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Trex Company Reports First Quarter 2021 Results
─ First Quarter Residential Revenue Growth of 25% ─
─ Capacity Expansion to be Completed Ahead of Schedule ─
─ 36% Revenue Growth Expected in 2Q 2021 at Midpoint of Guidance ─
─ Reaffirms Full Year 2021 Incremental EBITDA Margin Guidance of 35% to 40% ─
First Quarter 2021 Highlights
- Consolidated net sales increased 23% to $246 million
- Diluted earnings per share of $0.42, up 17%
- EBITDA increased 20% to $71 million; EBITDA margin of 28.9%
- $46 million in share repurchases
WINCHESTER, Va.--(BUSINESS WIRE)--May 10, 2021--Trex Company, Inc. (NYSE:TREX), the world’s #1 brand of composite decking and railing and leader in high-performance, low-maintenance and eco-friendly outdoor living products and a leading national provider of custom-engineered commercial railing systems, today reported financial results for the first quarter ended March 31, 2021.
“Sustained demand for Trex Residential products and accelerated market share gains from wood drove first quarter sales growth, laying the foundation for another year of strong double-digit revenue growth in 2021. At the same time, capacity expansion at our new state-of-the-art manufacturing facility in Virginia is coming on faster than originally anticipated. We now expect all lines in our new plant to be fully operational by the end of May, thirty days ahead of schedule. When completed, our capacity expansion investment will provide approximately 70% more capacity when compared to 2019 volume levels and will give us an important competitive advantage in today’s dynamic composite decking marketplace. The additional capacity further reinforces our position as the industry leader and most efficient manufacturer of high-performance, wood-alternative decking and railing,” said Bryan Fairbanks, President and CEO.
The following information was filed by Trex Co Inc (TREX) on Monday, May 10, 2021 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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