USG says weak demand, lower sales widen 3Q loss

Building products maker USG Corp. says weak demand, lower sales widen 3Q loss

• On 12:14 pm EDT, Wednesday October 21, 2009

CHICAGO (AP) -- Building products maker USG Corp. said Wednesday that its third-quarter loss widened as continued weak demand in the residential and commercial construction sectors led to lower sales.

The Chicago-based company reported a loss of $94 million, or 96 cents per share, for the third quarter of 2009, compared with a loss of $36 million, or 36 cents per share, for the third quarter of 2008.

USG said the latest loss included $43 million in charges for restructuring and asset impairment.

Sales dropped 32 percent to $822 million from $1.2 billion in the year-ago period.

Analysts polled by Thomson Reuters were expecting a loss, on average, of 40 cents per share on higher revenue of $873 million.

William C. Foote, the company's chairman and chief executive, said the near-term outlook remains challenging. But he said that looking further ahead, the company should be well-positioned for an economic rebound and a recovery in the residential, repair and remodel and commercial construction markets.

USG shares lost $1.39, or 8.3 percent, to $15.44 in morning trading.