![]() EBITDA was $69 million compared to $105 million in the 2022 first quarter. Net income for the 2023 first quarter was $41 million, or $0.38 per diluted share, compared to net income of $71 million, or $0.62 per diluted share, reported in the year ago quarter. The decrease was primarily related to a $3.5 million decrease in personnel related expenses, primarily driven by the divestiture of Trex Commercial and, to a lesser extent, a decrease at Trex Residential. Selling, general and administrative expenses in the 2023 first quarter were $37 million, or 15.7% of net sales, compared to $40 million, or 11.8% of net sales, in the 2022 first quarter. The decrease was offset, in part, by improved manufacturing performance and other cost containment actions. The decrease was primarily the result of lower capacity utilization due to a decrease in production levels. Our first quarter EBITDA margin of 28.8% was attained while also making significant investments in research and development to drive long-term growth," said Fairbanks.Ĭonsolidated gross profit as a percentage of net sales, gross margin, was 39.6% in the first quarter of 2023 compared to consolidated gross margin of 39.8% and Residential gross margin of 40.9% in the same quarter last year. We achieved a sequential increase in gross margin during a period of lower utilization through improved raw material usage and by capitalizing on the opportunity to upgrade our equipment and generate operating efficiencies. Our plants are producing at an annual revenue rate of one billion dollars, with the ability to quickly and efficiently flex production up or down based on the demand environment. Additionally, we strengthened our market leadership position and stimulated demand with innovative new products that meet the evolving needs of the marketplace and that have earned positive feedback from channel partners and consumers. "First quarter results were broadly consistent with our plan as channel inventory levels and market demand aligned with our expectations. Supported by our industry-leading brand, manufacturing efficiency, and the strength of our decades-long relationships with best-in-class channel partners in the industry, Trex continued to generate industry-leading margins and profitability," said Bryan Fairbanks, President and CEO of Trex. "Our performance in the first quarter demonstrated the broad-based appeal of our product line and the continued attractiveness of the outdoor living category as an ongoing secular trend. Net income of $41 million and diluted earnings per share of $0.38ĮBITDA of $69 million and EBITDA margin of 28.8% ![]() (NYSE:TREX), the world’s #1 brand of high-performance, low-maintenance and eco-friendly composite decking, railing and outdoor living products, today reported first quarter 2023 results. WINCHESTER, Va., May 08, 2023-( BUSINESS WIRE)-Trex Company, Inc. Reaffirm 26%-27% EBITDA Margin for FY 2023 Guiding to Second Quarter Revenue of $310 Million to $320 Million Trex Board of Directors Approved a New Share Repurchase Program up to 10% of the Company’s Outstanding Common Stock
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