Trex reported a net income of $12.2 million for the first quarter of 2014, down 43% from its last-year Q1 earnings of $21.5 million. Net sales also fell from $107.8 million in the first quarter of 2013 to $100.6 million.
This year's tough winter weather, as expected, curbed demand for decking and delayed the start of many consumers' outdoor building projects.
"The impact was especially evident in March, when winter storms and low temperatures persisted throughout the month," said Trex CEO Ronald W. Kaplan. "Except for the weather-related impact to our sales, we are pleased with our first-quarter financial performance and remain confident about our strategy for the year."
Looking forward, Kaplan says he expects a release in pent-up demand for decking, and more sales for the Winchester, Va., company as indicated by rising consumer confidence and a strengthening home remodeling market. “For the second quarter of 2014, we expect net sales to be