Decking manufacturer Trex Co. reported net sales of $94.3 million for its second fiscal quarter, a 20% rise over sales of $78.4 million in the same quarter last year. Net income for the second quarter, which ended June 30, 2012, was $8.3 million, compared with net income of $2.1 million a year ago.
During the second quarter of 2012, the company set aside $1.1 million to its warranty reserve for decking material manufactured at its Nevada plant prior to 2007 and also registered $0.7 million in severance costs. Before these one-time charges, net income was $10.1 million.
Chairman, president and CEO Ronald Kaplan projected sales to remain strong in the third quarter, with net sales totaling “approximately $70 million.”
Based in Winchester, Va., Trex manufactures wood-alternative decking and railing that is now sold in 26 countries.