TXI reports Q3 results
TXI has reported financial results for the quarter ended Feb. 29, 2012. Results for the quarter were a net loss of $24.3 million or $.87 per share. The reduction of the tax rate, compared to a year ago, increased the loss by $.34 per share.Results for the quarter ended Feb. 28, 2011 were a net loss of $20.9 million or $.75 per share.
“Modest improvements in shipments reflect my expectation that improved construction activity will lag the broader economic recovery,” stated Mel Brekhus, TXI CEO, in a written statement.”The $10.1 million improvement in gross profit is primarily attributable to the timing of cement clinker production and illustrates the potential earnings improvement we expect when market conditions once again permit us to run our plants at high utilization rates.”