Trex pulls in 23% more in Q2 sales
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.
New president for Novik Sales Corp.
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.”
PLM and ILM launch new website
Pennsylvania and Indiana Lumbermens Mutual Insurance Companies have launched a new website: plmilm.com.
The new site includes navigation and information improvements, and also reflects the affiliation of PLM and ILM, which occurred in the fall of 2013.
According to Steve Firko, PLM/ILM senior VP marketing and field operations: “PLM and ILM have consistently maintained longstanding relationships with customers, striving to remain ahead of changes in the industries we serve and provide the most up-to-date information needed to protect our customers. The new website reflects this goal and once again proves why ‘together, we’re better’.”
When entering the website, visitors are greeted by a scrolling banner that highlights current company initiatives and pertinent customer information. The new layout provides for easier navigation through both old and new information.
According to Firko, the website more closely aligns with the company’s mission to be recognized as the premier insurance provider serving the lumber, woodworking and building material industries. The information previously available to customers has been combined and enhanced to create a more interactive and resourceful place for current and prospective customers, along with their insurance agents and brokers.
“The new website focuses on providing customer service the way our customers want it,” Firko said.
The website offers mobile device compatibility, easier navigation, updated information and improved resources all meant to improve the user experience.