U.S. Markets closed

USG posts 1st profitable quarter in over 5 years

CHICAGO (AP) -- USG Corp.'s shares jumped Wednesday after the building products company reported its first profitable quarter in more than five years.

The company reported net income of $2 million, or 2 cents per share, for the three months ended March 31. That is compared with a loss of $27 million, or 26 cents per share, in the first quarter of 2012.

After adjusting for restructuring charges and a benefit from changes in tax law, the company earned $1 million in the most recent quarter versus a loss of $27 million in the prior.

USG's revenue increased 4 percent to $814 million, from $783 million a year ago.

Analysts polled by FactSet, on average, were expecting the company to earn 10 cents per share on revenue of $865.3 million.

The company, based in Chicago, was hard hit by the housing market collapse. It makes wallboard and other products used in home construction.

USG Chairman, President and CEO James Metcalf said all segments showed improved results during the period. He said the positive net income was an important milestone as USG emerges from the most significant downturn in its company's history, but said there is more work to be done.

Investors were pleased with the progress. Shares of USG gained 6.2 percent, or $1.59, to close Wednesday trading at $27.14. The stock has traded between $13.12 and $30.97 in the past 52 weeks.