Trex Company Reports Second Quarter 2024 Results
Trex Company (NYSE:TREX), the world's largest manufacturer of composite decking and railing, announced its Q2 2024 financial results. Key highlights include:
Net sales of $376 million, a 6% increase YoY.
Gross margin of 44.7%, up 80 basis points.
Net income of $87 million, a 13% increase YoY, and diluted EPS of $0.80.
EBITDA of $130 million, with an EBITDA margin of 34.6%.
The growth was driven by premium products like Trex Transcend and Trex Signature decking. However, demand for lower-priced products was below expectations. Trex adjusted its full-year sales guidance due to economic uncertainty, now expecting revenue between $1.13 billion and $1.15 billion while maintaining an EBITDA margin of 30% to 30.5%. Sales for Q3 are projected between $220 million and $230 million.
Trex continues to benefit from higher production efficiencies and cost-out programs.
Trex Company (NYSE:TREX), il maggiore produttore mondiale di decking e ringhiere compositi, ha annunciato i suoi risultati finanziari del Q2 2024. I punti salienti includono:
Vendite nette di 376 milioni di dollari, con un incremento del 6% rispetto all'anno precedente.
Margine lordo del 44,7%, in aumento di 80 punti base.
Utili netti di 87 milioni di dollari, con un aumento del 13% rispetto all'anno precedente, e EPS diluiti di 0,80 dollari.
EBITDA di 130 milioni di dollari, con un margine EBITDA del 34,6%.
La crescita è stata sostenuta da prodotti premium come il Trex Transcend e il Trex Signature. Tuttavia, la domanda per prodotti a prezzo più basso è risultata al di sotto delle aspettative. Trex ha rettificato le sue previsioni di vendita per l'intero anno a causa dell'incertezza economica, ora aspettandosi ricavi tra 1,13 miliardi e 1,15 miliardi di dollari, mantenendo un margine EBITDA tra il 30% e il 30,5%. Le vendite per il Q3 sono previste tra 220 milioni e 230 milioni di dollari.
Trex continua a beneficiare di maggiori efficienze produttive e programmi di riduzione dei costi.
Trex Company (NYSE:TREX), el mayor fabricante de decking y barandillas compuestos del mundo, ha anunciado sus resultados financieros del Q2 2024. Los puntos clave incluyen:
Ventas netas de 376 millones de dólares, un aumento del 6% interanual.
Margen bruto del 44,7%, un incremento de 80 puntos básicos.
Ingreso neto de 87 millones de dólares, un aumento del 13% interanual, y EPS diluido de 0,80 dólares.
EBITDA de 130 millones de dólares, con un margen EBITDA del 34,6%.
El crecimiento fue impulsado por productos premium como Trex Transcend y Trex Signature. Sin embargo, la demanda de productos de menor precio fue inferior a las expectativas. Trex ajustó su guía de ventas para todo el año debido a la incertidumbre económica, ahora esperando ingresos entre 1,13 mil millones y 1,15 mil millones de dólares, manteniendo un margen EBITDA del 30% al 30,5%. Se proyectan ventas para el Q3 entre 220 millones y 230 millones de dólares.
Trex sigue beneficiándose de mayores eficiencias en la producción y programas de reducción de costos.
Trex Company (NYSE:TREX), 세계 최대의 복합재 마루 및 난간 제조업체가 2024년 2분기 재무 결과를 발표했습니다. 주요 하이라이트는 다음과 같습니다:
순매출 3억 7600만 달러로, 전년 대비 6% 증가.
총마진 44.7%, 80bp 상승.
순이익 8700만 달러로, 전년 대비 13% 증가, 희석 EPS 0.80 달러.
EBITDA 1억 3000만 달러로, EBITDA 마진 34.6%.
성장은 Trex Transcend 및 Trex Signature와 같은 프리미엄 제품에 의해 주도되었습니다. 그러나 저가 제품에 대한 수요는 기대에 미치지 못했습니다. Trex는 경제 불확실성으로 인해 연간 판매 가이드를 조정했으며, 지금은 11억 3천만 달러에서 11억 5천만 달러 사이의 수익을 예상하며, EBITDA 마진은 30%에서 30.5%로 유지하고 있습니다. 3분기 매출은 2억 2000만 달러에서 2억 3000만 달러 사이로 예상됩니다.
