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
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