Texas Industries, Inc., USA, has announced its financial results for the last quarter and year, ending on 31 May 2012. TXI recorded a pre-tax income of US$ 60.2 million for the last quarter and a loss of US$ 9.1 million. Net income for the year came in at US$ 7.5 million compared to a loss of US$ 64.9 million in 2011.
“Construction activity continued to improve, price increases in Texas were successful, we made additional progress on our gross margin and SG&A goals and we completed two sales of non-core assets,” said Mel Brekhus, Chief Executive Officer, commenting on TXI’s results in the last quarter. “The pace and magnitude of a recovery in construction activity remains challenging to predict. Our focus continues to be on doing everything we can to ensure we have the assets and cost profile to maximise our profitability in any market condition. Toward that end, I am excited to be nearing the completion of construction and beginning of the commissioning this fall of our cement capacity expansion in central Texas.”
Cement sales rose y/y in both the last quarter and full year results, up by US$ 2.5 million and US$ 22 million, respectively, due to increased shipments. In California cement shipment levels grew by 21% in the fiscal year, whilst levels rose by 3% in the Texas area.
Meanwhile, aggregate sales (stone, sand and gravel) fell by US$ 3.5 million during the year. Ready-mix concrete sales decreased in the last quarter but increased over the fiscal year.
TXI has recently announced that three new members will join its Board of Directors; Sean Foley, Bernard Lanigan and Tom Ryan.
“We are delighted to have found Directors of the quality and experience of Sean, Bernie, and Tom to join TXI. Given the improvement in construction activity, the near completion of additional cement capacity, the high quality of the Company's assets and the markets we participate in, this should be an exciting time for them to be a part of TXI,” stated Bob Rogers, Chairman of the Board.
Adapted from press release by Louise Fordham.
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