Trex는 계속해서 높은 생산 효율성 및 비용 절감 프로그램의 혜택을 받고 있습니다.
Trex Company (NYSE:TREX), le plus grand fabricant mondial de terrasses et de garde-corps en matériaux composites, a annoncé ses résultats financiers du Q2 2024. Les points clés incluent :
Ventes nettes de 376 millions de dollars, une augmentation de 6 % par rapport à l'année précédente.
Marge brute de 44,7 %, en hausse de 80 points de base.
Revenu net de 87 millions de dollars, une augmentation de 13 % par rapport à l'année précédente, et BPA dilué de 0,80 dollars.
EBITDA de 130 millions de dollars, avec une marge EBITDA de 34,6 %.
La croissance a été portée par des produits premium tels que Trex Transcend et Trex Signature. Cependant, la demande pour des produits moins chers était en deçà des attentes. Trex a ajusté ses prévisions de ventes pour l'année entière en raison de l'incertitude économique, prévoyant maintenant des revenus entre 1,13 milliard et 1,15 milliard de dollars, tout en maintenant une marge EBITDA de 30 % à 30,5 %. Les ventes pour le Q3 sont projetées entre 220 millions et 230 millions de dollars.
Trex continue de bénéficier de rendements de production plus élevés et de programmes de réduction des coûts.
Trex Company (NYSE:TREX), der weltweit größte Hersteller von Verbunddecking und -geländern, hat seine Finanzergebnisse für das Q2 2024 bekannt gegeben. Zu den wichtigsten Highlights gehören:
Nettoverkäufe von 376 Millionen Dollar, ein Anstieg von 6% im Vergleich zum Vorjahr.
Bruttomarge von 44,7%, ein Anstieg um 80 Basispunkte.
Nettoeinkommen von 87 Millionen Dollar, ein Anstieg von 13% im Vergleich zum Vorjahr, und verwässerter EPS von 0,80 Dollar.
EBITDA von 130 Millionen Dollar, mit einer EBITDA-Marge von 34,6%.
Das Wachstum wurde durch Premiumprodukte wie Trex Transcend und Trex Signature Anstrich unterstützt. Allerdings war die Nachfrage nach günstigeren Produkten hinter den Erwartungen zurückgeblieben. Trex hat die Umsatzprognose für das gesamte Jahr aufgrund wirtschaftlicher Unsicherheiten angepasst und erwartet nun Einnahmen zwischen 1,13 Milliarden und 1,15 Milliarden Dollar, während die EBITDA-Marge zwischen 30% und 30,5% gehalten wird. Die Verkaufsprognosen für das Q3 liegen zwischen 220 Millionen und 230 Millionen Dollar.
Trex profitiert weiterhin von höheren Produktionseffizienzen und Kostenreduzierungsprogrammen.
- 6% YoY increase in net sales to $376 million.
- Gross margin improved to 44.7%, up 80 basis points YoY.
- Net income increased 13% YoY to $87 million.
- Diluted EPS rose to $0.80, up from $0.71 YoY.
- EBITDA increased 11% YoY to $130 million.
- EBITDA margin expanded to 34.6%, up 180 basis points YoY.
- Full-year EBITDA margin guidance maintained at 30% to 30.5%.
- Sales of lower-priced products were below expectations.
- Full-year sales guidance adjusted to reflect economic uncertainty and softness in entry-level consumer demand.
Insights
Trex's Q2 2024 results show mixed performance. Net sales increased 6% to
Despite challenges, Trex maintained strong profitability with EBITDA increasing 11% to
However, Trex has adjusted its full-year revenue guidance to
Trex's Q2 results reveal interesting market dynamics. Premium products like Trex Transcend® Lineage and Trex Signature® decking are outperforming, with double-digit sell-through rates. This suggests a resilient high-end consumer segment despite economic uncertainties.
However, the underperformance of lower-priced product lines indicates pressure on entry-level consumers. This aligns with broader economic trends of inflationary pressures affecting discretionary spending among price-sensitive consumers.
