Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Texas Industries Q3 Loss Narrows On Higher Sales

Cement producer Texas Industries Inc. (TXI: Quote) on Wednesday reported a loss for the third quarter that narrowed from last year on higher sales as construction activity in Texas and California continued to improve. Loss per share was narrower that analysts' estimates.

Cement sales for the quarter grew 26 percent to $73.09 million, as shipments and price increased. Shipments rose to 933 thousand tons from 743 thousand tons last year, while price per ton improved to $78.39 from $77.76 last year.

Stone, sand and gravel sales also improved on higher shipments as well as prices. Ready-mix concrete sales also grew on higher volumes and prices.

Texas Industries' third-quarter net loss was $5.81 million or $0.21 per share, narrower than loss of $24.28 million or $0.87 per share in the year-ago period. On average, ten analysts polled by Thomson Reuters expected the company to report a loss of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose 16 percent to $141.36 million from $121.89 million in the prior-year quarter. Analysts had a consensus revenue estimate for the quarter of $140.98 million.

Mel Brekhus, Chief Executive Officer of Texas Industries said, "Construction activity in Texas and California continued to improve this quarter. Gross profit increased $14.2 million on increased sales of $19.5 million."

Looking ahead, Brekhus added, "The commissioning of the second kiln at our central Texas plant is on target to be completed this spring. This additional 1.4 million tons of cement capacity, in combination with the East Texas ready mix assets we acquired last week, places TXI in a strong position to benefit from the recovery in construction that is underway."

TXI closed Wednesday's trading at $66.00, down $0.75 or 1.12 percent on a volume of 459,675 shares. However, in after-hours, the stock gained $1.50 or 2.27 percent to $67.50.

Register
To receive FREE breaking news email alerts for Texas Industries Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks came under pressure in early trading on Friday and remained firmly in the red throughout the remainder of the trading session. With the losses on the day, the S&P 500 pulled back well off yesterday's record closing high. President Barack Obama is meeting with presidents from Central American nations on Friday as the U.S. struggles to deal with a surge of unaccompanied children across the southern border. Despite calls from some leading conservatives, the results of a new CNN/ORC International poll released Friday showed that a vast majority of Americans do not believe that President Barack Obama should be impeached and removed from office.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.