Sales, profits rise at Trex
Trex, a manufacturer of composite decking and railing products, reported net sales for the first quarter of 2012 of $96.1 million, a 39% increase over net sales of $69.0 million for the same period in 2011.
The Winchester, Va.-based company reported net income of $12.3 million for its first quarter, which ended March 31, 2012. This compares to net income of $5.1 million for the prior-year period.
In a prepared statement, chairman, president and CEO Ronald Kaplan noted: “Our first quarter sales were 7% above guidance. Our best-in-class product platform, combined with market share gains, helped us exceed our revenue target. [These] results also represent the second highest first-quarter EPS performance since the company went public in 1999.”
Kaplan concluded, “We continue to see a strong shift in the market towards ultra-low-maintenance wood alternative products. With our expanding [product portfolio], we are off to a great start for the year. Based on the market demand we are currently seeing, we expect net sales of approximately $90 million for the second quarter of 2012, an increase of 15% from last year’s period.”