logo
Share SHARE
FONT-SIZE Plus   Neg

Texas Industries Loss Narrows, But Misses View; Shares Down

Cement producer Texas Industries Inc. (TXI), 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%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Apple Inc. has confirmed that the iPhone 6s battery issue may be larger than thought, as the tech giant said that some customers "outside the affected range of devices" have also reported unexpected shutdowns. The company again stressed that it is not a security issue. Tesla Motors Inc. voluntarily recalled more than 7000 charging adapters. The company said these adapters of Nema 14-30, 10-30 and 6-50 are sold separately as accessories. Earlier in November, two customers had complained about overheating issue of Nema 14-30 charging adapters. Tesla confirmed in its recall communication that there were no other similar incidents or reports of injuries or proper Sony announced Project Field, a new play way to bring card games to life, along with a host of smartphone games at an event in Japan, aiming to accelerate mobile drive. Project Field is a Japan-only card collection platform where actual physical cards will work with a smartphone app. The first title to be announced is based on Yo-kai Watch for mobile. There is no news about an international releas
comments powered by Disqus
Follow RTT