Cement producer Texas Industries, Inc. (TXI) reported Thursday a decline in first-quarter profit, reflecting lower construction activities in Texas and California, and lower shipments across the segments.
For the first quarter, net income dropped to $1.72 million or $0.06 per share from $10.65 million or $0.38 per share in the same period previous year. The prior-year results included post-tax income of $2.9 million related to oil and gas lease bonus payments received during the quarter.
On average, eight analysts polled by Thomson Reuters expected the company to report loss of $0.06 per share in the first quarter. Analysts' estimate typically exclude special items.
Net sales for the period decreased to $183.96 million from $256.39 million in the first quarter of the prior fiscal year. Four analysts were expecting revenue of $183.17 million.
Gross profit increased to $34.10 million from $32.63 million in the corresponding quarter of the past year.
Total sales from Cement operations were $85.2 million, down from $121.4 million for the prior-year period, as Cement sales slid to $78.46 million from $111.40 million, reflecting decline in construction activity in both Texas and California markets. Total other sales and delivery fees decreased to $6.74 million from $9.96 million.
Cement shipments dipped year-over-year to 915 thousand tons from 1.22 million tons, while prices declined to $85.70 a ton from $91.43 a ton in the same period last year.
Cement unit costs reduced 13% from the past year due to lower variable costs, including labor, energy, supplies and maintenance costs. In addition, scheduled shutdowns for maintenance at the company's California and central Texas cement plants increased unit costs in the year-ago quarter.
Total sales from Aggregate Operations decreased to $50.10 million from $71.98 million, as stone, sand and gravel sales came down to $27.79 million from $40.68 million on 4% higher average prices and 34% lower shipments.
Total sales from Consumer Products operations for the three-month period were $69.5 million, a decrease from $95.2 million, as ready-mix concrete sales dipped to $54.05 million from $78.89 million on 6% higher average prices and 35% lower shipments.
Texas Industries' other income reduced year-over-year to $2.65 million from $8.24 million.
The company's selling, general and administrative costs went up to $20.25 million from $17.34 million, while interest expenses swelled to $13.24 million from $7.24 million a year ago.
TXI is currently trading at $44.82, up $0.56 or 1.28%,on the NYSE.
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