Texas Industries reduces quarterly net loss, USA

Texas Industries reduces quarterly net loss, USA
28 September 2012

Texas Industries, Inc reported a net loss of US$2.7m for the quarter ended 31 August 2012, against a loss of US$7.4m in the same period of last year as shipments and pricing improve.

"Though not back to pre-recession levels, our results reflect improvement in our markets," stated Mel Brekhus, Chief Executive Officer. "Shipments are up, pricing is improving and we are seeing the benefits of our margin enhancement initiatives."

"I am looking forward to beginning the commissioning of our new cement kiln in central Texas this fall. This specific market is strong and needs the additional cement that we will be able to produce," added Brekhus.

Cement operating profit for the three-month periods ended August 31, 2012 and August 31, 2011 was US$8.4m and US$6.5m, respectively. Total segment sales for the three-month period ended August 31, 2012 were US$97.2m compared to US$85.6m for the prior-year period.

Cement sales increased US$11.3m from the prior year period. The Texas market area accounted for approximately 67 per cent of cement sales in each of the three -month periods ended 31 August 2012 and 31August 2011. Average cement prices increased three per cent in the Texas market from the prior year period. Average cement prices decreased seven per cent due to a change in product mix in the California market from the prior year period. Shipments increased 11 per cent in the Texas market area and 24 per cent in the group’s California market area.

Published under Cement News