
                          UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

                            FORM 10-Q

(Mark One)
[X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934  

          FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1994 

                                OR

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES EXCHANGE ACT OF 1934

      FOR THE TRANSITION PERIOD FROM ______________ TO __________             
 
      Commission File Number 1-7035

                            CALMAT CO.

                                                                              
            (Exact name of registrant as specified in its charter)

            Delaware                                        95-0645790 
- - -------------------------------                       ---------------------
(State or other jurisdiction of                         (I.R.S. employer
incorporation or organization)                         Identification No.)

    3200 San Fernando Road, Los Angeles, California               90065       
- - ------------------------------------------------------------------
    (Address of principal executive offices)                  (ZIP Code)

Registrant's telephone number, including area code  (213) 258-2777

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
                                                            YES [X]  NO [ ]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.

                                                            YES [ ]  NO [ ]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.

23,138,769 shares of Common Stock were outstanding at August 3,
1994. 
                             Page 1
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                            CALMAT CO.

                              INDEX
                              -----


PART I - FINANCIAL INFORMATION                                            PAGE

      Item 1.     Financial Statements

            (a)   Consolidated Balance Sheets:
                  June 30, 1994 and December 31, 1993                      3

            (b)   Consolidated Statements of Operations:
                  For the Three and Six Months Ended June 30, 
                  1994 and 1993                                            4

            (c)   Consolidated Statements of Cash Flow:
                  For the Six Months Ended June 30, 1994 and 
                  1993                                                     5

            (d)   Notes to the Consolidated Financial Statements           6


      Item 2.     Management's Discussion and Analysis of 
                  Financial Condition and Results of Operations            7


PART II - OTHER INFORMATION


      Item 6.     Exhibits and Reports on Form 8-K                        10

      Signatures                                                          11
                             Page 2
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<TABLE>
                            CALMAT CO.
                  CONSOLIDATED BALANCE SHEETS
                    (amounts in thousands)

<CAPTION>
                                                 June 30,     December 31,
                                                     1994             1993
                                               ----------       ----------
      ASSETS                                  (unaudited)

<S>                                            <C>             <C>  
Current assets:
   Cash and cash equivalents                   $      569      $    10,596
   Trade accounts receivable, less 
      allowance for discounts and 
      doubtful accounts ($3,916 in 
      1994 and $4,174 in 1993)                     67,410           63,835
   Income taxes receivable                            210            1,564
   Inventories                                      6,362            5,581
   Prepaid expenses and other                       3,778            4,152
   Deferred income taxes                            7,499            7,499
   Installment notes receivable                     2,120            2,902
                                               ----------       ----------
      Total current assets                         87,948           96,129
Installment notes receivable and other assets      33,042           32,205  
Costs in excess of net assets of subsidiaries      54,639           55,484
Property, plant and equipment, at cost:
   Land and deposits                              183,631          182,484
   Buildings, machinery and equipment             473,053          469,185
   Construction in progress                        19,769           14,493
                                               ----------       ----------
                                                  676,453          666,162
   Less:  Accumulated depreciation 
      and depletion                              (257,605)        (245,085)
                                               ----------       ----------
          Property, plant and equipment, net      418,848          421,077
                                               ----------       ----------
          Total assets                         $  594,477      $   604,895
                                               ==========       ==========

      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Accounts payable                            $   20,509       $   18,810
   Accrued liabilities                             25,823           29,293
   Notes and bonds payable - current portion        3,897            5,852
   Federal and state income taxes                   2,091              -  
   Dividends payable                                2,314            2,311
                                               ----------       ----------
      Total current liabilities                    54,634           56,266
Notes and bonds payable - long term portion        99,471          109,635
Other liabilities and deferred credits             17,724           17,724
Deferred income taxes                              69,030           70,224
      Total liabilities                           240,859          253,849
                                               ----------       ----------
Stockholders' Equity:
   Common stock                                    23,139           23,109
   Additional paid-in capital                      39,897           39,202
   Retained earnings                              290,582          288,735
                                               ----------       ----------
      Total stockholders' equity                  353,618          351,046
                                               ----------       ----------
      Total liabilities and stockholders' 
          equity                               $  594,477       $  604,895
                                               ==========       ==========


