Simon Meester on financial performance
From Trex CEO on the demand for composite decking · · CNBC Television
“Since 2015, we've grown our revenue at a 14 percent annual rate, and during that same time we've grown our EBITDA by 20 percent, so it's been impressive growth in the past.”
On , Simon Meester, President, Chief Executive Officer & Director at TEREX CORP, spoke about financial performance during Trex CEO on the demand for composite decking on CNBC Television.
About Simon Meester
In a September 2020 interview on CNBC's "The Exchange," Trex CEO Brian Fairbanks discussed the company's growth and demand for composite decking. Fairbanks stated that Trex's revenue grew at a 14 percent annual rate since 2015, with EBITDA increasing by 20 percent over the same period. He attributed recent demand partly to people moving from cities to suburbs and seeking outdoor living spaces, but said he did not think the growth was "simply because of the COVID pandemic." Fairbanks noted that only about 20 percent of decking currently uses Trex composite products, describing a "large conversion opportunity from wood to composite products." Fairbanks also addressed production capacity, saying Trex announced a capacity expansion in mid-2019, with new capacity coming online in June 2020 and a larger amount expected in early 2021 at its Virginia facility. He acknowledged the company would like to have more capacity but stated it was "well down the road to building more capacity to service that expanded demand."