logo
Share SHARE
FONT-SIZE Plus   Neg

Texas Industries Loss Narrows, But Misses View; Shares Down

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%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Internet giant Google Inc. (GOOGL, GOOG) has launched a new online flight search tool that makes it easy to find out the best flight deal. The tool dubbed "Google Flights" provides a calendar that one can scroll through and see the lowest fare highlighted for each day. One can also use the lowest... Hyperloop Transportation Technologies, a start-up that has adopted Elon Musk's ambitious project of high-speed transportation system, plans to build a Hyperloop test track in California and completed as early as 2016. Hyperloop Test Technologies, a crowd-funded company, plans to take Musk's dream... Colors have set the social media afire after an otherwise innocuous photo of a bodycon dress kept users guessing as to what hues permeate it. Opinions are divided, with some seeing the dress as white and gold, and others as blue and black. The photo was posted on Tumblr by a user called Swiked.
comments powered by Disqus
Follow RTT