverage cans. Operational improvements and focus on costs also drove better results in food and household products in the first quarter.
- The document summarizes Ply Gem's first quarter 2017 results, including financial highlights and performance by business segment. Net sales increased 5.2% year-over-year to $430 million. Adjusted EBITDA increased 9.5% to $27.1 million.
- The Window and Doors segment saw a 3.0% sales increase due to higher prices and volumes. Gross margin expanded due to improved pricing, partially offset by higher costs.
- The Siding, Fencing and Stone segment had an 8.2% sales rise from increased volumes. However, gross margin declined due to higher resin and aluminum costs and product mix.
- Leverage has declined steadily since 2011 and stood at
- Masco reported strong first quarter 2017 results, with top line growth driven by its North American Plumbing segment. The company achieved 22 consecutive quarters of sales and operating profit growth.
- Operating leverage led to expanded margins and earnings per share exceeded expectations. The company updated its EPS target range provided in 2015.
- Plumbing Products sales increased 8% excluding foreign exchange impacts, fueled by record sales and profits at Delta. Decorative Architectural Products saw builders' hardware growth despite difficult comparisons.
This document provides an overview of RioCan Real Estate Investment Trust's (RioCan) 2016 year-end results and key financial metrics. It discusses RioCan's portfolio size and composition, core strengths, stable tenant base, conservative balance sheet and debt profile, and financial highlights such as funds from operations, same property NOI growth, distributions to unitholders, and interest coverage ratios. Non-GAAP measures are used to assess performance and are defined in RioCan's MD&A. Forward-looking statements are also present and associated risks outlined.
The document provides an overview of GE's 2010 annual report. It highlights that GE's revenue and earnings grew in 2010 after declining in previous years due to the economic downturn. Key metrics such as industrial backlog and cash reserves increased. GE also invested heavily in innovation and US manufacturing. The report discusses GE's strategy of focusing on infrastructure, globalization, and clean energy technology to drive sustainable growth.
Masco reported its second quarter 2013 earnings. Sales increased 10% to $2.1 billion driven by growth in North American new home construction and retail performance. Operating margins increased 290 basis points to 9.6% due to operating leverage and cost control efforts. All business segments contributed to top and bottom line growth. Masco reiterated its commitment to expanding market leadership, reducing costs, improving underperforming businesses, and strengthening its balance sheet.
Masco Corporation presented its second quarter 2013 earnings results. Key highlights included:
- Sales increased 10% driven by growth in North America and internationally despite challenging markets.
- Margins expanded significantly due to operating leverage from increased volume and focus on cost control.
- All business segments contributed positively to top and bottom line results.
- The company continues to execute on its strategic priorities and delivered a strong quarter.
Ply Gem Industries held a Zelman Housing Summit on September 26th and 27th, 2013 to discuss the company's financial performance and growth strategies. The summary discusses Ply Gem's position as a leading manufacturer of exterior building products in North America with over $1 billion in annual sales. It also outlines the company's focus on innovation to drive new product introductions and $400 million in incremental annual sales. Finally, it discusses Ply Gem's strategic goal to become the market innovator in its industry by 2016 through organic growth, acquisitions, new products, channels and leadership development.
Masco reported strong financial results for the fourth quarter and full year 2013. Sales grew 9% for both periods driven by new product introductions and improved new home construction and remodeling activity. Adjusted operating profit increased 35% and 44% respectively, due to operating leverage and cost control. All business segments achieved sales and profit growth for the year. The company continues to strengthen its balance sheet, generating over $500 million in free cash flow for 2013 and reducing debt by $200 million. Masco delivered solid performance and expects continued growth in 2014 from innovation, market share gains, and productivity improvements.
Masco reported its first quarter 2013 results, with continued margin expansion and sales growth driven by increased North American new home construction activity. The Cabinet segment improved profitability and achieved break-even on an adjusted basis. Weakness continued in the Eurozone. Key highlights included margin improvement across several segments from operating leverage and cost control efforts, as well as successful new product launches and market share gains. Masco is focused on strategic growth initiatives, cost productivity, and debt reduction in 2013.
The document discusses Builders FirstSource's financial performance from 2005-2012. Key points include:
- Revenues increased 37% in 2012 driven by volume gains and commodity price inflation, outperforming the 23% increase in regional housing starts.
- Gross margins decreased slightly in 2012 due to commodity lumber price inflation exceeding customer pricing commitments.
- SG&A expenses decreased as a percentage of sales from 24.2% in 2011 to 20.4% in 2012, excluding stock compensation.
- Adjusted EBITDA improved to $6.4 million in 2012 compared to -$15.0 million in 2011, demonstrating improved profitability.
The document discusses Builders FirstSource's financial performance from 2005-2012. Key points include:
- Revenues increased 37% in 2012 driven by volume gains and commodity price inflation, outperforming housing start growth.
- Gross margins declined slightly in 2012 due to commodity inflation but operating expenses decreased as a percentage of sales.
- Adjusted EBITDA improved to $6.4 million in 2012 compared to a $15 million loss in 2011, reflecting cost controls and revenue growth.
- Management has demonstrated the ability to maintain profitability and conserve capital through past downturns.
The document discusses Builders FirstSource's financial performance from 2005-2012. Key points include:
- Revenues increased 37% in 2012 driven by volume gains and commodity price inflation, outperforming housing start growth.
- Gross margins declined slightly in 2012 due to commodity inflation but operating expenses decreased as a percentage of sales.
- Adjusted EBITDA improved to $6.4 million in 2012 compared to a $15 million loss in 2011, reflecting cost controls and revenue growth.
- Management has demonstrated the ability to conserve capital and tightly manage working capital and capex through the downturn.
This document discusses Builders FirstSource's business and provides an overview of the homebuilding industry. It notes that Builders FirstSource is the third largest building products supplier and operates a fully integrated distribution platform across 33 markets. The document also highlights the significant downturn in the homebuilding industry since 2008 and signs that the industry is recovering.
Deutsche Bank Global Industrials and Basic Materials Conference Masco_Investors
Masco provides a safe harbor statement noting that forward-looking statements in the presentation involve risks and uncertainties that could cause actual results to differ from expectations. The company also notes certain financial data included are non-GAAP measures and additional information about the company can be found in its SEC filings and website.
