Florida Rock Industries Inc., provider of concrete and other materials for the construction industry, said Tuesday fiscal third-quarter profit increased 27 percent, as growth in nonresidential demand helped offset a declining residential market.
Net income rose to $58.3m, or 87 cents per share, from $45.9m, or 69 cents per share. Total sales were up 15 percent to $361m from $313.5m.
During the quarter, the company said higher pricing in all segments helped gross profit improve 19 percent. That offset a 9.5 percent decline in cement volume.
Looking ahead, the company said it sees demand from the residential market "clearly on the decline." But demand levels should remain strong in the commercial and infrastructure markets.
Florida Rock implemented price increases that took effect July 1. But the company said the price hikes ran into more resistance than those it introduced six months and a year ago.