USG Faces an Uphill Battle to Expand Full-Year Operating Margin in 2018; Maintaining $44 FVE
Lower wallboard volume and increased investment spending caused no-moat USG’s first-quarter adjusted operating margin to contract 410 basis points year over year to 8.5%. While USG’s first-quarter performance was by no means disastrous, we think the firm will need a knockout performance throughout the rest of the year to drive better full-year margins in 2018 compared with 2017. To be fair, management warned the investment community that USG’s first-quarter 2018 results could fall short of the y...USG is a manufacturer of building materials and solutions. The company's segments are: Gypsum, which manufactures and markets gypsum and related products primary used in a variety of building applications; Performance Materials, which manufactures and markets products used in a variety of interior and exterior building applications of residential, nonresidential buildings and industrial; Ceilings, which manufactures and markets ceiling interior systems products including ceiling tile, ceiling grid, and specialty ceilings; and USG Boral Building Products, which manufactures and distributes products for wall, ceiling, floor lining and exterior systems that utilize gypsum wallboard.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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