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Trex Company Reports Record Third Quarter 2018 Results
--Strong Demand and Significant Operating Leverage Drove Record Revenue and Operating Profit
--Year-to-date Sales and Diluted EPS, up 23% and 42%, respectively
Third Quarter Highlights
- Consolidated net sales increased 19% to $166 million and were reduced by a $6 million one-time charge to expand stocking positions in residential sales channels
- Consolidated gross margin expanded 100 basis points to 40.4%
- Consolidated earnings increased 47% to $0.50 per diluted share including $0.07 per share related to the one-time charge
WINCHESTER, Va.--(BUSINESS WIRE)--October 29, 2018--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, and a leading national provider of custom-engineered railing systems, today reported financial results for the third quarter ended September 30, 2018.
Third Quarter 2018 Results
Consolidated net sales for the third quarter of 2018 increased 19% to $166 million, inclusive of a one-time revenue special charge of $6 million to expand product stocking positions in residential sales channels. Trex Residential Products net sales were up 12% to $147 million, inclusive of the one-time charge mentioned above, and Trex Commercial Products contributed an additional $19 million. Consolidated gross margin for the quarter was 40.4%. Residential Products gross margin expanded 170 basis points to 42.3%. Excluding the one-time charge, residential sales increased 17% and gross margin expanded by 400 basis points. As anticipated, Commercial Products gross margin showed sequential improvement, increasing 130 basis points to 25.9% in the third quarter compared to the second quarter. SG&A was $28 million, or 16.9% of sales.
Net income for the third quarter of 2018 was $29 million, or $0.50 per diluted share, both up 47% from the net income of $20 million, or $0.34 per diluted share reported for last year’s third quarter. Excluding this quarter’s special charge, diluted earnings per share was $0.57, up 68%.
The following information was filed by Trex Co Inc (TREX) on Monday, October 29, 2018 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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