Deutsche Bank Global Industrials and Basic Materials Conference Masco_Investors
The document provides an overview of Masco Corporation for investors attending a Deutsche Bank conference. It outlines Masco's investment thesis of having strong fundamentals and being well-positioned for growth. Key points include Masco leveraging its market-leading brands, expanding market share through new products and geographic expansion, continuing to reduce costs, and improving underperforming businesses. The document also highlights Masco's strengths in distribution, innovation, and financial position that position it to benefit from an industry recovery.
TopBuild is positioned for profitable growth by leveraging its unrivaled national scale and competitive advantages across its insulation and building products installation and distribution businesses. It has successfully repositioned itself after rationalization by diversifying revenues and expanding margins. Multiple growth drivers exist as the housing market recovers and TopBuild gains share in residential new construction, repair/remodel, and commercial construction. With a strong balance sheet and free cash flow generation, TopBuild is well positioned to capitalize on these opportunities.
Masco reported strong third quarter 2013 results, with 12% revenue growth and a 260 basis point increase in adjusted operating margin compared to the prior year quarter. Sales growth was driven by new product introductions and improving new home construction and repair/remodel activity in North America. Continued cost containment efforts contributed to a 140 basis point improvement in SG&A as a percentage of sales. The company also retired $200 million in debt during the quarter and strengthened its balance sheet. Looking ahead, Masco expects opportunities for further growth from economic recovery, new product launches, and share gains, but risks remain from economic uncertainty and commodity volatility.
Weyerhaeuser presented on their business strategy and outlook. They have focused their portfolio on timberlands, wood products, and cellulose fibers. They are driving value through operational excellence initiatives across their businesses, capturing synergies from acquisitions, and disciplined capital allocation including growing their dividend and share repurchases. Housing starts are expected to recover to trend levels in the coming years, supporting improved market conditions for Weyerhaeuser's wood products. Demand is also growing for fluff pulp used in products like diapers and tissue.
Ply Gem Industries presented at the JP Morgan SMid Cap Conference on December 10, 2013. The presentation included the following key points:
- Ply Gem is one of the largest manufacturers of exterior building products in North America with nearly $1.5 billion in annual sales.
- They hold the number one position in key product categories like vinyl siding, aluminum accessories, vinyl and aluminum windows.
- Their strategic priorities include focusing on customers, innovation, profitable growth through acquisitions, and continuous improvement.
- Ply Gem has continued to gain market share despite downturns by focusing on brand management, new products, and operational efficiencies.
This document provides an investor presentation for Masonite International Corporation. It includes the following key points:
1) Masonite is a leading building products company in North America and Europe with $1.9 billion in net sales in 2015. It has leadership positions in residential molded doors, steel doors, and architectural doors.
2) Masonite has diversified end markets including residential new construction, residential repair and remodeling, and commercial construction. Its segments are North American Residential, Europe, and Architectural.
3) Masonite has transformed through strategic phases from surviving the housing downturn to strengthening its portfolio and accelerating performance. It faces significant barriers to entry in doors.
Ply Gem Holdings, Inc. presented an investor presentation in November 2015. The presentation discussed Ply Gem's position as one of the largest manufacturers of exterior building and home improvement products in North America with over $1.8 billion in net sales. It also contained forward-looking statements about Ply Gem's financial projections, discussed its product portfolio and brands, and provided an overview of the North American housing and siding markets. The presentation showed that industry forecasts called for an increase in U.S. single-family home starts in 2015-2017 and highlighted vinyl siding as the dominant siding product in North America, comprising over 75% of the Northeast market.
- Masonite is a leading building products company in North America and Europe with $1.9 billion in net sales in 2015. It has leadership positions in interior molded doors, steel doors, and architectural doors.
- The company has pursued a strategy of acquisitions, new product development, and operational efficiencies to drive growth. Adjusted EBITDA has grown at a 39% CAGR from 2013-2015, significantly outpacing net sales growth.
- Masonite has significant barriers to entry in the door industry due to its vertically integrated manufacturing facilities and assets like die plates that require large investments. It sees opportunities for continued growth across its end markets in coming years.
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This investor presentation discusses Ply Gem's financial results and outlook. It notes that Ply Gem is a leading manufacturer of exterior building products in North America with a highly efficient operating structure and history of strong cash flow generation. The presentation also highlights Ply Gem's scale in key product categories, integrated business model, and track record of acquisition integration.
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Presentation Clayton Valley, NevadaFrom Drilling to PEA in under 2 YearsCompany Spotlight
The document summarizes Cypress Development Corp's Clayton Valley lithium project in Nevada. Key points include:
- A Preliminary Economic Assessment shows promising economics including a 32.7% IRR and $1.45 billion NPV.
- Measured and indicated resources total 8.9 million tonnes LCE with additional inferred resources.
- The project has the potential for low-cost production due to favorable geology and metallurgy.
- Upcoming catalysts in 2019 include a metallurgical study and prefeasibility study to further de-risk the project.
Aben Resources has made a new high-grade gold discovery at its flagship Forrest Kerr project in BC's Golden Triangle region. The region is known for major gold deposits and saw $100 million in exploration spending in 2017. Recent improvements have made the Forrest Kerr project more accessible via new roads. Aben's technical team has reinterpreted historical data and identified additional exploration targets. The project covers over 23,000 hectares of prospective geology along the Forrest Kerr fault zone that is similar to other major deposits in the Golden Triangle.
Aben Resources has discovered high-grade gold zones at its Forrest Kerr project in British Columbia's Golden Triangle. The first hole of the 2018 drill program intersected four separate high-grade gold zones within 190 metres, including 331.0 g/t Au over 1.0 metre. Aben plans to expand drilling at the Boundary North Zone and test other gold anomalies identified through soil sampling. The company also holds the Justin project in Yukon and Chico project in Saskatchewan near recent discoveries.
Cypress Development Corp. owns lithium claims in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. A preliminary economic assessment found the project could have a 32.7% IRR and $1.45 billion NPV. The project would extract lithium from claystone using leaching and have average annual production of 24,042 tonnes of lithium carbonate over 40 years. Capital costs are estimated at $482 million to build a 15,000 tonne per day operation.
