WINCHESTER, Va. – Trex Firm, Inc. (NYSE:) noticed its shares soar 6.68% after the wood-alternative decking producer reported third quarter outcomes that exceeded analyst expectations and reaffirmed its full-year steerage.
The corporate posted earnings per share of $0.37, surpassing the consensus estimate of $0.32. Income got here in at $234 million, additionally beating Wall Avenue’s forecast of $225.42 million. Whereas gross sales declined 23% year-over-year, they have been forward of the corporate’s personal expectations.
Trex attributed the better-than-anticipated efficiency to sustained shopper demand for its premium-priced merchandise. The corporate estimates sell-through of those merchandise elevated by high-single digits in comparison with final 12 months.
“Our third quarter outcomes have been forward of our expectations led by sustained shopper demand for our premium-priced merchandise,” stated Bryan Fairbanks, President and CEO of Trex.
Wanting forward, Trex reaffirmed its full-year 2024 income steerage of $1.14 billion. The corporate additionally stated it expects to attain the excessive finish of its EBITDA margin steerage vary of 30.5%.
Administration expressed confidence in Trex’s long-term outlook, noting it repurchased $100 million value of shares within the third and early fourth quarters. The corporate sees vital development alternatives forward because it expands its presence within the $3.3 billion railing market.
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