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Trex Company, Inc. (NYSE: TREX), the world’s largest manufacturer of wood-alternative decking and railing products, today announced financial results for the second quarter ended June 30, 2013.
Net sales for the second quarter of 2013 totaled $98.6 million compared to net sales of $94.3 million for the 2012 second quarter, an increase of 4.5%. The Company reported net income of $13.2 million, or $0.76 per diluted share, for the 2013 period compared to $8.4 million, or $0.48 per diluted share, for the prior-year period, a 57% increase in earnings per share. During the 2013 second quarter, the Company recognized a $1.7 million adjustment to the mold class action provision. During the second quarter of 2012, the Company recognized a $1.1 million increase to its warranty reserve for decking material manufactured at its Nevada plant prior to 2007 and $0.7 million of severance charges. On a pro-forma basis, 2013 net income was $14.9 million, or $0.86 per diluted share, a 46% increase over pro-forma earnings per share in the 2012 period.
For the six months ended June 30, 2013, the Company reported net sales of $206.4 million compared to net sales of $190.4 million for the prior-year period, an increase of 8.4%. The Company reported net income of $34.8 million, or $2.01 per diluted share, for the first six months of 2013 compared to net income of $20.7 million, or $1.22 per diluted share, for the 2012 period, a 65% increase in earnings per share. The Company recognized $1.9 million of adjustments to the mold class action provision in the 2013 period. The Company recognized an increase of $1.5 million to the warranty reserve and $0.7 million severance charges in the 2012 period. On a pro-forma basis, 2013 net income was $36.7 million, or $2.12 per diluted share, a 58% increase over pro-forma earnings per share in the 2012 period.