The document discusses Aben Resources Ltd., a gold exploration company with projects in British Columbia's Golden Triangle region and other areas of Western Canada. It provides an overview of Aben's management team and directors, flagship Forrest Kerr project, recent drilling results showing new high-grade gold discoveries, and its strategy to advance exploration through 2018. The document also briefly outlines Aben's other projects including the Chico gold project in Saskatchewan and Justin gold project in Yukon.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters thick. A maiden resource estimate calculated 3.287 million tonnes of lithium carbonate equivalent in the indicated category and 2.916 million tonnes LCE in inferred. Metallurgical tests show the claystone is acid leachable and able to recover over 80% of the lithium. Cypress plans additional drilling, engineering studies, and permitting to advance the project towards production.
- Aben Resources has three highly prospective gold projects in Western Canada including its flagship Forrest Kerr Project in BC's Golden Triangle region, which had recent drilling success expanding the Boundary North Zone.
- Management has over 100 years of combined experience in Western Canada and a proven track record of success.
- The projects have significant historic work identifying high-grade gold and robust discovery potential remains.
Cypress Development Corp. owns the Clayton Valley lithium project in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging 921 ppm Li over 77 meters. A maiden resource estimate classified over 1.3 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is leachable with over 80% lithium recovery. Cypress aims to advance the project with engineering studies and further drilling to define resources with the goal of becoming a domestic lithium producer for the growing battery market.
The document provides forward-looking statements and discusses risks associated with such statements. It notes that some statements may be deemed forward-looking and lists factors that could cause actual results to differ from forward-looking statements. The document also identifies the qualified person for the technical information as Cornell McDowell and provides Aben's trading symbols and recent share information.
The document provides an overview of Aben Resources Ltd., a mineral exploration company with gold projects in Western Canada. It summarizes Aben's three key projects - Forrest Kerr in BC's Golden Triangle region with recent drill results discovering the Boundary Zone, Chico in Saskatchewan near producing mines, and Justin in Yukon's White Gold district. It outlines the management team's expertise and provides company details like shares outstanding and trading symbols.
- Cypress Development Corp owns the Clayton Valley lithium project in Nevada located near Albemarle's Silver Peak lithium brine operation.
- Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes drilled.
- Metallurgical tests show the claystone is acid leachable with over 80% lithium extraction possible.
- Cypress aims to define a resource estimate in 2018 and advance the project with feasibility studies to develop a lithium operation.
The document discusses forward-looking statements and provides disclaimers about them. It introduces the qualified person for the technical information presented. It also lists Aben's trading symbols and recent share information including price and market capitalization.
1) Cypress Development Corp owns the Clayton Valley lithium project located next to Albemarle's Silver Peak mine in Nevada. Drilling in 2017 intersected lithium-bearing claystone averaging over 900 ppm Li to a depth of over 100 meters.
2) A maiden resource estimate classified over 1.5 million tonnes of lithium carbonate equivalent as indicated and inferred. Metallurgical testing shows the claystone is acid leachable to extract over 80% of the lithium.
3) The project is located in a strategic location to supply the growing lithium-ion battery market in the US, with lithium demand accelerating due to the increased production of electric vehicles globally.
TerraX Minerals is a Canadian mineral exploration company focused on exploring and developing its 100% owned 772 square km Yellowknife City Gold project located adjacent to the city of Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts and has had multiple high-grade gold discoveries. TerraX has a strong management team with experience discovering and developing gold deposits and low exploration costs due to the project's excellent infrastructure and year-round access near Yellowknife.
This document discusses forward-looking statements and provides information about Aben Resources Ltd., including its stock symbols, shares outstanding, recent share price, market capitalization, and three gold exploration projects in Western Canada. It summarizes the management team's experience and the company's investment highlights. Specifically, it owns the Forrest Kerr gold project in British Columbia's Golden Triangle region, which saw successful drilling results in 2017 that led to a new discovery called the North Boundary zone.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered lithium mineralization averaging 921 ppm Li over 77 meters in 14 holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, process engineering, and a preliminary economic assessment in 2018 to advance the project. The company sees potential for the project given growing lithium demand from electric vehicles and batteries.
TerraX Minerals is a Canadian mineral exploration company focused on exploring its 100% owned 772 square km Yellowknife City Gold project located near Yellowknife, Northwest Territories. The project covers high-grade Archean gold districts with known deposits and past producers. TerraX has made multiple high-grade gold discoveries on the property and identified several high-priority targets for further exploration and drilling. The company has a strong management team with experience discovering and developing deposits in the region.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada that have the potential to be a significant lithium resource. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical testing shows the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to further define the resource potential.
Cypress Development Corp owns lithium claystone deposits in Clayton Valley, Nevada near Albemarle's Silver Peak lithium mine. Drilling in 2017 encountered mineralization averaging 921 ppm lithium over 77 meters thick in 14 drill holes. Metallurgical tests show the claystone is acid leachable with up to 80% lithium extraction. Cypress plans additional drilling, metallurgical testing, and a preliminary economic assessment in 2018 to evaluate the project's potential.
Cypress Development Corp is exploring for lithium resources in Clayton Valley, Nevada. Recent drilling has encountered lithium-bearing claystone up to 112 meters below surface, with grades averaging over 800 ppm lithium. Metallurgical testing indicates 80% of the lithium can be extracted using a weak sulfuric acid solution. Cypress plans additional drilling in 2018 and expects to publish a initial lithium resource estimate in Q1 2018 to advance the project towards a preliminary economic assessment. The project is located near existing lithium production and infrastructure to be a potential new supply of lithium for the growing battery market.
