By Ben Glickman
Shares of Trex rose after the company reported stronger-than-expected results.
The stock was up 9.4% to $60.50 in after-hours trading, following a 1.9% rise at Monday’s close. Shares have risen 31% this year.
The Winchester, Va.-based building-products company logged a third-quarter profit of $65.3 million, or 60 cents a share, compared with $14.4 million, or 13 cents a share, a year earlier. Analysts polled by FactSet expected per-share profit of 60 cents.
Revenue surged 62% to $303.8 million, surpassing the $290.1 million forecast by analysts polled by FactSet.
Chief Executive Bryan Fairbanks said the company continued to see strong demand for its products. Higher sales volume and efficiencies led to boosted margins in the third quarter, the company said.
Trex expects revenue of $185 million to $195 million in the fourth quarter, compared with the $188.4 million forecast by analysts polled by FactSet.
Write to Ben Glickman at [email protected]
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