Trex Company Turns To Profit In Q4

(RTTNews) - Trex Company, Inc. (TREX), a company using recycled materials in the manufacture of wood-alternative decking, railings and other outdoor items, Monday reported a net profit for the fourth quarter, compared with loss in the same period last year. The quarter also witnessed a growth in net sales, helped by expanded distribution and dealer demand.

Further, the company announced a new common stock repurchase program of up to $50 million.

The Winchester, Virginia-based company reported a net profit of $15.10 million or $0.90 per share, compared with a loss of $3.62 million or $0.22 per share reported for the corresponding period last year.

Excluding a $10.9 million income tax benefit, profit for the quarter was $3.9 million or $0.23 per share.

On average, eight analysts polled by Thomson-Reuters estimated the company's earnings to be $0.06 for the quarter. Analysts' estimates typically exclude one-time items.

For the three months to December, net sales rose to $63.83 million from $46.15 million a year earlier. Analysts had expected net sales of $50.63 million.

For the full-year 2013, net sales increased to $342.51 million from $307.35 million a year earlier. Earnings for the year rose to $34.59 million or $2.02 per share, from $2.72 million or $0.16 per share last year.

For the first quarter of 2014, the company expects net sales of approximately $115 million.