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Industry Dashboard for Aug. 4, 2014

BY HBSDEALER Staff

Consumer confidence jumped to new highs while unemployment backtracked to 6.2%. Stocks sputtered, but none so much as Beacon Roofing Supply (BECN).

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Trex pulls in 23% more in Q2 sales

BY HBSDealer Staff

Shares of Trex Company jumped on Monday following the release of an exceptionally strong second-quarter earnings report, results which the company attributed to pent-up demand and the success of its various initiatives.

Net sales increased 23% year-over-year to $121.3 million, compared to $98.6 million in 2013.

Net income for the three months ended June 30 was $15.2 million, up 62% from last year’s earnings of $13.2 million. This takes into account a $9.1 million increase in income taxes after Trex exited its tax valuation allowance at the end of last year.

“As we expected, second-quarter sales were strong largely due to pent-up demand and market share gains," said president and CEO Ronald Kaplan. "Several distributors reported record sales of our products reflecting our expanded distribution footprint and dealer conversions."

Kaplan added that the company’s performance was impacted by three cost reduction initiatives that have begun to pay off, as well as Trex’s entry into the recycling and extrusion industry via the manufacture of polyethylene pellets made from recycled plastic.

Trex anticipates third-quarter net sales of $92 million, in line with this quarter’s 23% year-over-year growth rate.

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New president for Novik Sales Corp.

BY HBSDEALER Staff

Ralph Bruno has been named president of Novik Sales Corp., the division of Novik Inc. responsible for marketing Novik products throughout the United States.

Bruno brings more than 25 years of success in the building products industry to his new position. Of note are the years he spent with Trex and as president of AZEK Building Products. Bruno will be responsible for designing and implementing the U.S. going-to-market strategy for Novik and will lead the U.S. sales team. 

“I am excited to help lead such a dynamic and innovative company,” he said. “The foundation has been built for significant growth in the market.” In his new role, Bruno will report to Novik president and CEO François Giroux.

“We are thrilled to have Ralph again become an active, successful contributor in a Clearview-backed company,” said James G. Andersen, co-founder and co-managing partner of Clearview Capital and chairman of the board of Novik. “Ralph was instrumental in the development of the AZEK brand from its inception (while Clearview was the lead investor in that company), and we are confident that, with his leadership, Novik will experience similar success.” 

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