Texas Industries Inc.’s (TXI) fourth-quarter net income rose nearly 11 per cent on strong results from its cement business. In a press release Wednesday, the company posted net income of US$41.7m, or US$1.66 a share, up from US$37.6m, or US$1.59 a share, a year earlier. Sales grew nine per cent to US$567.5m, from US$519.9m a year earlier.
Operating profit for the company’s cement, aggregate and concrete operations rose 79 per cent to US$55.5m from US$31m a year earlier. Sales for the segment rose 18 per cent to US$250.1m from US$212.1m a year earlier.
Chief Executive Melvin G. Brekhus said in a statement that the company’s cement, aggregate and concrete operations "turned a corner" in the fourth quarter, and he expects its margins will continue to improve over the near term. "Steel returns continue to be quite attractive even though U.S. nonresidential construction remains at a cyclical low," Brekhus added.