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2. CAUTIONARY STATEMENTS
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995 related to management’s expectations about future conditions. Actual business, market or other conditions may differ
materially from management’s expectations and, accordingly, may affect our sales and profitability or other results and
liquidity. Actual results may differ materially due to various other factors, including: economic conditions, such as the levels of
new home and other construction activity, employment levels, the availability of mortgage, construction and other financing,
mortgage and other interest rates, housing affordability and supply, the levels of foreclosures and home resales, currency
exchange rates and consumer confidence; capital markets conditions and the availability of borrowings under our credit
agreement or other financings; our substantial indebtedness and our ability to incur substantial additional indebtedness;
competitive conditions, such as price, service and product competition; shortages in raw materials; changes in raw material
and energy costs; volatility in the assumptions used to determine the funded status of our pension plans; the loss of one or
more major customers and our customers’ ability to meet their financial obligations to us; capacity utilization rates for us and
the industry; our ability to expand into new geographic markets and the stability of such markets; our ability to successfully
enter into and operate the joint venture with Boral Limited, including risks that our joint venture partner, Boral Limited, may not
fulfill its obligations as an investor or may take actions that are inconsistent with our objectives; our ability to protect our
intellectual property and other proprietary rights; changes in laws or regulations, including environmental and safety
regulations; the satisfactory performance of certain business functions by third party service providers; our ability to achieve
anticipated savings from cost reduction programs; the outcome in contested litigation matters; the effects of acts of terrorism
or war upon domestic and international economies and financial markets; and acts of God. We assume no obligation to
update any forward-looking information contained in this presentation. Additional information concerning these and other
factors may be found in our filings with the Securities and Exchange Commission, including the “Risk Factors” in our most
recent Annual Report on Form 10-K.
1
4. USG PROFILE
FOUNDED: 1902
NYSE: USG
LISTED: 1931
Industry Leader
#1 or #2 in all Core Businesses
$3.2 Billion – 2012 Sales
Vertically Integrated
Over 75 Production Facilities
Over 140 Distribution Branches
in 36 states
Sales and Operations in over 20
countries*
3
*Subject to finalization of joint venture with Boral Gypsum
7. USG OVERVIEW
Net Sales*
$Billions
Building
Products
Manufacturing
Specialty
Distribution
North American Gypsum
• United States Gypsum Co.
• CGC Gypsum (Canada)
• USG Mexico
Market
Position
#1
$2.0
Geographic
Scope
U.S.
Canada
Mexico
Worldwide Ceilings
• USG Interiors, LLC
• USG International
• CGC Ceilings (Canada)
$0.6
#2
North
America and
International
Building Products Distribution
• L&W Supply
$1.1
#1
U.S.
Net Sales Split*
31%
Building
Products
Manufacturing
20%
Specialty
Distribution
69%
United States
Rest of
World
80%
6
*
Four quarters 2012, before inter-segment eliminations of $484 million
8. NORTH AMERICAN GYPSUM
Wallboard
North American wallboard leader
Leader in Quality, Service and Innovation
SHEETROCK® is the most recognized, trusted and specified wallboard brand
Most extensive portfolio of commercial and residential products
Committed to
Innovation
• Leading manufacturing
process technologies
• Creating solutions for
emerging building trends
• Top Ten Industrial
Materials Innovator
Low Delivered
Cost
• World class logistics model
• Most modern network of
high speed plants
Partnered with
Channel Leaders
• L&W Supply
• Home Depot
• Independent specialty and
pro dealers
SHEETROCK® Brand
UltraLight Panels
• Portfolio of commercial &
residential lightweight
panels
• Contractor preferred
7
9. NORTH AMERICAN GYPSUM
Performance Surfaces
Profitable business with stable margins through the cycle
Only manufacturer with a nationwide footprint of plants
Contractor focus – Key to success
Innovative focus across the portfolio
Joint
Compound
• Focus on innovation
• Contractor preferred
brand and products
• Broadest distribution
network
Plaster and Decorative
Finishes
• Industry leader
• Consistent margin
• Excellent cash generation
Corner
Bead
• Key growth opportunity
• Leverage SHEETROCK®
brand
• Plastic innovation is the
next growth platform
Partnered with
Channel Leaders
• L&W Supply
• Home Depot
• Lowes
• Menards
8
10. NORTH AMERICAN GYPSUM
Performance Substrates
Diverse portfolio of products with multiple uses and markets
Innovative focus across the portfolio
Profitable business with stable margins through the cycle
First or second market share in all core products
Performance Flooring
• Tile and Flooring Premier
Brands; DUROCK® &
FIBEROCK®
• LEVELROCK®
• STRUCTO-CRETE®
Industrial Products
• Specialty applications
• Raw material focus
• 30+ varied markets
• Stable markets
Commercial Roof Boards
• SECUROCK® Brand
Roof Board & Exterior
Sheathing
• Gypsum-fiber, Glass-mat
and Cement solutions
• Re-roof market currently
dominates the available
opportunity
Adjacencies
• Growth opportunities
• Building envelope and
exterior systems
development
• Innovative and
sustainable product
solutions
• Business incubator
9
11. NORTH AMERICAN GYPSUM
Q3 2013 Highlights
Q3 2012 Operating Profit
$35
Highest Q3 operating profit since 2006
• US Wallboard Margin
$32
Continued strong performance across
all product lines
• US Wallboard Volume
$7
Timing of GTL profits fluctuate due to
shipping volumes
• ARO Adjustment
$4
• Other Products
$2
Q3 2013 Operating Profit
$76
$ Millions
Q3 2013
Q3 2012 Variance
• GTL
($4)
Revenue
$ Millions
Operating Profit
$ Millions
$577
$496
$81
Operating Profit
$76
$35
$41
Restructuring
$1
$1
750
$90
500
$60
250
Net Sales
$30
-
Adjusted
Operating Profit*
$77
$36
$41
DD&A
$27
$28
($1)
0
$0
Q3 2012
Q4 2012
Q1 2013
Revenue
* See reconciliation to GAAP operating profit/(loss) on slide 41
Q2 2013
Profit
Q3 2013
10
12. WORLDWIDE CEILINGS
#2 Position in consolidated industry with leading brands
International manufacturing and market coverage
Profitable business with stable margins through the cycle
Solutions focused on performance, sustainability, and aesthetics
Acoustical Tile
• Full line offering
• Sustainable solutions
• Specification focused
Specialty Solutions
• Innovator
• Leading brands
• End user focused
Suspension Systems
• Global brand: DONN®
grid
• World class
manufacturing
• Complete code approvals
• Partnered with GE for
integrated lighting solution
Commercial Segments
• Specialty distribution
• Architect and designer
• Strategic owner accounts
• Strong in all key end use
segments
• Extensive retail presence
11
13. WORLDWIDE CEILINGS
Q3 2013 Highlights
Softer volumes in both ceiling tile and
grid
Q3 2012 Operating Profit
$24
• Tile & Grid Margin
$5
Continued margin improvement in nearly
