Trex Co. Q4 sales jump 47%
Winchester, Va.-based Trex Co. reported net sales for the fourth quarter of 2010 totaled $75.3 million, up 47% from net sales of $51.2 million for the 2009 fourth quarter.
The wood-alternative decking and railing manufacturer reported a net loss of $0.5 million in the quarter ended Dec. 31, 2010, compared with a net loss of $0.3 million in the 2009 period.
“Sales broke our fourth-quarter record as both distributors and dealers responded enthusiastically to our products, sales programs and pricing strategy," said Ronald Kaplan, chairman, president and CEO.
During the 2010 quarter, Trex recognized $4.1 million of unusual charges, which included a $5.2 million increase to its warranty reserve for decking material manufactured at its Nevada plant prior to mid-2006, offset by a $1.1 million reduction to supply contract-related charges taken in prior 2010 quarters.
For the full year, Trex reported net sales of $317.7 million, a 17% increase compared with net sales of $272.3 million for 2009. The company's 2010 net loss of $10.1 million compares with a $16.9 million loss in 2009.
In total, the company recognized $21.3 million of unusual charges during 2010, including a $15.0 million increase to its warranty reserve for decking material.