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USG Corp. (NYSE: USG), Chicago, IL, reported sales for the third quarter of $767 million, up 2.7 percent compared to the same period a year ago. Profit decreased 18.4 percent to $62 million.
For the first nine months, sales for USG were $2.3 billion, a year-over-year increase of 4 percent. Profit increased 13.4 percent to $203 million.
As a result of the agreement to sell the company's building product distribution business to ABC Supply, results for L&W Supply have been recorded as a discontinued operation in the third quarter of 2016 for all periods presented.
“I'm pleased to report that we expanded margins in both of our U.S. businesses as well as in our USG Boral joint venture,” said James S. Metcalf, president and CEO. “We expect to close the sale of our L&W Supply business for $670 million on October 31st, and intend to use the proceeds from the sale to retire debt.”