every product category
• Tile & Grid Volume
($2)
• USG International
($2)
Environmental charge on property sold in
1980s
• Environmental
($3)
Q3 2013 Operating Profit
$22
$ Millions
Q3 2013
Net Sales
$159
$155
$4
$22
$24
($2)
–
-
Revenue
$ Millions
Operating Profit
$ Millions
-
Operating
Profit/(Loss)
Restructuring/
Impairment
Adjusted
Operating Profit*
DD&A
Q3 2012 Variance
$24
$4
–
150
$20
$10
($2)
$4
$30
75
$22
225
0
$0
Q3 2012
Q4 2012
Q1 2013
Revenue
* See reconciliation to GAAP operating profit/(loss) on slide 41
Q2 2013
Profit
Q3 2013
12
14. BUILDING PRODUCTS DISTRIBUTION
• Building Materials Wholesaler with industry leading
service, a broad portfolio of high performance products
and a wide array of business solutions
• Last mile logistics…safely to the jobsite
• Focused on making our +30,000 contractor customers
successful everyday
• 70% of revenue from core products beyond wallboard
• Share-of-wallet focus across 7 core product categories
• Two-thirds of revenue is from commercial construction
(new and tenant improvement)
13
15. BUILDING PRODUCTS DISTRIBUTION
Q3 2013 Highlights
Q3 2012 Operating Loss
($10)
Same store sales up 14%
• Wallboard
$7
Wallboard sales up 23%
• Other Core Products
$1
Other core product sales up 5%
• Restructuring
$3
• Operating Expenses
$2
Q3 2013 Operating Profit
$3
$ Millions
Net Sales
Operating
Profit/(Loss)
Restructuring/
Impairment
Adjusted
Operating Loss
DD&A
Q3 2013 Q3 2012* Variance
$331
$300
$31
$3
($10)
$13
($1)
$2
$3
$2
($8)
$10
$3
$3
–
Revenue
$ Millions
Operating Profit
$ Millions
400
$20
300
$10
200
$0
100
($10)
0
($20)
Q3 2012
Q4 2012
Q1 2013
Revenue
* See reconciliation to GAAP operating profit/(loss) on slide 41
Q2 2013
Profit
Q3 2013
14
16. USG BORAL BUILDING PRODUCTS
Boral and USG are forming a US $1.6 billion1 plasterboard and
ceilings joint venture, USG Boral Building Products, bringing together Boral’s leading
plasterboard manufacturing and distribution footprint in Asia and Australia with USG’s worldleading building products technologies and strategic assets in Asia and the Middle East.
Substantial synergies expected from both the application of USG’s gypsum technologies
(manufacturing and freight cost savings plus revenue enhancements) and leveraging Boral’s
customer relationships and distribution platform (USG’s adjacent products)
®
15
1. Asset value of US$1.6bn subject to finalization of fair valuation, completion adjustments and final foreign exchange rates at the date of completion
17. USG BORAL BUILDING PRODUCTS
Estimated transaction value1
•
Estimated asset value of the joint venture is US$1.6bn1
–
•
•
US$1.35bn for assets contributed by Boral; US$0.25bn for assets contributed by USG
USG’s contributed assets include a perpetual licence in the JV’s Territory to USG’s
current plasterboard technology, and the ceilings, joint compound and grid technologies
currently used in the Territory (including improvements to current technologies)
Up to US$575m total payment from USG to Boral:
–
–
US$500m cash upfront
Earn out payments totalling up to US$75m2 (net present value of ~US$50m)
BORAL
USG
Assets
$1,350m1
$250m1
Cash
($500m)
Balancing cash
payment
$500m
NPV of earn out
($50m)2
From JV earnings
$50m2
Net contribution to JV
$800m
USD
1. Subject to finalisation of fair valuation, completion adjustments and final foreign exchange rates at the date of completion
Including USG’s and Boral’s respective shares in non-controlling and controlled interests
2. Subject to achieving three- and five-year earnings targets
$800m
16
18. Anticipated synergies to exceed US$50m per
annum within 3 years of completing technology roll-out
Expect substantial synergies from:
Roll-out of USG’s technologies:
lower manufacturing & freight costs
enhanced revenues through price premium
Targeted synergy breakdown
Adjacent products
through Boral
channels
Manufacturing,
freight & other
cost savings
Adjacent product sales through Boral market channels
ceiling products, metal products, cement and fibre board,
joint compounds
Revenue
growth
Synergies:
Adjacent product synergies to commence immediately
Other synergies to ramp up following 2 year phased
technology roll-out and as market penetration increases
Upfront operational expenditure expected to exceed
synergies in first two years
Based on extensive due diligence undertaken, including
product testing
Synergies −
geographic allocation
Other
Australia
Thailand
Korea
China
19. USG BORAL BUILDING PRODUCTS
USG funding and earnings implications
Calendar year 2014 expected impact to USG earnings1
contribution to USG bottom line in
CY2014 5. Results are expected to
increase over time as technology is
propagated and capabilities are
optimised
US$m
Projected JV earnings2
$35 - $45
Adjustment for USG’s contribution to the JV3
($6 - $8)
USG projected interest expense4
($22 - $25)
Total projected JV impact to USG’s net income
in CY20145
Accretive – US$7-$12m expected
NPV positive – expected future
returns exceed present value of cash
contributions as synergies are realised
Balance Sheet neutral –
expected EBITDA to offset additional
leverage, with higher cash contribution
and lower debt/EBITDA over time
$7 - $12
USG expects to fund the joint venture
through US$350m in long-term debt
and US$150m of cash from its
balance sheet, with earn out payments
of up to US$75m6
1. Guidance will not be provided on a quarterly or annual basis
2. JV results will be reflected in USG’s Equity Method Income on its Statement of Operations, below the Operating Profit line and may vary based on finalization of fair valuation at
the date of completion and foreign exchange rates
3. Represents full projected earnings contributions from USG’s contributed entities in 2014
4. Expected interest payment related to the long-term debt used to fund the joint venture
5. Expected contribution is based on 12 months of operations, results may vary based on the actual commencement date of JV operations
6. $75m earn out payments have a Net Present Value of $50m based on the three- and five-year performance targets
18
20. USG BORAL BUILDING PRODUCTS
Joint venture market positions
Board Capacity
Country
Board Non-board Sales Gypsum
lines production3 offices mine
(m m2)
(BSF)
China
1552
1.71
71
93
7
-
Korea
153
1.6
4
3
6
-
Thailand
105
1.1
3
3
3
1
Australia
86
0.9
3
43
9
12
Indonesia
65
0.7
3
3
5
-
Vietnam
421
0.51
21
3
5
-
Malaysia/
Singapore
10
0.1
1
43
4
-
India
9
0.1
1
33
7
-
Other4
-
-
-
1
8
-
New Zealand
-
-
-
1
1
-
Saudi Arabia
-
-
-
33
3
-
Oman
81
0.11
11
-
-
1
Total
633
6.8
25
37
58
3
JV plasterboard market share 20135
Revenue contribution from largest to smallest
55%
54%
48%
43%
41%
37%
16%
13%
Production either online or expected to be online in CY2014
Includes metal stud, metal ceiling grid, joint compound, ceiling tile, cornice and/or mineral wool facilities
Certain manufacturing facilities and gypsum mines held in joint venture with third parties (refer to page 8 of this presentation)
Other includes metal plant in the Philippines and export business in UAE, Philippines, and Hong Kong
Source: management estimates based on plasterboard sales volume, excluding ceiling tiles
UAE
Philippines
India
Vietnam
Indonesia
China
Thailand
Korea
Australia
6%
Malaysia/Singapore
1.
