New Enterprise notes positive signs
- Published: Monday, 17 January 2011 09:59
- Written by Mark Kuhar
January 17, 2011 – New Enterprise, Pa.-based New Enterprise Stone & Lime Co., Inc. announced results for the third quarter ended November 30, 2010. "While the company continues to operate in a challenging macroeconomic environment, our core markets are stabilizing and we saw some encouraging operating trends during the quarter that make us cautiously optimistic going forward," said Paul I. Detwiler, III executive vice president of the company. “Our capital position continues to be an area of strength and we intend to remain nimble with respect to our cost structure and investments.” Net sales were slightly higher in the third quarter as compared to the prior year’s third quarter. Segment sales in construction materials was up slightly in the third quarter from the prior year’s third quarter primarily due to an increase in aggregates and ready mixed concrete sales, driven in part by favorable weather conditions during the quarter. This increase was partially offset by a decline in precast/prestressed concrete sales as a result of lower sales prices per unit. Segment sales in heavy/highway construction were slightly lower in the third quarter compared with the prior year period due to the timing of the completion of various jobs and change orders. Segment sales in traffic safety services and equipment declined moderately in the third quarter compared with the comparable prior year period as public sector spending continues to be impacted by the uncertainty surrounding the timing and amount of federal highway programs.