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Texas Industries Inc. Reports Operating Results (10-Q)

January 06, 2012 | About:
10qk

10qk

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Texas Industries Inc. (TXI) filed Quarterly Report for the period ended 2011-11-30.

Texas Industries Inc. has a market cap of $810.4 million; its shares were traded at around $29.06 with and P/S ratio of 1.3.

Highlight of Business Operations:

Consolidated sales for the three-month period ended November 30, 2011 were $156.1 million, an increase of $8.0 million from the prior year period. Consolidated cost of products sold for the three-month period ended November 30, 2011 was $153.3 million, an increase of $17.3 million from the prior year period. Sales increased $1.3 million and cost of products sold increased $1.5 million due to the net effect of the exchanges of ready-mix concrete and aggregate operating assets completed in April and July 2011. Sales increased $6.7 million, excluding the effect of the exchanges, primarily due to higher cement shipments. Cost of products sold, excluding the effect of the asset exchanges, increased $15.8 million primarily due to higher cement shipments, lower cement clinker production, and higher repair and maintenance costs as a result of scheduled maintenance downtime at our north Texas cement plant. Consolidated gross profit for the three-month periods ended November 30, 2011 and November 30, 2010 was $2.7 million and $12.1 million, respectively.

Consolidated sales for the six-month period ended November 30, 2011 were $337.8 million, an increase of $17.6 million from the prior year period. Consolidated cost of products sold for the six-month period ended November 30, 2011 was $321.2 million, an increase of $29.2 million from the prior year period. Sales increased $7.9 million and cost of products sold increased $8.1 million due to the net effect of the exchanges of ready-mix concrete and aggregate operating assets completed in April and July 2011. Sales increased $9.7 million, excluding the effect of the exchanges, primarily due to higher cement sales prices and shipments offset in part by lower aggregate and ready-mix concrete shipments. Cost of products sold, excluding the effect of the asset exchanges, increased $21.1 million primarily due to higher cement shipments, lower cement clinker production, and higher repair and maintenance costs as a result of scheduled maintenance downtime at our north Texas cement plant. Consolidated gross profit for the six-month periods ended November 30, 2011 and November 30, 2010 was $16.6 million and $28.2 million, respectively.

Total segment sales for the three-month period ended November 30, 2011 were $77.2 million compared to $68.6 million for the prior year period. Cement sales increased $7.4 million from the prior year period. Our Texas market area accounted for approximately 67% of cement sales in the current period compared to 73% of cement sales in the prior year period. Average cement prices increased 2% in our Texas market area and decreased 5% in our California market area. Shipments increased 1% in our Texas market area and 44% in our California market area.

Total segment sales for the three-month period ended November 30, 2011 were $40.0 million compared to $41.1 million for the prior year period. Stone, sand and gravel sales decreased $1.7 million from the prior year period. The effect of the disposition of aggregate operating assets through the asset exchange transaction completed in April 2011 decreased sales $2.2 million, shipments 8% and average prices 2% from the prior year period. Stone, sand and gravel sales from current operations increased $0.5 million from the prior year period on 1% higher shipments and 2% higher average prices.

Total segment sales for the six-month period ended November 30, 2011 were $85.1 million compared to $91.1 million for the prior year period. Stone, sand and gravel sales decreased $6.0 million from the prior year period. The effect of the disposition of aggregate operating assets through the asset exchange transaction completed in April 2011 decreased sales $4.5 million, shipments 8% and average prices 2% from the prior year period. Stone, sand and gravel sales from current operations decreased $1.5 million from the prior year period on 2% lower shipments and 1% lower average prices.

Read the The complete Report

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