Cement maker Texas Industries Inc. on Thursday said fiscal second-quarter net income rose sharply, helped by increased prices and a gain from a settlement.
Net income for the quarter ended Nov. 30 more than quadrupled to $28.7m, or $1.09 per share, compared with a profit of $6.2m, or 26 cents per share a year ago. Excluding an after-tax gain of 47 cents per share from the settlement of the long-standing US antidumping order on Mexican cement, net income was 62 cents per share.
Revenue grew 11 percent to $245.8m, from $220.8m last year. Realized prices for cement increased 12 percent, stone, sand and gravel increased 17 per cent and ready-mix concrete increased nine per cent, Texas Industries said.
The company said residential construction has declined in the California market but highway and other public works construction sectors are seeing increased activity. In Texas, where the company is the leading cement maker, construction activity is ’solid.’