Texas Industries Inc.’s (TXI) fiscal third-quarter loss narrowed as higher shipments of cement helped offset losses in the unit that sells ready-mix concrete.
Persistent weakness in the housing market has dragged down earnings for the maker of cement and other construction materials, which mainly does business in Texas and California.
The company has now posted six consecutive losses after reporting in 2009 a first-quarter profit that benefited from oil-and-gas drilling on company property and sales of emissions credits in California.
Chief Executive Mel Brekhus said shipments improved in the third quarter, but the company won’t know how much of the increase owes to better market conditions until later because both the latest and prior-year quarters suffered from inclement weather.
For the quarter ended Feb. 28, Texas Industries reported a loss of US$20.9m, or 75 cents a share, compared with a prior-year loss of US$27.1m, or 98 cents a share. Revenue rose 6.8% to US$125.8m.