Texas Industries Inc. (TXI) reported a turnaround in profit in the first quarter on strong revenue growth. Net sales for the quarter grew 34 percent to $233.08 million from $174.52 million in the prior-year quarter. Net income for the first quarter was $0.43 million or $0.01 per share, compared to net loss of $2.66 million or $0.08 per share in the year-ago period. According to the company, the results reflect the continuing improvement in construction activity in all of its markets.
Total cement sales for the quarter grew 20 percent from the prior-year period to $104.23 million, amid higher shipments and prices in the company’s Texas as well as California markets. The company noted that Texas market area accounted for about 70 percent of cement sales in the quarter compared to 67 percent of cement sales in the prior-year period.
Average cement prices rose 2 percent in the Texas market and 1 percent in the California market from the prior-year period. Shipments increased 23 percent in the Texas market area and 8 percent in the California market area.
“So far, the start-up of our new kiln in central Texas has been the most successful of any I have been involved with in my career and we are realizing the benefits we expected from the expansion of our vertical integration footprint last spring,” said Mel Brekhus, chief executive officer. “We continue to focus on doing everything we can to fully participate in the market recoveries under way, including accelerating the resumption of production from the first kiln in central Texas early next calendar year.”
