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USG Management Discusses Q2 2012 Results - Earnings Call Transcript

Before we proceed, let me remind you that certain statements in this conference call may be forward-looking statements under securities laws. These statements are made on the basis of management’s current views and assumptions of our business, market and other conditions, and management undertakes no obligation to update these statements. The statements are also subject to a number of factors, including those listed at the end of the press release, and actual results may be different from our current expectations.

With me today to discuss our results and our outlook are Jim Metcalf, Chairman, President and Chief Executive Officer; and Matt Hilzinger, Executive Vice President and Chief Financial Officer. Jim will provide a general overview of the quarter plus additional insight into some of our businesses. Matt will review the financial results for the quarter for the Corporation and the business segments. We'll then open the call for questions and conclude with a few comments from Jim. [Operator Instructions] Jim?

James S. Metcalf

Thank you, Ken, and good morning. I appreciate everyone joining us today. We appreciate your interest in USG, and I'm looking forward with sharing our results with you this morning. After reaching the important milestone of operating profit in the first quarter, we've continued that positive trend with operating profit in the second quarter of 2012. In fact, our sales of $825 million in the second quarter were the highest since 2009. That's an important comparison. The key difference is in 2009, we lost $40 million in that quarter. We believe now that we've turned the corner, and we're focused on achieving net earnings. This is a testament to the innovation and commitment of all of our employees despite the market demand well below historical averages.

Today, I'm going to focus my comments on 2 areas. First, I want to review the highlights of the second quarter, and Matt is going to go into some more details of the numbers. Then I want to discuss a key strategic component in our strategy, and I like to say our plan to win is our new wallboard partnership to support the India market.

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