The Company is a supplier of heavy building materials in the United States through its three business segments: cement, aggregates and consumer products.
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The Company is a supplier of heavy building materials in the United States through its three business segments: cement, aggregates and consumer products. I thought it would be a good one to track
TXI reported 2Q:2007 earnings on January 4, 2007
Highlights:
** Net income $28.7 milion or $1.09 per share - the quarter included $12.9 million or $0.47 per share in after-tax income as a result of cash received from the settlement on US antidumpgin order on Mexican cement. Last year they reported $0.26 per share. Without the extra income the earnings this quarter would have been $0.62.
** Revenues $245,832,000 up 11.4% from last year's $202,764,000
** Realized prices for cement increased 12%, stone, sand and gravel increased 17% and ready- mix cement increased 9%. We can see from this that much of the revenues increases came from price increases. Cement and ready- mix concrete shipments were stable while shipments of sand, stone and gravel shipments declined 6%. Decreases were attributed to a low margin supply contract expiration and insufficient availability of rail transportation in their North Texas market.
** Overall energy costs declined from last year.
Future growth driver -
The company is expanding California cement plant which they said was on schedule and on budget. The project and two others in Texas will expand TXI annual cement manufacturing capacity from 5 million tons to 7.5 million tons.
Mel Brekhus, CEO said, "Construction activity in Texas, TXI’s primary market, remains solid while residential construction has declined considerably in the California market, highway and other public works construction sectors are improving.”
The Company has announced cement price increases of $12 per ton for the Texas and California markets, effective January 1 and March 1, 2007, respectively.”
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