Texas Industries, Inc today reported financial results for the quarter ended November 30, 2009. Net income was a loss of US$3.7m and included after tax gains from sales of emission credits of US$2.1m. Net income for the quarter ended November 30, 2008 was $3.1 million ($.11 per share).
"We were able to maintain our gross profit margin compared to last year despite sales being down 36%," stated Mel Brekhus, President and Chief Executive Officer. "Abnormally inclement weather in our Texas market and the continuing impact of the recession led to cement, aggregate and ready-mix concrete volumes being down 32%, 43% and 35%, respectively."
"The ability to maintain our gross profit margin reflects our continued successful focus on cost management. I believe our operational focus of managing costs and generating cash along with our strong liquidity position have us well positioned to take advantage of the recovery that is expected to begin sometime during 2010," added Brekhus.