The company's focus on new product launches and expansion into adjacent categories demonstrates a strategic approach to market diversification. The introduction of X-Series™ Cable Rail and X-Series™ Frameless Glass Rail could help Trex capture additional market share in the outdoor living space.
Long-term trends, including the large number of aging decks and the ongoing wood-to-composite conversion, continue to support Trex's growth potential in the outdoor living market.
Trex's Q2 performance highlights effective supply chain management and operational efficiency. The 80-basis point expansion in gross margin to
The company's modular build-out of Arkansas capacity is a strategic move to enhance supply chain flexibility and efficiency. This approach allows Trex to scale production in line with demand, potentially reducing inventory carrying costs and improving responsiveness to market fluctuations.
However, the softness in entry-level product demand may require careful inventory management in the coming quarters. Trex's expectation of slightly lower channel inventory levels by year-end suggests proactive measures to align supply with changing demand patterns.
The 6-8 week contractor lead times for premium products indicate a well-balanced supply chain for this segment, supporting customer satisfaction without excessive inventory buildup.
—Second Quarter Sales Growth Led by Premium Products—
—Gross Margin Expansion Driven by Higher Utilization and Production Efficiencies—
—Guiding to Third Quarter Revenues of
—Full Year Sales Guidance Adjusted to Reflect Softness in Entry-Level Consumer Demand and Uncertain Economic Outlook; Maintains Full Year EBITDA Margin Guidance of
Second Quarter Financial 2024 Highlights
-
Net sales of
$376 million -
Gross margin of
44.7% -
Net income of
$87 million $0.80 -
EBITDA of
$130 million 34.6%
CEO Comments
“Second quarter sales increased at a mid-single-digit rate led by our premium products, including Trex Transcend® Lineage and Trex Signature® decking, where sell-through continued to track at a double-digit rate and contractor lead-times averaged six to eight weeks,” said Bryan Fairbanks, President and CEO. "Sales of our lower-priced product lines, however, were below our expectations, consistent with recent data indicating lower than anticipated purchasing by consumers in this segment. We expect additional softness in this market in the second half of this year. Conversely, our premium product sales continue to outperform entry-level products, and pro channel inventories are aligning with projected demand.
“Trex continued to post industry-leading margins in the second quarter, benefiting from higher utilization, cost-out programs, and other efficiency initiatives that drove an 80-basis point expansion in gross margin. Additionally, we succeeded in expanding EBITDA margin by 180 basis points and leveraging our SG&A spend, while increasing our investments in branding and product development. We expect to continue to benefit from our cost-out programs in the second half of this year, enabling us to maintain our EBITDA margin guidance for the full year, despite reduced sales expectations.
“In the second quarter we continued to move forward with new product launches. Introducing new products that expand the appeal and price range of our decking and railing product lines, while gaining share in attractive adjacent categories remains a strategic priority for Trex. In developing new products, we are committed to providing customers with superior options that are differentiated by customized engineering and long-lasting quality. We recently announced new additions to our railing portfolio, and we are preparing to expand the color options for our Trex Enhance® decking lines. Also, we are pleased with the pace of orders for our recently introduced Trex® branded deck fasteners, which are engineered for ease of installation and designed to provide a cohesive esthetic to the consumer,” Mr. Fairbanks noted.
Second Quarter 2024 Results
Second quarter 2024 net sales were
Gross profit was
Selling, general and administrative expenses were
Net income for the 2024 second quarter was
Year-to-Date Results
Year-to-date net sales increased
Selling, general and administrative expenses were
Net income year-to-date was
Recent Developments & Recognitions
- Trex expanded its popular Trex Signature® Railing line with the introduction of X-Series™ Cable Rail and X-Series™ Frameless Glass Rail. Now available through Trex channel partners, these two new offerings blend modern profiles with simplified installation to deliver a winning combination for contractors and clients.
- Green Builder Media named Trex as their Sustainable Brand Leader in the decking category for the 14th year in a row. Trex is the only brand in the building industry to win top honors in its category every year since the program’s inception in 2010.
- Trex published its 2023 Sustainability Report, “Seeing More Value in Sustainability.” The report charts progress across the broad spectrum of Company activities and expands on several key points, including the Company’s commitment to circularity, its safety record, training and educational opportunities, manufacturing efficiency, and community engagement.
