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

January 09, 2013 | About:
10qk

10qk

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Texas Industries Inc. (TXI) filed Quarterly Report for the period ended 2012-11-30.

Texas Industries Inc has a market cap of $1.55 billion; its shares were traded at around $55.93 with and P/S ratio of 2.1.

Highlight of Business Operations:

Consolidated net sales for the three-month period ended November 30, 2012 were $167.7 million, an increase of $21.5 million from the prior year period. Consolidated cost of products sold for the three-month period ended November 30, 2012 was $155.9 million, an increase of $11.2 million from the prior year period. Increased sales were primarily due to higher shipments for all major products and higher average price in aggregates and consumer products. Increase in cost of products sold is primarily due to cost associated with higher shipments and cement repair and maintenance costs. Consolidated gross profit for the three-month periods ended November 30, 2012 and November 30, 2011 was $11.8 million and $1.5 million, respectively.

Total segment sales for the three-month period ended November 30, 2012 were $91.4 million compared to $77.2 million for the prior year period. Cement sales increased $14.2 million from the prior year period. Our Texas market area accounted for approximately 69% of cement sales in the current period compared to 67% of cement sales in the prior year period. Average cement prices increased 3% in our Texas market from the prior year period. Average cement prices decreased less than 1% due to a change in product mix in our California market from the prior year period. Shipments increased 19% in our Texas market area and 13% in our California market area.

Total segment sales for the six-month period ended November 30, 2012 were $188.6 million compared to $162.9 million for the prior year period. Cement sales increased $25.7 million from the prior year period. Our Texas market area accounted for approximately 68% of cement sales in the current period compared to 67% of cement sales in the prior year period. Average cement prices increased 3% in our Texas market from the prior year period. Average cement prices decreased 4% due to a change in product mix in our California market from the prior year period. Shipments increased 15% in our Texas market area and 19% in our California market area.

Total segment sales for the three-month period ended November 30, 2012 were $52.9 million compared to $58.1 million for the prior year period. Segment sales decreased $5.2 million from the prior year period due to the effect of exiting the Houston, Texas ready-mix market and the sale of our Texas-based package products operations. Ready-mix concrete sales from ongoing operations increased $8.2 million from the prior year period on 9% higher shipments and 8% higher average prices.

Total segment sales for the six-month period ended November 30, 2012 were $104.9 million compared to $129.1 million for the prior year period. Segment sales decreased $24.2 million from the prior year period due to the effect of exiting the Houston, Texas ready-mix market and the sale of our Texas-based package products operations. Ready-mix concrete sales increased $3.9 million from the prior year period on 7% higher average prices against 3% lower shipments.

Read the The complete Report

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10qk
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