See accompanying notes to consolidated financial statements.   
</TABLE>
                              Page 3
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<TABLE>
                            CALMAT CO.
               CONSOLIDATED STATEMENTS OF OPERATIONS
      (unaudited, amounts in thousands, except per share data)


<CAPTION>
                                      Three months ended     Six months ended
                                            June 30,              June 30,
                                        1994       1993       1994       1993
                                   ---------  ---------  ---------  ---------

<S>                                <C>        <C>        <C>        <C>
Revenues:
   Net sales and operating revenues$  93,209  $  93,432  $ 171,632  $ 155,064
   Gains on sales of real estate         -        1,720        553      1,720
   Other income                          442      1,292        981      1,702
                                   ---------  ---------  ---------  ---------
                                      93,651     96,444    173,166    158,486

Costs and expenses:
   Cost of products sold and 
     operating expenses               73,247     74,478    139,158    129,920
   Selling, general and administrative 
     expenses                         10,232     10,553     19,826     21,012
   Interest expense                    1,192      1,833      2,503      3,461
   Other expense                         768        213      1,170        430
                                   ---------  ---------  ---------  ---------
                                      85,439     87,077    162,657    154,823
                                   ---------  ---------  ---------  ---------

Income before taxes and cumulative 
   effect of change in accounting 
   principle                           8,212      9,367     10,509      3,663

Federal and state income taxes         3,018      3,747      3,862      1,465
                                   ---------  ---------  ---------  ---------
Income before cumulative effect of
   change in accounting principle      5,194      5,620      6,647      2,198

Cumulative effect of change in 
   accounting principle                  -          -          -          919
                                   ---------  ---------  ---------  ---------
Net income                         $   5,194  $   5,620  $   6,647  $   3,117
                                   =========  =========  =========  =========


Per Share Data:

Income before cumulative effect of change
   in accounting principle         $    0.22  $    0.24  $    0.29  $    0.13

Cumulative effect of change in 
   accounting principle                  -          -           -         -  
                                   ---------  ---------  ---------  ---------
Net income per share               $    0.22  $    0.24  $    0.29  $    0.13
                                   =========  =========  =========  =========
Weighted average shares 
   outstanding                        23,219     23,118     23,249     23,119
                                   =========  =========  =========  =========

Cash dividends per share           $    0.10  $    0.10  $    0.20  $    0.20
                                   =========  =========  =========  =========


See accompanying notes to consolidated financial statements.
</TABLE>
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<TABLE>
                            CALMAT CO.
              CONSOLIDATED STATEMENTS OF CASH FLOW
                (unaudited, amounts in thousands)


<CAPTION>
                                                    Six months ended
                                                         June 30,
                                                    1994             1993
                                               ----------       ----------
<S>                                            <C>              <C>  
OPERATING ACTIVITIES:
   Net income (loss)                           $    6,647       $    3,117
   Depreciation, cost depletion and 
      amortization                                 15,056           16,159
   Cumulative effect of change in accounting 
      principle                                       -               (919)
   Other                                           (5,431)          (7,190)
                                               ----------       ----------
      Cash provided by operating activities        16,272           11,167
                                               ----------       ----------


INVESTING ACTIVITIES:
   Purchase of property, plant and equipment      (11,902)          (6,432)
   Other                                            1,642            4,415
                                               ----------       ----------
      Cash used for investing activities          (10,260)          (2,017)
                                               -----------      ----------


FINANCING ACTIVITIES:
   Notes payable to banks                          (6,000)           4,000
   Principal payments on notes and bonds payable   (6,119)            (818)
   Payment of cash dividends                       (4,625)          (6,001)
   Other                                              705           (1,876)
                                               ----------       ----------
      Cash provided by (used for) financing 
        activities                                (16,039)          (4,695)
                                               ----------       ----------

Increase (decrease) in cash and cash equivalents  (10,027)           4,455
      Balance, beginning of period                 10,596              -  
                                               ----------       ----------
      Balance, end of period                   $      569       $    4,455
                                               ==========       ==========


See accompanying notes to consolidated financial statements.
</TABLE>
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                            CALMAT CO.
            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                          (unaudited)



1.    In the opinion of management, information furnished
      herein reflects all adjustments necessary for a fair
      presentation of the financial position and results of
      operations for the interim periods.  There have been no
      changes in the significant accounting policies as
      discussed in Note 1 of Notes to Financial Statements
      contained in the Company's 1993 Annual Report on
      Form 10-K, filed with the Commission on March 24, 1994. 
      

