Florida Rock Earnings Rise

Construction materials company Florida Rock(FRK Quote) said its earnings for the fourth quarter ended Sept. 30 rose 14.4% from the year ago period.

The Jacksonville, Fla.-based company earned $53.3million, or 80 cents a share, in the quarter, compared with $46.5 million, or 69 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 75 cents a share for the quarter.

Fourth-quarter revenue rose 2.4% to $336.5 million.

By segment, aggregate revenue rose 15.3% to $105.2 million; concrete products declined by 2.6% to $206.5 million; and cement and calcium grew a negligible 0.6% to $54.7 million. The revenue amounts include inter-segment sales of $39.95 million and exclude freight of $9.8 million.

Gross profit margin rose 189 basis points to 32.96% in the quarter from a year ago. Operating profit grew 10.3% to $77.05 million.

"Our fourth quarter and fiscal 2006 earnings results, both proved to be new records despite substantial declines in residential construction in our markets during the last four months of the fiscal year," the company said.