Lafarge 3Q report

When is down, up? The answer to that riddle is found in Lafarge North America's third-quarter earnings report. The Aggregates, Concrete & Asphalt segment reported operating income of $133.7 million in the quarter, an increase of 2 percent compared with income of $131.4 million during the third quarter 2004. Aggregate shipments totaled 41.9 million tons during the quarter, 5 percent below 2004 levels primarily due to volume declines in eastern Canada and the Great Lakes markets. Canadian shipments declined 4 percent to 21.8 million tons, while U.S. shipments decreased 6 percent to 20.2 million tons. Volumes remained strong in both western Canada and western U.S. as residential and commercial construction has continued to grow, particularly in the Alberta and British Columbia markets. Average aggregate selling prices were up 6 percent compared with the year ago quarter, reflecting the successful implementation of a second price increase in key markets during the year. So in a few words: Volume is down, income is up. Your comment?