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Trex Company Reports Second Quarter 2019 Results
-- Strong Demand Across All Residential Products --
-- Achieved Significant Sequential Improvement in Residential Production Throughput--
-- Consolidated Sales of $205-$210 million Expected for Third Quarter 2019 --
Second Quarter Highlights
- Consolidated net sales were $206 million
- Consolidated gross margin of 40.4%, inclusive of new product start-up and added material cost impacts of approximately 370 basis points
- Consolidated earnings per share of $0.61 per share; exclusive of a one-time severance expense, consolidated earnings per share was $0.64
WINCHESTER, Va.--(BUSINESS WIRE)--July 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 second quarter ended June 30, 2019.
Second Quarter 2019 Results
Consolidated net sales for the second quarter of 2019 of $206 million were in-line with the comparable period in 2018. Trex Residential Products net sales increased 2% year-over-year to $193 million, with Trex Commercial Products contributing $13 million. Consolidated gross margin for the quarter was 40.4%, representing gross margins from Trex Residential and Trex Commercial of 41.7% and 21.4%, respectively. SG&A was $36 million, or 17.3% of sales.
Net income for the second quarter of 2019 was $36 million, or $0.61 per diluted share. Exclusive of a severance charge of $2 million, second quarter diluted earnings per share was $0.64. This compares to net income of $43 million, or $0.73 per diluted share, reported for last year’s second quarter.
“We continued to experience strong demand across our residential product portfolio and sales channels in the second quarter. Significant sequential improvement in production throughput increased our ability to convert this demand into sales growth, and we continue to work towards reducing order lead-times. Start-up costs related to new Enhance Naturals and Basics decking products weighed on our gross margin performance, but to a much lesser extent than in this year’s first quarter. These startup costs, excluding the cost of added material to improve throughput, are largely behind us. During the quarter, we increased marketing and brand spending in line with seasonality and to support our wood conversion strategy,” noted James E. Cline, President and Chief Executive Officer.
The following information was filed by Trex Co Inc (TREX) on Monday, July 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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