Summary and Outlook
“Our second quarter and first half results demonstrate the underlying earning capabilities of Trex Company, our ability to drive financial improvements within existing production capacity and leverage our SG&A expenses. The broad appeal of our decking and railing product lines, our innovative and new product introductions, and our leadership position in the attractive outdoor living category underpin our long-term growth opportunities,” continued Mr. Fairbanks.
“Looking ahead to the second half of 2024, we see encouraging data related to our mid-market and premium product sales and expect that channel inventory levels at the end of the year will be slightly lower than 2023 year-end levels. Given the uncertain economic outlook and the softness in the entry-level segment, we are taking a measured approach to adjusting our sales guidance for the full year. We now expect 2024 revenue to range from
“As the market leader, Trex is the primary beneficiary of long-term secular trends, including the large number of decks in the
Second Quarter 2024 Conference Call and Webcast Information
Trex will hold a conference call to discuss its second quarter 2024 results on Tuesday, August 6, 2024, at 5:00 p.m. ET. To participate on the day of the call, dial 1-844-792-3734, or internationally 1-412-317-5126, approximately ten minutes before the call, and tell the operator you wish to join the Trex Company Conference Call.
A live webcast of the conference call will be available in the Investor Relations section of the Trex Company website at 2Q24 Earnings Webcast. For those who cannot listen to the live broadcast, an audio replay of the conference call will be available within 24 hours of the call on the Trex website. The audio replay will be available for 30 days.
Use of Non-GAAP Measures
The Company reports its financial results in accordance with accounting principles generally accepted in
Reconciliation of net income (GAAP) to EBITDA (non-GAAP) is as follows:
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, | June 30, | |||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
| ($ in thousands) | ||||||||||||
| Net Income | $ |
86,998 |
|
$ |
77,036 |
|
$ |
176,068 |
|
$ |
118,167 |
|
| Interest expense (income), net |
|
- |
|
|
1,305 |
|
|
(6 |
) |
|
3,289 |
|
| Income tax expense |
|
29,906 |
|
|
26,426 |
|
|
59,853 |
|
|
40,258 |
|
| Depreciation and amortization |
|
13,451 |
|
|
12,283 |
|
|
27,606 |
|
|
24,198 |
|
| EBITDA | $ |
130,355 |
|
$ |
117,050 |
|
$ |
263,521 |
|
$ |
185,912 |
|
| Net income as a percentage of net sales |
|
23.1 |
% |
|
21.6 |
% |
|
23.5 |
% |
|
19.9 |
% |
| EBITDA as a percentage of net sales (EBITDA margin) |
|
34.6 |
% |
|
32.8 |
% |
|
35.1 |
% |
|
31.2 |
% |
About Trex Company
For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented and defined the composite decking category. Today, the Company is the world’s #1 brand of sustainably made, wood-alternative decking and deck railing, and a leader in high performance, low-maintenance outdoor living products. The undisputed global leader, Trex boasts the industry’s strongest distribution network with products sold through more than 6,700 retail outlets across six continents. Through strategic licensing agreements, the Company offers a comprehensive outdoor living portfolio that includes deck drainage, flashing tapes, LED lighting, outdoor kitchen components, pergolas, spiral stairs, fencing, lattice, cornhole and outdoor furniture – all marketed under the Trex® brand. Based in
*Trex received the highest numerical score in the proprietary Lifestory Research 2021-2024 America’s Most Trusted® Outdoor Decking studies. Study results are based on experiences and perceptions of people surveyed. Your experiences may vary. Visit www.lifestoryresearch.com.
