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Trex Company Reports First Quarter 2019 Results
– Strong Demand for Trex Decking and Railing Continues –
– Product Mix in Line with Expectations –
– Consolidated and Residential Gross Margins Reflect New Product Start-up Costs; Progressive Gross Margin Improvement Expected Throughout 2019 –
First Quarter Highlights
- Consolidated net sales increased 5% to $180 million
- New product start-up costs and related manufacturing inefficiencies of approximately $10 million in the quarter
- Consolidated gross margin of 38.6%, inclusive of new product start-up impact of approximately 560 bps
- Consolidated earnings per share of $0.54
WINCHESTER, Va.--(BUSINESS WIRE)--April 29, 2019--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 first quarter ended March 31, 2019.
First Quarter 2019 Results
Consolidated net sales for the first quarter of 2019 were $180 million, reflecting a 5% year-over-year increase. Trex Residential Products net sales increased 7% to $165 million. Trex Commercial Products contributed an additional $14 million, compared to $16 million in the year ago-quarter. Consolidated gross margin was 38.6%, representing gross margins of 40.2% and 20.5%, respectively, from Trex Residential and Trex Commercial. SG&A was $30 million, or 16.8% of sales.
Net income for the first quarter of 2019 was $32 million, or $0.54 per diluted share, compared to $37 million, or $0.63 per diluted share reported for last year’s first quarter.
The following information was filed by Trex Co Inc (TREX) on Monday, April 29, 2019 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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