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Trex Company Reports First Quarter 2017 Results
- Record Revenue and Net Income -
-- Net Sales increased 10% to $145 Million
-- Gross Margin expanded 120 basis points to 45%
-- Net Income up 18% to $27.9 Million; Diluted EPS was $0.95, up 20%
WINCHESTER, Va.--(BUSINESS WIRE)--May 4, 2017--Trex Company, Inc. (NYSE:TREX), the world’s number-one brand of decking and railing and leader in high-performance, low-maintenance outdoor living products, today reported financial results for the first quarter ended March 31, 2017.
First Quarter 2017 Results
Net sales for the first quarter of 2017 were $144.8 million, 10% above the $131.7 million reported in last year’s first quarter. Gross margin was 45%, a 120 basis point expansion from the 43.8% reported in the first quarter of 2016. The Company reported net income of $27.9 million, or $0.95 per diluted share, increases of 18% and 20%, respectively. Last year’s first quarter net income of $23.7 million, or $0.79 per diluted share, have been adjusted to reflect our adoption of the new FASB standard related to deduction of stock compensation.
“This was another strong quarter for Trex, with double-digit sales growth, favorable gross margin impacts and relatively stable SG&A as a percent of revenue, resulting in record revenues and earnings,” commented James E. Cline, President and Chief Executive Officer.
“The Trex brand continues to gain substantial consumer and trade recognition leading to a record number of visits to our website and to recent industry awards, which again named Trex the leader in brand familiarity and design. Production efficiencies in the first quarter combined with continued focus on cost reduction initiatives including ongoing success with our revised procurement strategies and increased capacity utilization drove solid gross margin expansion. SG&A for the quarter totaled $23.3 million, an increase of $2.7 million to support strategic investments in new product development and branding.
The following information was filed by Trex Co Inc (TREX) on Thursday, May 4, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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