Profits Jump 40% at Florida Rock

Revenue increased 22% from last year.
Author:
Publish date:

Jacksonville, Fla.-based construction materials supplier

Florida Rock Industries'

(FRK)

first-quarter profit rose 40% from a year ago, with improvements in prices and sales volume across all three of its business segments.

The company earned $42.02 million, or 63 cents a share, in the first quarter of fiscal 2006, compared to $30.09 million, or 45 cents a share, a year ago. Excluding gains from sales of real estate, Florida earned 59 cents a share in the first quarter. On that basis, analysts polled by Thomson First Call were estimating 54 cents a share.

Revenue increased 22% from last year to $306.25 million, higher than the consensus estimate of $285.1 million, driven by increases in average selling price and sales volumes.

Operating profit increased by 31.52% to $61.75 million in the fourth quarter, while operating profit margin gained 145 basis points to 20.16%. Gross profit increased by 28.46% to $89.33 million, while gross profit margin improved 146 basis points to 29.17%

Demand will remain strong in the majority of the markets in the coming quarters, the company said in a press release.

In the first quarter of fiscal year 2006, Florida Rock acquired Grand Rivers Quarry, a newly developed limestone quarry located on the Tennessee River in Western Kentucky.

This story was created through a joint venture between TheStreet.com and IRIS.