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Texas Industries Loss Narrows, But Misses View; Shares Down

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1/9/2013 6:32 PM ET

Cement producer Texas Industries Inc. (TXI: Quote), Wednesday reported a narrower loss for the second quarter, helped mainly by revenue growth and absence of special charge related to cost cutting initiatives from last year. Earnings for the quarter fell short of analysts' expectations.

Texas Industries' second-quarter loss narrowed to $11.12 million or $0.40 per share from $21.04 million or $0.75 per share last year.

The results for the latest quarter included stock based compensation charge of $0.05 per share, while last year included charge of $0.11 per share related to cost cutting and efficiency initiatives and stock based compensation income of $0.06 per share.

Analysts polled by Thomson Reuters expected loss of $0.32 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew to $167.7 million from $146.2 million last year.

Five analysts had consensus revenue estimate of $161.66 million for the quarter.

Cement sales for the quarter advanced, as shipments and price increased. Shipments rose to 1 million tons from 0.88 million tons last year, while price per ton improved $79.82 from $78.07 last year.

Stone, sand and gravel sales also improved on higher shipments, partially offset by lower price. Ready-mix concrete sales also grew on volumes and prices.

TXI closed Wednesday's trading at $55.97, up 0.32%, on the NYSE. In after hours trade stock fell 7.00%.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Editors Pick
After reporting a bigger than expected increase in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Thursday that once again showed stronger than expected durable goods orders growth in the month of March. The report said durable goods orders surged up by 2.6 percent in March after jumping by a revised 2.1 percent in February. First-time claims for U.S. unemployment benefits rose by more than expected in the week ended April 19th, according to a report released by the Labor Department on Thursday, with initial jobless claims climbing further off their recent lows. The report said initial jobless claims rose to 329,000, an increase of 24,000 from the previous week's revised figure of 305,000. After giving back some ground in the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 40 points.
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