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TheStreet Open House

TXI Reports Fourth Quarter And Year-End Results

Stocks in this article: TXI

DALLAS, July 10, 2013 (GLOBE NEWSWIRE) -- Texas Industries, Inc. (NYSE:TXI) today reported financial results for the quarter and year ended May 31, 2013. Net income for the quarter was $44.1 million or $1.52 per share. Net income included income net of tax from discontinued operations of $28.5 million or $.98 per share. Net income from discontinued operations included a pre-tax gain on the disposition of expanded shale and clay operations of $41.1 million. Net income for the quarter ended May 31, 2012 was $60.2 million or $2.15 per share and included pre-tax gains of $60.1 million from asset sales and a joint venture agreement. Prior net income also included income net of tax from discontinued operations of $3.1 million or $.11 per share.

Net income for the year ended May 31, 2013 was $24.6 million or $.86 per share and included a pre-tax gain on the disposition of discontinued operations of $41.1 million. Net income included income net of tax from discontinued operations of $35.0 million or $1.23 per share. Net income for the year ended May 31, 2012 was $7.5 million or $.27 per share and included pre-tax gains of $62.2 million from asset sales, asset exchanges and a joint venture agreement. Prior net income also included income net of tax from discontinued operations of $5.5 million or $.20 per share. 

General Comments

"The fourth quarter certainly benefited from the continuing recovery of construction activity in our major markets," stated Mel Brekhus, Chief Executive Officer. "Shipments of all products reflect double digit percentage increases compared to a year ago."

"We also achieved two strategic milestones during the quarter," added Brekhus. "The commissioning of our 1.4 million ton cement kiln at our central Texas plant was finished late in the quarter and we completed the acquisition of 42 ready-mix plants in east Texas. Both events significantly improve our ability to take advantage of the strong recovery under way in Texas."

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