2.    Earnings per common equivalent share (common shares
      adjusted for dilutive effect of common stock options)
      have been computed by dividing net income for each period
      by the weighted-average equivalent shares of common stock
      outstanding. 

3.    Included in cash at June 30, 1994 and December 31, 1993
      was $0.6 million and $1.5 million, respectively, of
      proceeds from the sale of real estate held in trust for
      potential tax-deferred real estate exchanges. 

4.    Certain prior year amounts have been restated to conform
      to the current year's presentation.  

                             Page 6
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                            CALMAT CO.

Item 2.     Management's Discussion and Analysis of Financial
            Condition and Results of Operations

Results of Operations
- - ---------------------

The Company reported net income of $5.2 million, or $0.22 per
share, for the second quarter of 1994 compared with $5.6 million,
or $0.24 per share, for the prior year's second quarter.  

The Company reported net income of $6.6 million, or $0.29 per
share, for the six months ended June 30, 1994 compared with net
income of $3.1 million, or $0.13 per share, for the comparable
period in 1993.  The 1993 results include an after-tax credit of
$0.9 million, or $0.04 per share, resulting from adoption of the
new accounting standard for accounting for income taxes (SFAS 109). 

Business segment information for the three and six months ended
June 30, 1994 and 1993 is as follows:
<TABLE>

<CAPTION>
                                    Three months ended     Six months ended
                                          June 30,              June 30,
                                      1994       1993       1994       1993
                                 ---------  ---------  ---------  ---------
                                       (unaudited, amounts in thousands)
<S>                              <C>        <C>        <C>        <C>
Revenues:

Asphalt                          $  40,080  $  41,648  $  68,982  $  63,473
Concrete and Aggregates             54,488     54,114    103,791     92,956
Properties - Operations              6,019      5,573     11,865     10,973
Properties - Real Estate Sales         -        1,720        553      1,720
Corporate and other                    442      1,292        981      1,702
Intersegment sales                  (7,378)    (7,903)   (13,006)   (12,338)
                                 ---------  ---------  ---------  ---------
                                 $  93,651  $  96,444  $ 173,166  $ 158,486
                                 =========  =========  =========  =========  
</TABLE>

<TABLE>
<CAPTION>
                                    Three months ended     Six months ended
                                          June 30,              June 30,
                                      1994       1993       1994       1993
                                 ---------  ---------  ---------  ---------
                                       (unaudited, amounts in thousands)

<S>                              <C>        <C>        <C>        <C>
Income before income taxes and 
   cumulative effect of change 
     in accounting principle:

Asphalt                          $   4,033  $   3,138  $   4,725  $   1,109
Concrete and Aggregates              5,455      5,258      7,325      2,807
Properties - Operations              2,493      2,519      4,777      4,667
Properties - Real Estate Sales         -        1,720        553      1,720
Corporate and unallocated expenses, 
   net                              (3,945)    (3,871)    (7,304)    (7,432)
Other income                           176        603        433        792
                                 ---------  ---------  ---------  ---------
                                 $   8,212  $   9,367  $  10,509  $   3,663
                                 =========  =========  =========  =========

</TABLE>

Total revenues by segment include both sales to unaffiliated
customers, as reported in the Company's consolidated statement of
operations, and intersegment sales.  Intersegment sales represents
sales of aggregates by the Concrete and Aggregates Division to the
Asphalt Division.  Income from operations by segment represents
total revenues less direct operating expenses, segment selling,
general and administrative expenses and certain allocated corporate
general and administrative expenses.  Corporate and unallocated
expenses include corporate administrative expenses, interest
expense and support expenses not allocated to business segments. 
Other income includes interest income, gains/losses on sale of
fixed assets and other miscellaneous items. 