Forward-Looking Statements
The statements in this press release regarding the Company’s expected future performance and condition constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause the Company’s actual operating results to differ materially. Such risks and uncertainties include, but are not limited to: the extent of market acceptance of the Company’s current and newly developed products; the costs associated with the development and launch of new products and the market acceptance of such new products; the sensitivity of the Company’s business to general economic conditions; the impact of seasonal and weather-related demand fluctuations on inventory levels in the distribution channel and sales of the Company’s products; the availability and cost of third-party transportation services for the Company’s products and raw materials; the Company’s ability to obtain raw materials, including scrap polyethylene, wood fiber, and other materials used in making our products, at acceptable prices; increasing inflation in the macro-economic environment; the Company’s ability to maintain product quality and product performance at an acceptable cost; the Company’s ability to increase throughput and capacity to adequately match supply with demand; the level of expenses associated with warranty claims, product replacement and consumer relations expenses related to product quality; the highly competitive markets in which the Company operates; cyber-attacks, security breaches or other security vulnerabilities; the impact of current and upcoming data privacy laws and the EU General Data Protection Regulation and the related actual or potential costs and consequences; material adverse impacts from global public health pandemics and geopolitical conflicts; and material adverse impacts related to labor shortages or increases in labor costs. Documents filed with the
TREX COMPANY, INC.
Condensed Consolidated Statements of Comprehensive Income (In thousands, except share and per share data)
|
||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||
2024 |
|
2023 |
2024 |
|
2023 |
|||||||
| (Unaudited) | (Unaudited) | |||||||||||
| Net sales | $ |
376,470 |
$ |
356,538 |
$ |
750,105 |
|
$ |
595,256 |
|||
| Cost of sales |
|
208,360 |
|
200,090 |
|
412,384 |
|
|
344,380 |
|||
| Gross profit |
|
168,110 |
|
156,448 |
|
337,721 |
|
|
250,876 |
|||
| Selling, general and administrative expenses |
|
51,206 |
|
51,681 |
|
101,806 |
|
|
89,162 |
|||
| Income from operations |
|
116,904 |
|
104,767 |
|
235,915 |
|
|
161,714 |
|||
| Interest expense (income), net |
|
- |
|
1,305 |
|
(6 |
) |
|
3,289 |
|||
| Income before income taxes |
|
116,904 |
|
103,462 |
|
235,921 |
|
|
158,425 |
|||
| Provision for income taxes |
|
29,906 |
|
26,426 |
|
59,853 |
|
|
40,258 |
|||
| Net income | $ |
86,998 |
$ |
77,036 |
$ |
176,068 |
|
$ |
118,167 |
|||
| Basic earnings per common share | $ |
0.80 |
$ |
0.71 |
$ |
1.62 |
|
$ |
1.09 |
|||
| Basic weighted average common shares outstanding |
|
108,693,887 |
|
108,770,204 |
|
108,667,028 |
|
|
108,771,077 |
|||
| Diluted earnings per common share | $ |
0.80 |
$ |
0.71 |
$ |
1.62 |
|
$ |
1.09 |
|||
| Diluted weighted average common shares outstanding |
|
108,810,296 |
|
108,871,440 |
|
108,803,081 |
|
|
108,893,848 |
|||
| Comprehensive income | $ |
86,998 |
$ |
77,036 |
$ |
176,068 |
|
$ |
118,167 |
|||
TREX COMPANY, INC.
