USG CORP (USG) [Rocket]

In millions, except per share items	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Gypsum				1,720.0	2,396.0	2,262.0	1,988.0
Ceilings				496.0	518.0	568.0	558.0
Worldwide Ceilings								583.0
Other				697.0		740.0	678.0	2,327.0
Total revenues	3,336.0	3,204.0	3,017.0	2,913.0	2,904.0	3,570.0	3,224.0	2,910.0
Revenue growth [+]	4.1%	6.2%	3.6%	0.3%	-18.7%	10.7%	10.8%	2.7%
Gypsum				-28.2%	5.9%	13.8%
Ceilings				-4.2%	-8.8%	1.8%
Worldwide Ceilings								5.0%
Distribution						8.7%	8.0%	-0.1%
Cost of goods sold	2,730.0	2,548.0	2,317.0	2,263.0	2,279.0	2,989.0	2,829.0	2,752.0
Gross profit	606.0	656.0	700.0	650.0	625.0	581.0	395.0	158.0
Gross margin	18.2%	20.5%	23.2%	22.3%	21.5%	16.3%	12.3%	5.4%
Selling, general and administrative	379.0	303.0	297.0	302.0	323.0	320.0	304.0	289.0
Equity in earnings	42.0	59.0	49.0	48.0	33.0	-1.0
Other operating expenses		-12.0	-23.0	-8.0	-25.0	-16.0	8.0	-4.0
EBITDA [+]	419.0	556.0	609.0	535.0	502.0	431.0	239.0	37.0
EBITDA growth	-24.6%	-8.7%	13.8%	6.6%	16.5%	80.3%	545.9%	105.6%
EBITDA margin	12.6%	17.4%	20.2%	18.4%	17.3%	12.1%	7.4%	1.3%
Depreciation	150.0	132.0	134.0	131.0	142.0	148.0	148.0	157.0
EBITA	269.0	424.0	475.0	404.0	360.0	283.0	91.0	-120.0
EBITA margin	8.1%	13.2%	15.7%	13.9%	12.4%	7.9%	2.8%	-4.1%
Amortization of intangibles						7.0	8.0	7.0
EBIT [+]	269.0	424.0	475.0	404.0	360.0	276.0	83.0	-127.0
EBIT growth	-36.6%	-10.7%	17.6%	12.2%	30.4%	232.5%	-165.4%	-19.6%
EBIT margin	8.1%	13.2%	15.7%	13.9%	12.4%	7.7%	2.6%	-4.4%
Non-recurring items [+]		12.0	30.0	1.0	178.0	19.0	10.0	79.0
Asset impairment			10.0		90.0	3.0	10.0	75.0
Unusual expense					27.0
Legal settlement					48.0
Interest expense, net [+]	50.0	65.0	141.0	161.0	178.0	200.0	202.0	205.0
Interest expense	57.0	69.0	145.0	163.0	179.0	203.0	206.0	211.0
Interest income	7.0	4.0	4.0	2.0	1.0	3.0	4.0	6.0
Other income (expense), net [+]	8.0	-12.0	-30.0	-6.0	29.0	2.0	-41.0	1.0
Gain (loss) on debt retirement		-22.0	-37.0	-19.0			-41.0
Other	8.0	10.0	7.0					1.0
Pre-tax income	227.0	335.0	274.0	236.0	33.0	59.0	-170.0	-410.0
Income taxes	-34.0	-238.0	-63.0	-740.0	7.0	11.0	12.0	-14.0
Tax rate					21.2%	18.6%		3.4%
Earnings from continuing ops	227.0	335.0	-5.0	976.0	25.0	94.0	-362.0	-786.0
Earnings from discontinued ops			279.0		13.0		55.0
Net income	227.0	335.0	274.0	976.0	38.0	94.0	-307.0	-786.0
Net margin	6.8%	10.5%	9.1%	33.5%	1.3%	2.6%	-9.5%	-27.0%

Basic EPS [+]	$1.62	$2.32	($0.03)	$6.71	$0.18	$0.86	($3.40)	($7.56)
Growth	-30.2%	-6868.7%	-100.5%	3703.2%	-79.6%	-125.4%	-55.0%	-6.7%
Diluted EPS [+]	$1.59	$2.28	($0.03)	$6.63	$0.17	$0.84	($3.40)	($7.56)
Growth	-30.3%	-6843.4%	-100.5%	3725.8%	-79.5%	-124.8%	-55.0%	-6.7%

Shares outstanding (basic) [+]	140.3	144.4	145.9	145.5	141.7	108.9	106.4	103.9
Growth	-2.9%	-1.0%	0.3%	2.7%	30.1%	2.4%	2.4%	3.4%
Shares outstanding (diluted) [+]	142.6	146.7	147.7	147.2	144.3	111.4	106.4	103.9
Growth	-2.8%	-0.6%	0.3%	2.0%	29.5%	4.7%	2.4%	3.4%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.