Trex Co. swings to profit in fiscal 2012
A recovering housing market has the alternative-wood producer Trex Co. anticipating gains in 2013. While fourth-quarter sales declined, the Winchester, Va.-based company narrowed its fourth-quarter loss and exceeded its internal expectations.
Trex Co. posted fourth-quarter sales of $46.2 million, down from $51.5 million in the same quarter last year. The company also posted a loss of $3.6 million for the quarter, compared with a loss of $18.3 million in the same quarter last year.
President and CEO Ronald Kaplan pointed to the positive side of the numbers. "We brought 2012 to a successful close with a solid fourth quarter,” he said. “We exceeded our revenue guidance for the period and achieved sales growth of 15% for the year."
For the full year, the company's net sales were $307.4 million, up from $266.8 million in the previous year. Net income totaled $2.7 million compared with a net loss of $11.6 million in the prior year.
"We believe we are well positioned for 2013, during which we expect to benefit from the growing momentum in the housing sector," Kaplan added.