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Texas Industries Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: January 7, 2011 05:18PM

Texas Industries Inc. (TXI) filed Quarterly Report for the period ended 2010-11-30. Texas Industries Inc. has a market cap of $1.21 billion; its shares were traded at around $43.52 with and P/S ratio of 1.9. The dividend yield of Texas Industries Inc. stocks is 0.6%.

TXI is in the portfolios of John Keeley of Keeley Fund Management, Mason Hawkins of Southeastern Asset Management, Kenneth Fisher of Fisher Asset Management, LLC, Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates, Pioneer Investments, Bruce Kovner of Caxton Associates.

Highlight of Business Operations:

Consolidated sales for the three-month period ended November 30, 2010 were $148.1 million, an increase of $5.2 million from the prior year period. Consolidated cost of products sold for the three-month period ended November 30, 2010 was $136.0 million, an increase of $10.0 million from the prior year period. Consolidated gross profit for the three-month period ended November 30, 2010 was $12.1 million, a decrease of $4.8 million from the prior year period. Lower sales prices for our major products offset in part by higher shipments reduced consolidated gross profit approximately $4 million.

Consolidated sales for the six-month period ended November 30, 2010 were $320.2 million, a decrease of $6.7 million from the prior year period. Consolidated cost of products sold for the six-month period ended November 30, 2010 was $292.1 million, an increase of $16.1 million from the prior year period. Consolidated gross profit for the six-month period ended November 30, 2010 was $28.2 million, a decrease of $22.8 million from the prior year period. Lower sales prices for our major products offset in part by higher shipments reduced consolidated gross profit approximately $20 million.

Consolidated selling, general and administrative expense for the three-month period ended November 30, 2010 was $18.5 million, an increase of $2.7 million from the prior year period. Provisions for bad debts increased $0.5 million and stock-based compensation increased $3.0 million from the prior year period. Our stock-based compensation includes awards expected to be settled in cash, the expense for which is based on their fair value at the end of each period until the awards are paid. The impact of changes in our stock price on the fair value of these awards increased expense $1.5 million for the three-month period ended November 30, 2010 and decreased expense $1.5 million for the three-month period ended November 30, 2009. We hold life insurance policies in connection with certain of our benefit plans. Proceeds received from the policies in the three-month period ended November 30, 2010 decreased expense $0.2 million from the prior year period. Our focus on reducing controllable costs lowered other expenses $0.6 million in the three-month period ended November 30, 2010 from the prior year period.

Consolidated selling, general and administrative expense for the six-month period ended November 30, 2010 was $34.7 million, a decrease of $1.5 million from the prior year period. Provisions for bad debts increased $0.4 million and stock-based compensation increased $0.2 million from the prior year period. Changes in the fair value stock-based awards did not significantly impact expense in the six-month periods ended November 30, 2010 and November 30, 2009. We hold life insurance policies in connection with certain of our benefit plans. Proceeds received from the policies in the six-month period ended November 30, 2010 decreased expense $0.6 million from the prior year period. Our focus on reducing controllable costs lowered other expenses $1.5 million in the six-month period ended November 30, 2010 from the prior year period.

Consolidated other income for the six-month period ended November 30, 2010 was $6.8 million, a decrease of $1.6 million from the prior year period. Routine sales of surplus operating assets and real estate resulted in gains of $1.6 million and $1.4 million in the six-month periods ended November 30, 2010 and November 30, 2009, respectively. In addition, we sold emissions credits associated with our Crestmore cement plant in Riverside, California that resulted in gains of $1.7 million and $3.4 million in the six-month periods ended November 30, 2010 and November 30, 2009, respectively.

Cement operating profit for the six-month period ended November 30, 2010 was $5.9 million, a decrease of $16.6 million from the prior year period. Lower sales prices offset in part by slightly higher shipments reduced operating profit approximately $11 million. In addition, other income decreased $3.5 million from the prior year period.

Read the The complete Report



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