At Trex, another record report
Winchester, Va.-based Trex Company rode a wave of consumer spending on the backyard and outdoors to generate strong sales and earnings in the second quarter.
The company posted its 11th straight quarter of record revenue and its sixth consecutive quarter of record net income.
Consolidated sales increased 31% to $207 million, as earnings increased 49% to $43 million.
Trex Residential Products division racked up sales of $189 million, up 20%.
"Brand strength, increasing category gains and strong consumer sentiment combined to drive exceptional second quarter growth across key metrics," said James Cline, president and CEO. "Trex Residential Products led the way with a substantial year-over-year revenue gain, reflecting a high level of consumer engagement on our website and the positive point of sale data reported by our channel partners.
Cline added that Trex products were gaining market share of composite decking and "capturing an increasing share of the wood market," he said.
Industry estimates put the market share of wood at about 83% of the entire decking market.
The company posted its 11th straight quarter of record revenue and its sixth consecutive quarter of record net income.
Consolidated sales increased 31% to $207 million, as earnings increased 49% to $43 million.
Trex Residential Products division racked up sales of $189 million, up 20%.
"Brand strength, increasing category gains and strong consumer sentiment combined to drive exceptional second quarter growth across key metrics," said James Cline, president and CEO. "Trex Residential Products led the way with a substantial year-over-year revenue gain, reflecting a high level of consumer engagement on our website and the positive point of sale data reported by our channel partners.
Cline added that Trex products were gaining market share of composite decking and "capturing an increasing share of the wood market," he said.
Industry estimates put the market share of wood at about 83% of the entire decking market.