US: Texas Industries, Inc. (TXI), the leading cement producer in Texas and a major player in the Californian cement market, has reported financial results for the quarter and year ending on 31 May 2013. Net income for the quarter was US$44.1m. Net income including income net of tax from discontinued operations of US$28.5m. Net income for the quarter ending on 31 May 2012 was US$60.2m
Net income for the year ending on 31 May 2013 was US$24.6m and included a pre-tax gain on the disposition of discontinued operations of US$41.1m. Net income for the year ending on 31 May 2012 was US$7.5m.
"The fourth quarter certainly benefited from the continuing recovery of construction activity in our major markets," said Mel Brekhus, CEO of TXI. "Shipments of all products reflect double digit percentage increases compared to a year ago."
"We also achieved two strategic milestones during the quarter," continued Brekhus. "The commissioning of our 1.4Mt/yr cement kiln at our central Texas plant (Hunter) 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."
