Trex Q2 Profit Climbs - Quick Facts

(RTTNews) - Trex Company, Inc. (TREX), a manufacturer of wood-alternative decking and railing products, Monday said net income was $15.16 million, or $0.46 per share, compared to $13.2 million, or $0.38 per share, for the prior-year quarter.

The latest results reflect a $9.1 million increase in income taxes driven by the return to a normal tax rate after exiting its tax valuation allowance at year-end 2013. The tax increase impacted earnings per share by $0.27 as compared to the prior-year period.

Last year, the company recognized a $1.7 million adjustment to the mold class action provision. Before giving effect to this adjustment, net income was $14.9 million, or $0.43 per share.

On average, six analysts polled by Thomson Reuters expected earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter climbed 23 percent to $121.3 million from $98.6 million in the prior year. Analysts expected revenues of $123.73 million.

For this year's third quarter, the firm expects net sales to be $92 million, which represents year-over-year growth of 23 percent. Analysts expect sales of $90.46 million.