2.
3.
4.
5.
58%
19
22. COMMERCIAL CONSTRUCTION
Key Commercial Construction Drivers
Architectural Billings Index
70
• Economic Growth
• Age of Building Stock
60
• Demographics
• Government Spending
50
• Commercial Building Type
• Building Turnover
40
30
20
Commercial Construction Starts
Millions of square feet
1,667
Other Non-Focus
Healthcare
Hotel
1,379
10
0
J M
2007
Other Focus
Education
Office
1,129
935
680
703
764
J M
2008
S
J M
2009
S
J M
2010
S
J M
2011
S
J M
2012
S
J M
2013
Note: Index higher than 50 reflects growth
Source: American Institute of Architects
1,271
776
S
803
• USG products ship approximately 12-18 months after a
commercial start
• Nonresidential construction growth influenced by fiscal
policies, business investment and hiring
• Commercial segments – retail, office and hotels – expected to
improve first, reflecting more private sector funding and
supporting residential construction activity
• Institutional categories – education and healthcare – tied to
financial health of federal, state and local governments
2007A 2008A 2009A 2010A 2011A 2012A 2013E 2014E 2015E 2016E
Source: McGraw Hill Construction
• Demographics support need for more healthcare services
As in past recoveries, nonresidential construction is projected to
improve following more favorable residential activity
21
23. RESIDENTIAL CONSTRUCTION
Key Commercial Construction Drivers
• Economic Growth
• Mortgage Rates
• Demographics
• Inventory of Homes
• Employment Situation
• Affordability
Residential – Housing Starts
(Seasonally Adjusted Annual Rate)
Thousands
2,500
2,000
1,500
NAHB/First American Improving Markets Index
(IMI)
1,000
500
0
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Source: U.S. Census Bureau
• Housing has gained momentum in 2013 and we expect 2014
to continue the positive trend
• Residential activity improvements seen in all regions
• Builders confidence at highest level since Spring 2006
• Inventory of newly constructed and move-in ready homes at
historically low level
• Despite short-term headwinds, long-term macro trends point
towards a real recovery
Residential construction is trending positively throughout more areas of the
22
country. USG is well positioned to capitalize on this recovery.
24. REPAIR & REMODEL
Repair and Remodel Activity
Repair and Remodel Drivers
Average age of US housing stock is 38 years old “General strengthening in the housing market over the past 18 months is
Commercial buildings in the US are, on average, translating into increased spending on home improvements.”
in excess of 40 years old.
– Joint Center for Housing Studies of Harvard University
Leading Indicator of Remodeling Activity (LIRA)
In 2Q13, all factors in the NAHB Remodeling
July,2013
Index were over 50 for the first time in eight
“Remodelers are feeling optimistic about the home improvement market
years.
