PVC and composite decking maker Trex reported a 2Q 2014 net income of $15.1 million, up 23.7% from its lackluster 1Q 2014 net income totals of $12.1 million. That growth was driven by 2Q net sales totals of $121.3 million, up 20.5% from last quarter's $100.6 million totals.
Trex CEO Ronald Kaplan says the company grew on pent-up demand and gains in market share. "Several distributors reported record sales of our products reflecting our expanded distribution footprint and dealer conversions," says Kaplan.
Earlier this year, the company initiated three cost initiative programs and began manufacturing and selling polyethylene pellets made from recycled plastic.
Looking forward to the next quarter, Kaplan predicts more sales growth. "For this year’s third quarter, we expect net sales to be