                             Page 7
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                            CALMAT CO.

Concrete and Aggregate Division
- - -------------------------------

Revenues in the Concrete and Aggregates Division were $54.5 million
in the second quarter of 1994, essentially unchanged compared with
the corresponding 1993 period.  Revenues were $103.8 million in the
first six months of 1994, up $10.8 million, or 12% compared with
the same period in 1993.  The flat revenue for the current quarter
was due primarily to lower aggregates sales volume, offset by
higher average selling prices for both aggregates and ready mixed
concrete.  The revenue increase for the current year's six month
period was due to the combination of higher average selling prices
for both aggregates and ready mixed concrete and higher unit sales
volume for ready mixed concrete.  Aggregates sales volume by
category is shown below. 

<TABLE>
                                          Aggregates - Tons Sold
                                          (amounts in thousands)

<CAPTION>
                                    Three months ended     Six months ended
                                          June 30,              June 30,
                                      1994       1993       1994       1993
                                 ---------  ---------  ---------  ---------
                                       (unaudited, amounts in thousands)

                                     <C>        <C>       <C>        <C>
Sales to outside customers           4,369      4,978      8,218      8,300

Used in Ready Mixed Concrete           674        688      1,323      1,263

Sales to Asphalt Division            1,299      1,456      2,306      2,266
                                 ---------  ---------  ---------  ---------
                                     6,342      7,122     11,847     11,829
                                 =========  =========  =========  =========

</TABLE>

Ready mixed concrete sales volume was 485,000 cubic yards in the
second quarter of 1994 compared with 480,000 cubic yards sold in
the corresponding 1993 period, and 967,000 cubic yards in the first
six months of 1994 compared with 884,000 cubic yards sold in the
first six months of 1993. 

The Division's pre-tax income from operations was $5.5 million in
the most recent quarter compared with $5.3 million in the year
earlier quarter.  Ready mixed concrete gross profit was higher in
the second quarter due to an 8% increase in average selling prices,
partially offset by higher unit productions costs, in large part
due to the increased cost of purchased cement.  Ready mixed
concrete sales volumes were essentially unchanged.  Aggregates
gross profit was lower in the second quarter due primarily to an
11% volume decline which was partially offset by higher average
selling prices.  Despite some increase in volumes related to the
January 17, 1994 Los Angeles earthquake, second quarter 1994
volumes compared unfavorably with 1993 because of less
infrastructure work, more inclement weather in the 1994 second
quarter and work deferred from the 1993 first quarter to the second
quarter because of weather.  

Pre-tax income from operations for the first six months of 1994
increased to $7.3 million compared with $2.8 million in the similar
1993 period.  Gross profit from ready mixed concrete sales was
higher in the first six months of 1994 due to a 9% increase in both
average selling prices and unit sales volumes.  Aggregates gross
profit for the same period was also slightly higher due to a 8%
increase in average selling prices, offset partially by higher unit
production costs.  Year-to date aggregates sales volumes were
essentially unchanged compared with the prior year. 

Asphalt Division
- - ----------------

Revenues in the Asphalt Division were $40.1 million in the second
quarter of 1994, down $1.5 million or 4%, compared with $41.6
million in the corresponding 1993 period.  Revenues were $69.0
million in the first six months of 1994, up $5.5 million, or 9%,
from the first six months of 1993.  The revenue decrease for the
current quarter was due to lower sales volume, partially offset by
higher average selling prices.  The revenue increase for the
current year's six month period was due to higher sales volumes and
average selling prices.  Approximately 12% to 14% of the Division's
total revenues consists of sales of miscellaneous products and
services such as Guardtop, Oil Spread, Petromat, equipment rentals,
etc.  The Division's pre-tax income from operations increased to
$4.0 million in the most recent quarter compared with $3.1 million
in the year earlier quarter.  A 5% increase in average selling
prices, partially offset by a combination of slightly higher unit
production costs and a 10% decline in volume accounted for the
income improvement.  The decline in asphalt volumes during the
current quarter was caused by the same factors affecting aggregates
volumes discussed above.  Pre-tax income from operations was $4.7
million in the first six months of 1994 compared with $1.1 million
in the prior period due to sales volumes and average selling prices
increasing by 3% and 4%, respectively over the prior year.

