Trex Company Inc. (TREX: Quote) posted a significantly narrower fourth-quarter net loss of $3.6 million, or $0.22 per share, versus a $18.3 million, or $1.18 per share loss, for the prior-year period. During the recent quarter, the company recognized a $1.5 million provision for costs related to the mold class action.
Before giving effect to that charge, the 2012 pro-forma net loss was $2.1 million, or $0.13 per share. During the 2011 quarter, the company recognized a $10.0 million increase to the warranty reserve for decking material manufactured at its Nevada plant prior to 2007. Before giving effect to that charge, the 2011 net loss was $8.3 million, or $0.54 per share.
On average, 7 analysts polled by Thomson Reuters expected loss per share of $0.18 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter reached $46.2 million, compared with $51.5 million for the 2011 fourth quarter. Analysts estimated revenues of $45.27 million for the quarter.
According to Trex, "With our expanded array of products, operational enhancements, innovative sales and marketing programs and an improving housing market, we expect 2013 to be a strong year for Trex. For the first quarter of 2013, we expect net sales to total $107 million, an increase of approximately 11 percent from the 2012 period."
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by RTT Staff Writer
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