Texas Industries, Inc reported net income of US$37.6m (US$1.59 per share) for the quarter ended May 31 2004. The same quarter last year showed a loss of US$7.6m (US$.36 per share).
"The trend of improving margins continued in the fourth quarter," stated Mel Brekhus, Chief Executive Officer. "Realised steel prices climbed by 33 per cent compared to the third quarter, outpacing unprecedented increases in raw material costs. Cement price increases announced earlier in the calendar year are also taking hold."
Cement, aggregate and concrete operations generated an operating profit of US$31m, up from US$24m a year ago. Major product shipments were up 5-12 per cent; realised prices were equal to or slightly better than those of a year ago.
"Fourth quarter net income was a record for Texas Industries," added Brekhus. "More importantly, current market and industry conditions are consistent with continued robust earnings."