UPDATE: Texas Industries FQ4 Profit Declines 27%

Texas Industries

reported a 27% drop in its fiscal fourth-quarter profit. Texas Industries's quarterly profit fell to $44.1 million or $1.52 per share, from $60.2 million, or $2.15 per share, in the year-ago period. Its revenue rose 35% to $213.5 million. However, analysts were expecting earnings of $0.20 per share on revenue of $199.7 million. Its gross margin narrowed to 13.1% from 14.7%. Texas Industries shares closed at $64.99 yesterday.