|
||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands, except share data) | ||||||||
| (unaudited) | ||||||||
June 30, 2024 |
|
December 31, 2023 |
||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
1,172 |
|
$ |
1,959 |
|
||
| Accounts receivable, net |
|
270,037 |
|
|
41,136 |
|
||
| Inventories |
|
148,858 |
|
|
107,089 |
|
||
| Prepaid expenses and other assets |
|
13,747 |
|
|
22,070 |
|
||
| Total current assets |
|
433,814 |
|
|
172,254 |
|
||
| Property, plant and equipment, net |
|
774,009 |
|
|
709,402 |
|
||
| Operating lease assets |
|
38,006 |
|
|
26,233 |
|
||
| Goodwill and other intangible assets, net |
|
17,953 |
|
|
18,163 |
|
||
| Other assets |
|
6,152 |
|
|
6,833 |
|
||
| Total assets | $ |
1,269,934 |
|
$ |
932,885 |
|
||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ |
59,267 |
|
$ |
23,963 |
|
||
| Accrued expenses and other liabilities |
|
116,953 |
|
|
56,734 |
|
||
| Accrued warranty |
|
5,181 |
|
|
4,865 |
|
||
| Line of credit |
|
63,000 |
|
|
5,500 |
|
||
| Total current liabilities |
|
244,401 |
|
|
91,062 |
|
||
| Deferred income taxes |
|
67,226 |
|
|
72,439 |
|
||
| Operating lease liabilities |
|
28,322 |
|
|
18,840 |
|
||
| Non-current accrued warranty |
|
18,526 |
|
|
17,313 |
|
||
| Other long-term liabilities |
|
16,559 |
|
|
16,560 |
|
||
| Total liabilities |
|
375,034 |
|
|
216,214 |
|
||
| Preferred stock, |
|
— |
|
|
— |
|
||
| Common stock, |
|
1,411 |
|
|
1,410 |
|
||
| Additional paid-in capital |
|
142,317 |
|
|
140,157 |
|
||
| Retained earnings |
|
1,512,126 |
|
|
1,336,058 |
|
||
| Treasury stock, at cost, 32,363,306 and 32,363,306 shares at June 30, 2024 and December 31, 2023, respectively |
|
(760,954 |
) |
|
(760,954 |
) |
||
| Total stockholders’ equity |
|
894,900 |
|
|
716,671 |
|
||
| Total liabilities and stockholders’ equity | $ |
1,269,934 |
|
$ |
932,885 |
|
||
TREX COMPANY, INC.
|
|||||||
| Condensed Consolidated Statements of Cash Flows | |||||||
| (In thousands) | |||||||
Six Months Ended
|
|||||||
2024 |
|
2023 |
|||||
| (unaudited) | |||||||
| Operating Activities | |||||||
| Net income | $ |
176,068 |
|
$ |
118,167 |
|
|
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization |
|
27,606 |
|
|
24,198 |
|
|
| Deferred Income Taxes |
|
(5,212 |
) |
|
- |
|
|
| Stock-based compensation |
|
6,992 |
|
|
4,562 |
|
|
| Loss on disposal of property, plant and equipment |
|
2,262 |
|
|
1,081 |
|
|
| Other non-cash adjustments |
|
243 |
|
|
(388 |
) |
|
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable |
|
(228,901 |
) |
|
(168,751 |
) |
|
| Inventories |
|
(41,769 |
) |
|
67,348 |
|
|
| Prepaid expenses and other assets |
|
(850 |
) |
|
2,046 |
|
|
| Accounts payable |
|
35,768 |
|
|
13,816 |
|
|
| Accrued expenses and other liabilities |
|
28,688 |
|
|
20,686 |
|
|
| Income taxes receivable/payable |
|
18,746 |
|
|
25,016 |
|
|
| Net cash provided by operating activities |
|
19,641 |
|
|
107,781 |
|
|
| Investing Activities | |||||||
| Expenditures for property, plant and equipment |
|
(73,202 |
) |
|
(82,357 |
) |
|
| Proceeds from sales of property, plant and equipment |
|
106 |
|
|
- |
|
|
| Net cash used in investing activities |
|
(73,096 |
) |
|
(82,357 |
) |
|
| Financing Activities | |||||||
| Borrowings under line of credit |
|
438,300 |
|
|
330,000 |
|
|
| Principal payments under line of credit |
|
(380,800 |
) |
|
(346,000 |
) |
|
| Repurchases of common stock |
|
(5,570 |
) |
|
(18,192 |
) |
|
| Proceeds from employee stock purchase and option plans |
|
738 |
|
|
639 |
|
|
| Financing costs |
|
- |
|
|
30 |
|
|
| Net cash provided by (used in) financing activities |
|
52,668 |
|
|
(33,523 |
) |
|
| Net decrease in cash and cash equivalents |
|
(787 |
) |
|
(8,099 |
) |
|
| Cash and cash equivalents at beginning of period |
|
1,959 |
|
|
12,325 |
|
|
| Cash and cash equivalents at end of period | $ |
1,172 |
|
$ |
4,226 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806493008/en/
Brenda K. Lovcik
Senior Vice President and CFO
540-542-6300
Lynn Morgen
Casey Kotary
ADVISIRY Partners
212-750-5800
lynn.morgen@advisiry.com
casey.kotary@advisiry.com
Source: Trex Company, Inc.
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