Trex Sales Up 38 Per Cent

Trex Company, Inc. had consolidated net sales of $339 million for the first quarter of 2022, a 38 per cent increase over consolidated net sales in the first quarter of 2021. Residential contributed $327 million, a 40 per cent increase from the previous year. Commercial contributed with $12 million. The growth in net sales stems from strong value growth and pricing actions taken in 2021. Consolidated gross margin was 39.8 per cent as increased utilization, pricing actions, and production efficiencies offset inflationary pressures on raw material, labour, and logistics costs. Net income was $71 million compared to $49 million in the first quarter a year ago.