Trex posts strong earnings for Q2

Trex Company's second-quarter results showed strong growth in sales and earnings, up 4.5% in sale and up 57% increase in earnings per share. 

“Our 2013 strategy of providing a full line-up of high-performance decking and railing products made a strong contribution to our growth in sales," said chairman, president and CEO Ronald W. Kaplan. "These improved results indicate that our product innovation, sales programs and low-cost manufacturing strategies continue to contribute to our goal of increasing shareholder value. At the same time, our strong cash generation is further bolstering our capital structure, giving us an even stronger foundation and more flexibility to grow our business and pursue strategic opportunities."

The results, announced Tuesday for the second quarter ended June 30, highlighted net sales of of $98.6 million, compared to $94.3 million a year ago.

Net income totaled $13.2 million, or $0.76 per diluted share, compared to $8.4 million ($0.48 per share) during 2012's second quarter.

Kaplan stated that the company expects net sales of $72 million in Q3.

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