Florida Rock Buffeted By Residential Real Estate Slowdown
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Building supply and concrete provider Florida Rock saw earnings drop 24 percent and income decrease 40 percent for their 3rd quarter. The company’s sales to commercial and infrastructure (think roads and bridges) rose in the quarter but the slowdown of Florida residential development hurt the company.
It will be interesting to see the impact on the building slowdown on the associated companies. That will be the big indicator on the depth of it’s impact on the rest of the economy.
Florida Rock’s consolidated total sales decreased 24 percent to $275.6 million for the third quarter ending June 30, 2006. Aggregate volume decreased nearly 21 percent to 9.6 million tons — from a nearly 26 percent decrease in ready-mixed concrete production to a 53 percent decrease in its concrete block material.
“The decline in residential construction is the driver of these lower results, especially in Florida, which has historically relied heavily on homebuilding,” said John Baker, president and CEO of Florida Rock. via Jacksonville Business Journal:.
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Comment by Sam Chapman on 1 August 2007:
Rock must not be selling to asian and Indian markets. There are aggregate suppliers in central Texas running 24×7 to keep up with overseas and local demand.