TREX - Why Trex Stock Spiked to an All-Time High on Tuesday
Shares of composite decking company Trex (NYSE: TREX) spiked higher on Tuesday following the release of financial results for the third quarter of 2021. The company's top and bottom lines were much improved from last year and exceeded expectations, which explains the market's enthusiasm today. The stock was up 12% as of 11:45 a.m. EST, hitting an all-time high.
In the third quarter, Trex's net sales increased a whopping 45% year over year to $336 million. Net sales are also up 73% from the same quarter two years ago, as the company continues to take market share away from traditional pressure-treated lumber. In fact, management noted that composite decking materials are now taking 2% market share away from wood annually, compared to around 1% in years past.
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Why Trex Stock Spiked to an All-Time High on Tuesday