Investors are responding favorably to Trex’s TREX second quarter report.
Trex reported revenue of $121.3 million, a 23 percent year over year increase. However, sales are two percent off the analyst estimate.
CEO Ronald Kaplan commented, “As we expected, second-quarter sales were strong largely due to pent-up demand and market share gains. Several distributors reported record sales of our products reflecting our expanded distribution footprint and dealer conversions.”
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Sales generated $0.46 of EPS, 4.6 percent above the analyst consensus. Trex was able to reduce its SG&A expenses from 23.7 percent of sales to 16.8 percent of sales year over year, showing responsible corporate spending.
Trex said it expects third quarter revenue of $92 million compared to the $90.5 million analyst estimate.
Shares of Trex were last trading 11.6 percent higher at $32.02.
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