NEW YORK (AP) - Shares of Texas Industries Inc. slipped Friday after two Wall Street analysts slashed the cement maker's full-year fiscal 2009 earnings estimate a day after the company reported disappointing quarterly results.
The Dallas-based company reported Thursday its fiscal first-quarter results fell sharply as cement sales declined in California due to drop off in construction levels. Revenue also fell nearly 3 percent to $256.4 million.
Texas Industries fell $2.52, or 5.2 percent, to $45.85 in afternoon trading Friday. The stock has traded between $43.33 and $81.88 over the past 52-weeks.
Davenport & Co. analyst Todd Vencil reduced his fiscal 2009 earnings estimate to $1 from $3.81 after a much weaker quarter than anticipated. Vencil had been expecting earnings per share of $1.07 versus the 38 cents Texas Industries reported.
Adding to Vencil's pessimistic outlook, he cut the company's stock rating to "Neutral" from "Buy."
Avondale Partners analyst Kathryn Thompson also lowered her fiscal 2009 earnings estimate to $2 from $3.42 per share.
On average, analysts polled by Thomson Reuters, expect earnings per share of $3.38 on revenue of $1.09 billion in fiscal 2009.
Stephens Inc. analyst Trey Grooms took a more cautious approach, maintaining his "Equal-Weight" rating, and trimmed his price target to $45 from $49.
"With California demand continuing its downward spiral and Texas construction weakening, we remain concerned that this quarter may be just a precursor of what's on the horizon," said Grooms, in a note to clients.
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