                             Page 8
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                            CALMAT CO.

Properties Division
- - -------------------

Revenues in the Properties Division, excluding gains on sales of
real estate, were $6.0 million in the second quarter of 1994, up
$0.4 million from revenues of $5.6 million in the corresponding
1993 period, and $11.9 million in the first six months of 1994, up
$0.9 million from $11.0 million in the first six months of 1993. 
The increase in revenue for the quarter and six-month period is
primarily due to increased revenues from landfill operations due in
part to increased activity related to the Los Angeles earthquake. 
Pre-tax income from operations includes income from: rental of
properties, self-storage operations, commercial inert landfills and
gains from real estate sales.  Pre-tax income from operations was
$2.5 million for 1994's second quarter compared with $4.2 million
in the prior year period, and $5.3 million for the first six months
of 1994 compared with $6.4 million in the first six months of 1993. 
There were no real estate sales in the current quarter compared
with $1.7 million in gains from real estate sales in the second
quarter of 1993.  Gains from real estate sales were $0.6 million
for the first six months of 1994 compared with $1.7 million in the
similar 1993 period. 


Liquidity and Capital Resources
- - -------------------------------

Cash and cash equivalents amounted to $0.6 million at June 30, 1994
compared with $10.6 million at December 31, 1993. 

Cash provided by operating activities was $16.3 million for the six
months ended June 30, 1994.  Cash used for investing activities was
$10.3 million, including $11.9 million for the purchase of
property, plant, and equipment, offset by receipts on notes
receivable of $1.3 million.  Cash used for financing activities was
$16.0 million, including $4.6 million for cash dividends to
stockholders and a $12.1 million net decrease in debt.  Overall,
cash and cash equivalents decreased $10.0 million during the first
six months of 1994. 

Working capital totaled $33.3 million at June 30, 1994, down from
$39.9 million at December 31, 1993.  

Total consolidated long-term and short-term borrowings at June 30,
1994 and December 31, 1993 were $103.4 million and $115.5 million,
respectively.  Debt as a percent of total capitalization was 22.6%
and 24.8%, at June 30, 1994 and December 31, 1993, respectively. 

During 1993, the Company restricted capital expenditures in order
to conserve cash.  Capital expenditures in 1994 are expected to
return to, or exceed, prior year spending levels.  Management
believes that cash provided by operations and existing borrowing
arrangements will provide adequate funds for current commitments
and expected working capital requirements during 1994. 

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                            CALMAT CO.
                   PART II - OTHER INFORMATION



Item 6.  Exhibits and Reports on Form 8-K


  (a)   The following exhibits are included as part of the
        Company's Report on Form 10-Q for the quarterly
        period ended June 30, 1994, as required by Item 601
        of Regulation S-K.  

        Exhibit 10.1:  First Amended and Restated Credit
        Agreement among CalMat Co., Bank of America National
        Trust and Savings Association, as Agent, and the
        Other Financial Institutions Parties Hereto, dated as
        of June 30, 1994. 

        Exhibit 10.2:  Amended and Restated 1993 Stock Option
        Plan for Officers, Directors and Key Employees of
        CalMat Co., filed with the Commission on March 16,
        1994 as Exhibit "A" to the Company's definitive Proxy
        Statement dated March 17, 1994, is incorporated
        herein by reference. 

  (b)   No reports on Form 8-K were filed during the quarter
        ended June 30, 1994.

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                            CALMAT CO.
                            SIGNATURES
                            ----------



Pursuant to the requirements of the Securities Exchange Act of
1934, Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.



                                                  CALMAT CO.
                                      _________________________________
                                      (Registrant)




Date:  August 11, 1994                By:  /s/  Paul Stanford
                                           _____________________________
                                           Paul Stanford
                                           Senior Vice President -
                                           Administration, General Counsel
                                           and Secretary



Date:  August 11, 1994                By:  /s/  Edward J. Kelly
                                           _____________________________
                                           Edward J. Kelly
                                           Senior Vice President,
                                           Treasurer and Chief Accounting
                                           Officer

                                   Page 11
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