L&W Supply, the distribution segment of USG (United States Gypsum), announced today it recorded an operating profit of $9 million for the second quarter of 2015. The profit, which is the company's highest quarterly profit in seven years, stands as a major increase compared to the $4 million made in the second quarter of 2014.
Aside from an increase in operating profits, L&W Supply also recorded net sales of $364 million. This $20 million gain from the $344 million that the company pulled in during this same time period last year represents a 6% increase.
USG President, CEO, and Chairman James Metcalfe said, "All of our businesses expanded their margins and contributed to our strong second quarter."
The company credited its overall sales increase to a 5% sales jump in stores and wallboard volumes improving by 7%. Profits received a boost from the $2 million net impact of changes in insurance, bad debt, and inventory reserves.
Click here to learn more about USG's 2Q report.