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Trex Company Announces Third-Quarter 2013 Results

Stocks in this article: TREX

Trex Company, Inc. (NYSE:TREX), the world’s largest manufacturer of wood-alternative decking and railing products, today announced financial results for the third quarter ended September 30, 2013.

Net sales for the third quarter of 2013 totaled $72.2 million compared to net sales of $70.8 million for the 2012 third quarter, an increase of 2%. The Company reported a net loss of $15.3 million, or $0.91 per diluted share, for the 2013 period compared to a net loss of $14.3 million, or $0.86 per diluted share, for the prior-year period. During the 2013 third quarter, the Company recognized $22.9 million of non-operating charges, consisting of a $1.8 million charge related to market share expansion and resetting its prices for certain products as the Company transitions its product offerings exclusively to Transcend ® technology; a $20.0 million increase to its warranty reserve for decking material manufactured at its Nevada plant prior to 2007; and a $1.1 million charge related to subleased office space in Dulles, Virginia. During the 2012 third quarter, the Company recognized a $20 million increase to its warranty reserve and $0.5 million related tax charge.

Excluding these charges, net sales and earnings per share would have been $74.0 million and $0.45, respectively, for the 2013 third quarter compared to net sales and earnings per share of $70.8 million and $0.36, respectively, in the 2012 period.

For the nine months ended September 30, 2013, the Company reported net sales of $278.7 million compared to net sales of $261.2 million for the 2012 period, an increase of 6.7%. The Company reported net income of $19.5 million, or $1.13 per diluted share, compared to net income of $6.3 million or $0.37 per diluted share for the 2012 period. During the 2013 period, the Company recognized $24.8 million of non-operating charges, consisting of the adjustments noted above and a $2.0 million charge related to the mold class action that was recorded earlier in the year. During the 2012 period, the Company recognized $21.0 million in increases to the warranty reserve, net of taxes, and $0.7 million of severance charges.

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