Trex sales soar in Q1

Decking manufacturer Trex reported first quarter sales increased 38% to $339 million from first quarter 2021 sales of nearly $246 million.

Trex Residential net sales increased 40% to $327 million, with Trex Commercial contributing $12 million to net sales.

The Winchester, Va.-based manufacturer also posted a first quarter net income of $71.2 million, rising 47% from a net income of $48.5 million for the same period a year ago.

For its second quarter, Trex said it expects consolidated net sales to range from $375 million to $385 million, representing 22% year-over-year growth,

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The Bottom Line: The continued strength of outdoor living products and projects helps lift Trex sales by 38% as earnings rise 47%.

What the CEO said: “2022 is off to a strong start with Trex Residential posting 40% revenue growth, reflecting a double-digit increase in volume from strong secular trends, as homeowners continue to invest in existing residences and pursue renovations that enhance their outdoor living spaces,” said Bryan Fairbanks, Trex president and CEO. “Price increases to address inflationary pressures were absorbed by the market and also benefitted net sales. As the category leader with newly expanded capacity, we believe that Trex is capturing more than its share of the ongoing conversion from wood to composite products.”

Company info: Click here to read the full first quarter 2022 financial report from Trex.