Texas Industries Inc. reported financial results for the quarter ended Feb. 28 – a net loss of $21.8 million or $.76 per share. Several non-recurring and timing items impacted net income for the quarter by $12.2 million or $.43 per share. Results for the quarter ended year prior were a net loss of $5.8 million or $.21 per share inclusive of net income from discontinued operations of $2.7 million or $.09 per share.
“Construction activity continues to improve, especially in Texas, our primary market,” stated CEO Mel Brekhus. “Cement, aggregate and ready mix concrete shipments in Texas increased 27, 21 and 48 percent, respectively, compared to a year ago after adjusting for the ready mix operations we acquired last year and despite an unusually bad winter. California cement shipments increased 11.8 percent compared to a year ago.”
Total segment sales for the three-month period ended Feb. 28, were $100.7 million compared to $80.6 million for the prior year period. Cement sales increased $20.3 million from the prior year period. The company’s Texas market area accounted for approximately 74 percent of cement sales in the current period compared to 71 percent in the prior year period. Average cement prices increased 5.1 percent in the Texas market and increased 1.6 percent in the California market from the prior year period.
Price increases on a same product and same market basis in both Texas and California were offset by changes in product, geographic and customer mix. Shipments increased 27.0 percent in its Texas market area and 11.8 percent in its California market area from prior year period. Shipments during the period were negatively impacted by more inclement weather in Texas compared to the prior year period.