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Trex Company Reports Second Quarter 2020 Results
― Continued Broad-Based Demand for Trex Residential Decking and Railing Products ―
― Substantial Operating Leverage Driven by Expanded Gross Margin and Lower SG&A ―
― Double-Digit Year-over-Year Sales Growth Expected for Third Quarter ―
― Company Announces 2-for-1 Stock Split Effective September 14, 2020 ―
Second Quarter Highlights
- Consolidated net sales increased 7% to $221 million
- Consolidated gross margin of 41.9%, up 150 basis points
- EBITDA margin of 30.6%, up 580 basis points
- Consolidated earnings per diluted share of $0.81, up 33%
WINCHESTER, Va.--(BUSINESS WIRE)--August 3, 2020--Trex Company, Inc. (NYSE:TREX), the world’s number-one brand of composite decking and railing and leader in high-performance, low-maintenance outdoor living products, and a leading national provider of custom-engineered commercial railing systems, today reported financial results for the second quarter ended June 30, 2020.
Second Quarter 2020 Results
Consolidated net sales for the second quarter of 2020 were $221 million, 7% ahead of the comparable period in 2019. Trex Residential Products sales increased 8% year-over-year to $209 million, with Trex Commercial Products contributing $12 million. Consolidated gross margin expanded by 150 basis points to 41.9%, representing gross margins of 42.5% and 30.7% for Trex Residential Products and Trex Commercial Products, respectively. SG&A was $29 million, or 13.2% of sales, compared to 17.3% of sales in the year ago quarter. EBITDA increased 32% to $67.5 million, and EBITDA margin expanded to 30.6% from 24.8% in the second quarter of 2019.
The following information was filed by Trex Co Inc (TREX) on Monday, August 3, 2020 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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