USG Reports $34 Million Net Earnings Before Special Charges
January 29, 2001
USG Corp. has reported fourth quarter net sales of $841 million and net earnings of $34 million, excluding special charges. The company reported a net loss of $523 million after $557 million in special after-tax charges associated with asbestos litigation and business restructuring initiatives. Diluted earnings per share for the fourth quarter were 78 cents, excluding the special charges, and a net loss of $12.05 including them. USG recently announced that it would take year-end charges totaling $904 million, or $557 million net of tax benefits. Of the $904 million in charges, $850 million is a charge related to the estimated cost of settling asbestos claims and $54 million reflects a restructuring charge for plant shutdowns, severance costs and inventory write-offs.
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