USG guides Q3 below consensus; unveils JV in Asia, Australia, Middle East

|About: USG Corporation (USG)|By:, SA News Editor

USG Corp. (USG) -5.9% AH after issuing downside guidance for Q3, seeing EPS of $0.21 vs. $0.29 analyst consensus and revenues of $925M vs. $936M consensus.

USG attributes the results, which are an improvement Y/Y, to better wallboard price and volume and positive operating results at L&W Supply, partially offset by higher SG&A expense as expected and lower profitability from its GTL shipping company due to timing of shipments in H2.

Also, USG announces a plasterboard and ceilings joint venture with Australian peer Boral Ltd.; in order to achieve a 50% interest in the JV, USG will pay Boral total cash payments of up to $575M.