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Trex (TREX) investor relations material
Trex Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 net sales increased 3% year-over-year to $388M, driven by new product launches and strong brand performance, despite adverse weather and a declining repair and remodel market.
New products launched in the last 36 months contributed 22% of quarterly sales, up from 13% last year.
Net income for Q2 was $76M ($0.71/share), down 13% year-over-year, with adjusted net income at $79M ($0.73/share); six-month net income fell 23% to $136M.
Arkansas plastic processing facility began operations, exceeding production and yield expectations, supporting cost efficiency and sustainability goals.
Cash provided by operations increased to $96M year-to-date, mainly due to inventory reductions.
Financial highlights
Q2 net sales: $388M (+3% YoY); Q2 gross profit: $158M (gross margin 40.8%, down from 44.7%); Q2 adjusted EBITDA: $122M (down 6% YoY).
Q2 net income: $76M ($0.71/share, -13% YoY); adjusted net income: $79M ($0.73/share); YTD net income: $136M ($1.27/share, -23% YoY).
YTD net sales: $728M (-3% YoY); YTD adjusted EBITDA: $223M.
Q2 SG&A: $56M (14.4% of sales, up from 13.6%); effective tax rate for H1: 25.9%.
Cash and cash equivalents at June 30, 2025: $5.5M; total assets: $1.54B.
Outlook and guidance
Full-year 2025 guidance reaffirmed: net sales growth of 5–7%, adjusted EBITDA margin above 31%.
Q3 net sales expected at $295M–$305M, with sequential gross margin expansion as one-time costs subside.
Q3 and Q4 adjusted EBITDA margins projected at ~32% and ~31%, respectively.
Capex for 2025 projected at $190–$210M, mainly for Arkansas facility; SG&A to be ~16% of net sales.
Inventory levels expected to end 2025 similar to 2024.
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