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Texas Industries Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: March 27, 2009 06:07PM

Texas Industries Inc. (TXI) filed Quarterly Report for the period ended 2009-02-28. Texas Industries Inc. is a leading supplier of construction materials through two business segments: cement aggregate and concrete products; and structural steel and specialty bar products. Through the CAC segment TXI produces and sells cement stone sand and gravel expanded shale and clay aggregate and concrete products. Through its Steel segment TXI produces and sells structural steelpiling products specialty bar products merchant bar-quality roundsreinforcing bar and channels. Texas Industries Inc. has a market cap of $694.5 million; its shares were traded at around $25.1 with a P/E ratio of 17.4 and P/S ratio of 0.6. The dividend yield of Texas Industries Inc. stocks is 1.1%.

Highlight of Business Operations:

Total cement sales for the three-month period ended February 28, 2009 decreased $28.3 million from the prior year period as construction activity declined in both our Texas and California market areas. Our Texas market area accounted for approximately 74% of total cement sales in the current period compared to 71% of total cement sales in the prior year period. In our Texas market area, cement shipments decreased 28% from the prior year period and average prices increased 4%. In our California market area, cement shipments decreased 24% from the prior year period and average prices decreased 14%.

Total cement sales for the nine-month period ended February 28, 2009 decreased $64.5 million from the prior year period as construction activity declined in our California market area. Construction activity also declined in our Texas market area during the November 2008 and February 2009 quarters. Our Texas area accounted for approximately 71% of total cement sales in the current period compared to 66% of total cement sales in the prior year period. In our Texas market area, cement shipments decreased 16% from the prior year period and average prices increased 3%. In our California market area, cement shipments decreased 18% from the prior year period and average prices decreased 13%.

Total segment sales for the three-month period ended February 28, 2009 decreased $13.1 million from the prior year period as total stone, sand and gravel sales were down $10.8 million. Total stone, sand and gravel shipments decreased 35% from the prior year period and average prices increased 9%.

Cost of products sold for the three-month period ended February 28, 2009 decreased $13.4 million from the prior year period as labor hours were reduced in response to lower shipments and supplies and maintenance costs declined. Stone, sand and gravel unit costs increased 4% and shipments declined 35% from the prior year period.

Total segment sales for the nine-month period ended February 28, 2009 decreased $24.9 million from the prior year period as total stone, sand and gravel sales were down $17.6 million. Total stone, sand and gravel shipments decreased 20% from the prior year period and average prices increased 7%.

Cost of products sold for the nine-month period ended February 28, 2009 decreased $17.9 million from the prior year period as labor hours were reduced in response to lower shipments and supplies and maintenance costs declined. Stone, sand and gravel unit costs increased 9% and shipments declined 20% from the prior year period.

Read the The complete Report

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.


Stocks Discussed: TXI,
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