during what has turned out to be an uneven recovery”
Lenders and new owners are rehabilitating
– National Association of Home Builders
millions of foreclosed properties
Remodeling Market Index (RMI)
July, 2013
U.S. Industry Wallboard Market
Residential
40
1.7
2.2
30
20
1.5
10.3
3.1
11.3
3.5
1.4
10.8
3.7
1.6
11.6
3.6
1.8
11.8
3.2
1.9
12.8
3.0
10
13.3
14.0
1998
1999
14.8
1.7
Repair and Remodel
Non-Residential
Other
1.8
1.3
13.8
14.6
14.4
1.4
13.3
2.9
3.1
3.2
17.8
16.9
1.0
10.0
10.1
10.2
10.6
8.6
2.5
5.2
1.5
5.0
1.4
4.9
1.4
6.0
11.9
3.3
13.4
13.4
13.9
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
30.7
32.5
35.1
37.2
36.2
30.7
25.2
18.4
17.3
17.5
19.3
12.7
0
28.2
31.0
1.3
0.7
3.4
16.6
0.7
29.3
30.2
Total Industry Shipments (BSF)
23
- Gypsum Association, Company Estimates
25. MOVING TOWARD THE MEAN
ILLUSTRATIVE
Housing
Annual starts (M Units)
Commercial
Annual starts (BSF)
1,470
780
R&R
Home Improvement*
4.8%
1.3
0.7
0.7
2011
2012
2.3%
2.4%
2011
2012
609
2011
2012
Long-Term
Mean**
Demographics
GDP Growth
* Private residential fixed investment as a percent of GDP since 1950
** Since 1959
*** Since 1976
Long-Term
Mean***
Aging Stock
Long-Term
Mean
Turnover
24
26. 2012 AVERAGE U.S. MARKET SHARE
Wallboard & Gypsum Panels
Continental
Building
Products
(Lone Star)
Industry Capacity (BSF)
PABCO
4%
USG
10%
Eagle
Materials
26%
37.8
38
39.6
35.2 34.4
32.9 31.9 32.7
10%
Saint 13%
Gobain
21%
National
16%
GeorgiaPacific
2006 2007 2008 2009 2010 2011 2012 2013
25
Source: Gypsum Association, Company Sources
28. STRATEGIC PRIORITIES
• Strengthen our core businesses
• Diversify the sources of our
earnings
– Select emerging markets
– Adjacent products/systems
• Differentiate through innovation
27
29. STRENGTHEN THE CORE
Streamlining Operations
CREATING OUR OWN RECOVERY
2007
Manufacturing
• 3.8 BSF capacity
reduction
• 14 wallboard lines
idled
• 4 paper mills idled
• Focus on Lean Six
Sigma to lower
cost
• Record levels of
safety and quality
2013
Distribution
Mining/Shipping
Workforce
• Closed over 125
L&W Supply
branches
• Structure of
organization better
aligned with
customer needs
• Leveraged
nationwide strength
in sourcing
• Increased focus on
non-wallboard
products
• Idled/closed 3
quarries
• Repurposed ships
to generate revenue
• Reduction of 4,830
positions
• Changed retiree
medical benefit
• Outsourcing
functions to lower
cost
• Align organization
structure with
strategy
$516MM in cost reductions – SG&A at 2002 levels
28
30. STRENGTHEN THE CORE
Synthetic Gypsum
Synthetic Gypsum provides strategic value for USG
• 38% of USG’s total 2012 gypsum usage was
synthetic gypsum
• USG’s rock reserves among the largest in the
industry
• 6 of 19 wallboard plants use synthetic gypsum for all
of their needs, 6 additional use it for some production
• Synthetic gypsum contracts are of varying durations,
up to 20+ years
• Financial assurances from utilities exist in most of our major
agreements for a steady supply
• Most plants are located near rail or waterways to allow for
supply from multiple sources
• Some utilities are switching to lower cost, higher sulfur coal
and running their higher efficiency plants with scrubbers more;
this drives more synthetic gypsum production
29
31. DIVERSIFY EARNINGS
Build Critical Mass Outside of North America
USG
USG Boral Building Products
CANADA
UNITED STATES
SOUTH KOREA
CHINA
SAUDI ARABIA
MEXICO
OMAN
PHILIPPINES
INDIA
THAILAND
VIETNAM
MALAYSIA
INDONESIA
PERU
AUSTRALIA
URUGUAY
ARGENTINA
NEW ZEALAND
•
•
•
Expected to help dampen some cyclicality in future earnings
Total JV wallboard capacity of ~7 BSF
12 Countries with USG/Boral JV presence
30
32. DIVERSIFY EARNINGS
Product Adjacencies
Strategic objective of diversifying earnings through low-cost product adjacencies
L&W Supply
• 7 Core Product Strategy
• Joint Treatment
• Insulation • Ceilings
• Wallboard • Fasteners • Exteriors
• Steel
New Product Introductions
• Commercial Roofing Products:
• Leverage existing product technologies through new channels
• Have superior performance attributes over existing product /technologies
• Shower System:
• USG Durock ® Shower System
• Flooring:
• Durock ® Self Leveling Underlayment
31
33. • Pyrofill®
• Firecode®
• Structo-Gauge®
Gauging Plaster
• Pyrofill® Poured
Gypsum Roof Deck
• Water Repellent
Wallboard
• Structo-Lite Perlited
Plaster
• Sheetrock Firecode
Core (Type X)
• Tapered Edge Panels
• Ready-Mixed Joint
Compound
• 2" Solid Gypsum Wall
Board System
USG has led every major
industry innovation
• Durock®
• Fiberock®
• Structocore Security
System
• Durock Cement Board
• Sheetrock Plus 3™
Joint Compound
• X-Technology Ceiling
Panels
• Firecode® Compound
• 3/4" Ultracode® Core
Gypsum Panels
• Compässo™
Suspension Trim
• Quick Release II Clip
• Cuvatura™3-D System
• Radar™ ClimaPlus™
Ceiling Panels
• Fiberock Panels
• USG Drywall
Suspension System
• Humitek®
• Levelrock®
• Next Generation Gypsum
Panels
• Levelrock Floor
Underlayment System
• USG™ Decorative Interior
Finish System
• Geometrix™ Metal Ceiling
Panels
• Astro™ ClimaPlus™
Ceiling Panels
• Translucents™ Luminous
Panels
• Topo™ 3-D Ceiling Panels
• Humitek Gypsum Panels
• Securock® Roof Board
• Sheetrock® All Purpose
Joint Compound with Dust
Control
• Sheetrock® Mold-Tough
panels
• Zero-emitting ceiling tiles
• High Recycled Content
Suspension Systems
• True Wood Ceiling Panels
• Securock® Glass-Mat
Sheathing
• Securock® Glass-Mat
Liner Panels
2010
• Ultrawall®
• Structocore
• Structocore™ Wall
System
• First Metal Stud Drywall
System
• RC-1 Channel
• Sheetrock WR Gypsum
Panels
• Chemically Hardening
Joint Compound
• SW Gypsum Panels
• Blendtex Gypsum Panels
