TREX - Why Trex Stock Soared Today
2023-08-01 16:49:30 ET
Trex (NYSE: TREX) had a much stronger than expected quarter, and Wall Street is adjusting its expectations upward as a result. Investors are excited about what the company is building, sending shares up as much as 10% on Tuesday.
Trex is a manufacturer of composite decking products. The stock is down big since the beginning of 2022 due to investor fears about a slowdown in housing and home renovations due to rising interest rates, but the company showed in the latest quarter it has its house in order.
Trex earned $0.71 per share in the third quarter on revenue of $356.5 million, easily topping Wall Street expectations for $0.53 per share in earnings on sales of $318.5 million. The company reported a gross margin of 43.9% and an EBITDA margin of 32.8% in the quarter, showing the results of a previously announced cost-cutting program.
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Why Trex Stock Soared Today