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- Trex reports record third quarter
Winchester, Va.-based Trex posted a third-quarter net loss of $0.5 million, compared with a net loss of $8.8 million in the 2010 period.
Net sales for the third quarter ended Sept. 30 totaled $67.9 million, up 12% from net sales of $60.6 million in the year-ago period.
For the nine months ended Sept. 30, Trex reported net income of $6.7 million, compared with a net loss of $9.6 million in the nine-month period of 2010. Net sales for the period totaled $215.3 million, down 11% from net sales of $242.4 million for the prior-year period.
"During the third quarter, we executed well in a challenging environment, increasing year-over-year net sales by 12% even as consumer confidence deteriorated and the economic recovery lost steam,” said Ronald Kaplan, Trex chairman, president and CEO. “The new products we introduced over the past year have begun contributing to our sales growth. Market acceptance of Trex Deck Lighting has been strong and our new deck substructure product, Trex Elevations, is starting to generate considerable interest.
"Earlier this month we announced a new decking option, Trex Enhance(R), to our product lineup, giving consumers another notable choice for meeting their outdoor living needs. Offering a 20-year fade and stain warranty, scratch resistance and two rich colors, Enhance fits in the middle of our 'good, better, best' product platform strategy.”
The company expects net sales to be about $50 million to $55 million in the fourth quarter of 2011, sales in the first quarter of 2012 to exceed the first quarter of 2011 by at least 25%.
"We believe our product offerings and sales strategies represent a solid platform for growth and we look forward to a robust winter and spring sales program,” Kaplan added. “We expect sales patterns to differ from last year primarily due to a change in our pricing strategy and early buy program.”