TXI net income up slightly for second quarter
Texas Industries Inc. (TXI) -- the largest producer of cement in Texas and a major producer in California -- reported net income of $29.3 million, up 2 percent from $28.7 million the same period in 2006.
Net sales were $268.47 million, up 9.2 percent from $245.8 million in the same period last year.
“After a year of exceptionally wet weather, product shipments in our Texas markets recovered nicely in the November quarter as weather returned to more normal patterns,” said TXI’s CEO Mel Brekhus. “The improved weather also provided the opportunity to show the progress made in improving operating margins for TXI's aggregate and concrete operations.”
During the second quarter, shipments of cement, aggregates and ready-mix concrete increased 6 percent, 8 percent and 7 percent, respectively, compared to the prior year’s quarter.
Average realized prices for cement declined about 2 percent due to a shift in the mix of cement products and markets. Aggregate and ready-mix concrete realized prices improved 8 percent and 7 percent.