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$TREX $BLDR $BLD All three lowered guidance for the full year by a good amount. Doesn’t give hope for 2H rebound for Home Improvement/Construction Spending.
Trex shares are headed for one of their worst days over the past two decades, falling more than 20%, after the maker of composite decking trimmed its sales outlook https://t.co/x7wgC3TgNT
Oh look, more awful housing data points: Trex $TREX sees 3Q sales of $220-230M vs $293M est Trex makes composite decking. Home improvement, notably outdoor home improvement, remains abysmal and likely still working through Covid pull forward. https://t.co/TQTepTFbXl
Trex Company Inc. reported a second-quarter earnings per share of $0.02, slightly surpassing analyst expectations, but fell short on revenue, leading to a downward revision of its guidance for the third quarter and full fiscal year 2024. The company anticipates third-quarter sales between $220 million and $230 million, significantly below the consensus estimate of $293 million. This marks a continued trend of lowered expectations, as Trex has adjusted its revenue guidance downward for the second half of the year for three consecutive years. The company’s stock has reacted negatively to these developments, with shares plummeting over 20%, marking one of the worst trading days for Trex in nearly two decades. The broader home improvement sector, particularly outdoor renovations, remains sluggish as it continues to adjust from the demand surge experienced during the COVID-19 pandemic.