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DALLAS, Oct. 20 /PRNewswire/ -- Texas Industries, Inc. (NYSE: TXI) today reviewed the Company's current market and earnings outlook for the fiscal year ending May 31, 2001.
Increasing energy costs continue to impact profitability across all of TXI's operations. High levels of customer inventories and increased import competition have recently resulted in price reductions on selected sizes of structural steel products. The slower than expected ramp-up in Virginia and a somewhat later start of operations for the North Texas cement expansion will also adversely affect income this year. However, sustained weakness in scrap costs should offset these factors somewhat. In addition, real estate income will likely show a favorable comparison relative to last year.
"Demand for building materials continues to be solid in the Company's markets," stated Robert D. Rogers, Chief Executive Officer. "Higher energy costs, increased competition in our structural steel markets and slower start- ups for our two major expansion projects are all certainly being felt. Regardless, earnings per share for the current quarter and fiscal year are on track to increase 10% or more compared to a year ago."
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Potential risks and uncertainties include, but are not limited to, the impact of competitive pressures and changing economic and financial conditions on the Company's business, construction activity in the Company's markets, abnormal periods of inclement weather, changes in the costs of raw materials, fuel and energy, the impact of environmental laws and other regulations which are more fully described in the Company's Annual Report on SEC Form 10-K.
TXI is a leading supplier of building materials, primarily cement and structural steel. Cement operations serve Texas and California, the two largest cement markets in the nation. Structural steel products are distributed throughout North America.
CONTACT INFORMATION:
D. Randall Jones
Vice President Corporate Communications and Government Affairs of Texas Industries, Inc., +1-972-647-6701