• Exterior Ceiling Board
• Ultrawall Relocatable Wall
System
• USG Shaft Wall System
• Textone SW Gypsum
Panels
• Area Separation Wall
System
• Light Steel Framing
2000
1980
• Acoustone®
• Rocklath®
• Gyplap® Gypsum
Sheathing
• Rocklath Gypsum Lath
• Acoustone Ceiling Tiles
• Perf-A-Tape® Joint
Reinforcement
1960
1920
• Sheetrock®
• Sheetrock Gypsum
Panels
• Pyrobar Gypsum
Partition Tile
1940
1900
DIFFERENTIATE THROUGH INNOVATION
Sheetrock®
Brand UltraLight
Panels
Securock® GlassMat Roof Board
Durock® Cement
Board Next-Gen
SHEETROCK®
Brand
UltraLightWeight
All Purpose Joint
Compound
2000–2012:
1,100+ US Patents
34. DIFFERENTIATE THROUGH INNOVATION
“Leader in Lightweight Innovation™”
2009
2010
2011
2012
DUROCK® Next
Gen Cement
Board
½”
⅝”
⅝”
SHEETROCK®
SHEETROCK®
SHEETROCK®
UltraLight
Panels
UltraLight
Firecode 30
UltraLight
Firecode X
SHEETROCK®
Ultra
Lightweight
All Purpose
Up to 25%
Lighter
Up to 30%
Lighter
Up to 30%
Lighter
Up to 15%
Lighter
Up to 40%
Lighter
2013
½”
SHEETROCK®
UltraLight
Mold Tough
Panels
Up to 20%
Lighter
5 Years of Lightweight Product Launches
33
36. Q3 2013 CONSOLIDATED
FINANCIAL RESULTS
$ Millions (except EPS)
Q3 2013
Q3 2012
Net Sales
$925
$828
Gross Profit
$155
$106
% of Net Sales
17%
13%
SG&A
$80
$74
Operating Profit
$75
$29
Interest Expense
$51
$50
Net Income/(Loss)
$23
($29)
Diluted EPS
0.21
(0.28)
-
$3
Income (loss) from discontinued
operations
($1)
$1
Adjusted Net Income/(Loss)*
$24
($27)
Restructuring and Impairment
Charges
35
* See reconciliation to GAAP operating profit/(loss) on slide 42
37. Q3 2013 CONSOLIDATED
FINANCIAL RESULTS
$ Millions
9 months ended
September 30, 2013
9 months ended
September 30, 2012
$12
$27
Capital Expenditures
($72)
($41)
Investments and Loans to JVs
($5)
($18)
Acquisition of Mining Rights
($17)
($16)
–
($2)
($94)
($77)
$1
($40)
Net Cash (used for) provided by discontinued operations
($1)
$3
Effect of exchange rate on cash
($4)
$5
Adjusted increase/(decrease) in cash and cash equivalents*
($86)
($82)
September 30, 2013
September 30, 2012
Cash and cash equivalents and marketable securities
$590
$567
Total liquidity
$873
$781
$2,315
$2,311
Cash flow provided by (used for) operations
Other
Adjusted cash flow (used for) investment activities*
Cash flow (used for) financing activities
Total debt
* US GAAP measure of net cash provided by (used for) investing activities was ($75MM) in 2013 and $96MM in 2012 and includes net
(purchases)/sales of marketable securities of ($7MM) in 2013 and $157MM in 2012
36
38. U.S. GYPSUM CO. OPERATING LEVERAGE
Incremental Operating Profit Margin After a Trough
60%
56%
35%
1982-1985
33%
1992-1995
2001-2004
2012-3Q13
Incremental Operating Profit Margin for
USG Corporation is 60% since 2012
37
39. FINANCIAL FLEXIBILITY
• $873 million of liquidity as of 9/30/13 ($874MM on 12/31/12)
• $440 million U.S. and Canadian revolving credit facilities in place
• Capital spending, investments in and loans to joint ventures, including Oman capex,
expected to be $175MM in 2013
• $2.1B U.S. Tax Loss Carryforward
Senior Note Maturities
Senior notes
callable in 2016
$ Millions
Senior notes
callable in 2014
Convertible notes
callable in 2013
Bullet
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
2013
2014
2015
2016
2017
2018
2020
2021
2028-2034
38
40. SUMMARY
We are creating our own recovery by:
• Continuing to strengthen our core businesses
• Diversifying earnings through select emerging
markets and product adjacencies
• Differentiating through innovation
• Creating financial flexibility
39
42. TAX LOSS CARRYFORWARD
• USG’s current Federal Tax Loss Carryforward is $2.1B
• The Tax Loss Carryforward will shelter the first $2.1B of USG’s
U.S. domestic earnings in the recovery
• Due to cumulative losses, USG has a deferred tax valuation
allowance for accounting purposes
• As a result, our book tax rate only reflects state and foreign taxes
• We are estimating total cash tax payments of $8-12MM in 2013
41
43. ADJUSTED OPERATING PROFIT/(LOSS)
RECONCILED TO GAAP OPERATING
PROFIT/(LOSS)*
$ Millions
Q3 2013
Q3 2012
Change
Adjusted Operating Profit (Loss)
North American Gypsum
Worldwide Ceilings
Building Products Distribution
Corporate & Eliminations
TOTAL
$77
$22
$2
($26)
$75
$36
$24
($8)
($20)
$32
$41
($2)
$10
($6)
$43
Restructuring and Asset Impairment Charges
North American Gypsum
Worldwide Ceilings
Building Products Distribution
Corporate & Eliminations
TOTAL
$1
–
($1)
–
–
$1
–
$2
–
$3
–
–
($3)
–
($3)
Reported GAAP Operating Profit (Loss)
North American Gypsum
Worldwide Ceilings
Building Products Distribution
Corporate & Eliminations
TOTAL
$76
$22
$3
($26)
$75
$35
$24
($10)
($20)
$29
$41
($2)
$13
($6)
$46
42
* All results from continuing operations
* References to Adjusted Operating Profit (Loss) are non-GAAP measures. Management believes this information provides investors with a more useful comparison of the corporation’s ongoing business performance.
44. ADJUSTED NET INCOME/(LOSS)
RECONCILED TO GAAP NET INCOME/(LOSS)*
$ Millions
Q3 2013
New Income/(Loss) – GAAP Measure
Q3 2012
Change
$23
($29)
$52
($1)
$1
($2)
–
$3
($3)
$24
($27)
$51
Less:
Income from discontinued operations, net of tax
Add Back:
Restructuring Charges
Adjusted Net Income/(Loss) – Non-GAAP
Measure
* Adjusted Net Income (Loss) is a non-GAAP financial measure. We present Adjusted Net Income (Loss) to provide additional information
regarding our current financial and operating performance because the measure excludes certain items that may not be indicative of the
company's core operating results. In addition, Adjusted Net Income (Loss) is utilized by the company in evaluating operating performance.
43