Trex Analysts Raise Their Forecasts Following Better-Than-Expected Q4 Results

Author: Avi Kapoor | February 27, 2024 02:19pm

Trex Company, Inc. (NYSE:TREX) reported better-than-expected fourth-quarter financial results on Monday.

Trex posted adjusted earnings of 20 cents per share, beating market estimates of 19 cents per share. The company’s quarterly sales came in at $195.75 million, versus expectations of $193.23 million, according to data from Benzinga Pro.

"Fourth quarter results represented a strong finish to the year. Sales were above the high end of our guidance range, reflecting strong demand for Trex products heading into 2024. Channel sell-through remained at mid-single-digit levels in the fourth quarter and channel inventories ended the year at historically low levels," said Bryan Fairbanks, President and CEO.

Trex said it sees FY24 net sales of $1.215 billion to $1.235 billion, versus estimates of $1.22 billion. The company expects first-quarter sales of $360 million to $370 million versus expectations of $307.1 million.

Trex shares fell 2.1% to trade at $92.89 on Tuesday.

These analysts made changes to their price targets on Trex after the company reported quarterly results.

• Truist Securities boosted the price target on Trex from $70 to $120. Truist Securities analyst Keith Hughes maintained a Buy rating.
• Stifel raised the price target on Trex from $90 to $107. Stifel analyst Stanley Elliott maintained a Buy rating.
• DA Davidson increased the price target on Trex from $80 to $87. DA Davidson analyst Kurt Yinger maintained a Neutral rating.
• UBS raised the price target on Trex from $84 to $100. UBS analyst John Lovallo maintained a Neutral rating.

 

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Posted In: TREX