TXI overall results
Texas Industries, Inc. (TXI) has released its results for the FY and 4Q ending 31 May 2013. The US-based company’s total net income for the year increased from US$7.5 million in 2012 to US$24.6 million. However, total net income for 4Q fell y/y, dropping from US$60.2 million in 2012 to US$44.1 million in 2013.
Over the fiscal year, TXI’s cement operations turned a profit of US$44.1 million, up from US$23.6 million in the same period last year. Higher shipments helped cement sales rise from US$315.3 million to US$381.5 million, with cement shipments increasing by 23% and 22% in the Texas and California market areas, respectively. Average prices were up 4% in Texas and down 3% in California compared to 2012. The Texas area accounted for 70% of the company’s cement sales in the fiscal year ending 31 May 2013, up from 68% in 2012.
In the 4Q, cement operating fell by US$2 million to US$19.7 million. Cement unit costs were 14% higher y/y due to rising energy costs, unscheduled maintenance expenses, as well as depreciation expense related to TXI’s new kiln at the Hunter cement plant. Total cement sales for the quarter increased US$27.4 million. Compared to the same period last year, cement shipments rose by 34% in Texas and 29% in California.
“The fourth quarter certainly benefited from the continuing recovery of construction activity in our major markets,” commented CEO Mel Brekhus. “Shipments of all products reflect double digit percentage increases compared to a year ago.”
“We also achieved two strategic milestones during the quarter. The commissioning of our 1.4 million t cement kiln at our central Texas plant was finished late in the quarter and we completed the acquisition of 42 ready-mix plants in east Texas. Both events significantly improve our ability to take advantage of the strong recovery under way in Texas.”
Adapted from press release by Louise Fordham.
Read the article online at: https://www.worldcement.com/the-americas/12072013/cement_sales_increase_for_texas_industries_usa_49/