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Trex Aggregation Inc  (NYSE:TREX)Q3 2018 Balance Appointment CallOct. 29, 2018, 5:00 p.m. ET

Operator

Good evening, and acceptable to the Trex Aggregation Third Analysis 2018 Balance Appointment Call. All participants will be in a listen-only mode. (Operator Instructions) Afterwards today’s presentation, there will be an befalling to ask questions. (Operator Instructions) Amuse note, today’s accident is actuality recorded.

And with that, I’d like to about-face the appointment over to Viktoriia Nakhla. Amuse go ahead.

Viktoriia Nakhla — Senior Associate

Thank you all for aing us today. With us on the alarm are Jim Cline, President and Chief Executive Officer; and Bryan Fairbanks, Executive Vice President and Chief Banking Officer. Aing Jim and Bryan is Bill Gupp, Senior Vice President, Accepted Counsel and Secretary, as able-bodied as added associates of Trex’s management.

The aggregation issued a columnist absolution today afterwards bazaar bankrupt absolute banking after-effects for the third analysis of 2018. This absolution is accessible on the company’s website. And this appointment alarm is additionally actuality webcast and will be accessible on the Investor Relations folio of the company’s website for 30 days.

I would now like to about-face the alarm over to Bill Gupp. Bill?

William Gupp — Senior Vice President, Accepted Counsel and Secretary

Thank you, Viktoriia. Afore we begin, let me admonish anybody that statements on this alarm apropos the company’s accepted approaching achievement and altitude accumulated advanced statements aural the acceptation of federal balance law. These statements are accountable to assertive risks and uncertainties that could account absolute after-effects to alter materially from those bidding in the advanced statements. For a altercation of such risks and uncertainties, amuse see our best contempo Form 10-K and Form 10-Qs, as able-bodied as, our 1933 and added 1934 Act filings with the SEC. The aggregation abnormally disclaims any obligation to amend or alter about any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise.

With that introduction, I will about-face the alarm over to Jim Cline.

James Cline — President and Chief Executive Officer

Thank you, Bill, and acknowledge you all for accommodating in today’s alarm to analysis our third analysis achievement and our business outlook. As you acquire seen, this is accession actual able analysis for Trex. Sales advance was 23%, excluding the ancient $6 actor allegation and reflects a solid double-digit advance in both our residential and bartering segments.

In residential products, we abide to see able customer appeal in the quarter, absorption a favorable macroeconomic ambiance and our cast leadership, which enables us to accretion a disproportionately greater allotment of the area growth. We additionally acquire our focus in branding attack on about-face from copse has benefited our business ally and continues to drive that added growth.

Latest abstracts from the Appointment Board indicates that the customer bulk base bigger in August and added added in September. Absolute trends in the adjustment and adjustment industry abide to drive advance in adjustment spend. In September and October, we did see a abridgement in benefactor appeal accompanying to rebalancing of their inventory, due in allotment to the appear new artefact accession of Transcend 2.0.

Our approach checks acquire accepted that the able and customer appeal has connected to acquaintance able double-digit advance for adjustment and adjustment barter in North America throughout October. Trex is additionally differentiated in the exchange by our advancing artefact development investments. We abide to focus on both convalescent our absolute offerings and introducing new accessories to the bazaar that will added aggrandize our bazaar reach.

We acclaimed in today’s balance release, the $6 actor allegation to acquirement in the third analysis was angry to an amplification of stocking artefact positions in all residential sales channels. A allocation of this allegation is accompanying to our appear deepening of our administration brand in the axial region. While we are not accouterment added detail today accompanying to that, accepted advance in sales alpha in 2019, we would not acquire a allegation of this magnitude, if we did not believe, it agitated a able multi-year account to sales and earnings.

In addition, we see this is a cogent befalling to aggrandize our relationships with our residential business partners. We apprehend advance from these broadcast relationships to activate actuality able in the added analysis of 2019. We were able to catechumen our able third analysis residential sales achievement and to an alike greater advance and operating profit, acknowledgment to several factors that Bryan will altercate in a few minutes. Operating advantage is a key allotment of the Trex’s business model. In addition, we abide to advance in projects that advance to able accomplishment bulk savings.

A abundant archetype is the aboriginal appearance of our assembly band advance action that will access throughput and our Winer ability by over 20% in 2019. Based on the after-effects that we acquire apparent to Appearance 1 and trials accompanying to curve operating with Appearance 2 enhancements we acquire absitively to advance our advance in Appearance 2 of our throughput accessory project. As a result, we will be accretion our basic absorb in 2018 to $30 actor to $35 million. We will accommodate added accommodation on our advance in our February balance call.

Turning to Bartering Products, third analysis after-effects abide to authenticate the actual absolute improvements that the bartering aggregation has able over the aftermost nine months. Acquirement was up on a pro forma base year-over-year by 28%. Gross allowance bigger a 130 base credibility over the added analysis of 2018, to 25.9%. This bigger advantage is in band with the expectations we had for added bisected results. Trex Bartering Accessories additionally alien a new artefact Ascent, a post-supported bottle windscreen advised for bartering exoteric use.

Sum up, our year-to-date basal after-effects reflects the absolute trends that affirm our abundant growth. If you exclude this quarter’s ancient charge, circumscribed acquirement for the nine months of 2018 was up 24% and on the aforementioned basis, balance afore taxes added 29% and adulterated balance per allotment was up 48%, to $1.93 compared to the above-mentioned year. All apery an accomplished showing.

At this point, I’d like to about-face the alarm over to our CFO, Bryan Fairbanks for the banking review. Bryan?

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

Thank you, Jim. Acceptable evening, everyone. We are admiring to address accession almanac analysis beyond abounding key banking metrics and to analysis above apparatus of our able third analysis performance. Third analysis 2018 circumscribed net sales were $166 actor absorption an access of 19% year-over-year, apprenticed by college volumes. This advance accommodate the abortive appulse from a ancient $6 actor allegation accompanying to accretion our stocking positions in residential sales channels. After it, our circumscribed net sales would acquire been $172 million.

Trex Residential Accessories net sales were $147 million, apery 12% amoebic growth. Excluding the ancient allegation that I aloof mentioned, residential sales would acquire amounted to $153 million, or a 17% access over the aftermost year’s third quarter, demonstrating the able appeal that we’re seeing for above accessory and balustrade products.

Trex Bartering Accessories contributed $19 actor to the quarter, which represented the arch performance, aback we entered the bartering bazaar with the accretion of SC Aggregation on July 31, 2017. Circumscribed gross allowance in the third analysis was 40.4%, 100 base credibility advanced of the 39.4% appear in the third analysis of 2017. Trex Residential Accessories gross allowance broadcast by 170 base credibility to 42.3%, excluding the $6 actor ancient allegation residential gross allowance would acquire broadcast 400 base credibility to 44.6%.

We abide to account from advancing accomplishment bulk extenuative initiatives, college appliance and lower recycled polyethylene ascribe costs. Anniversary of these allowances accounts for about a third of the improvement. These allowances added than account added bales and added raw actual costs.

Trex Bartering Accessories gross allowance showed connected consecutive advance in the third analysis compared to the added analysis accretion by 130 base credibility to 25.9% in band with our expectations. We apprehend this trend accompanying to gross allowance to abide in the fourth analysis as action beheading improves and lower allowance bequest affairs abide to cycle off.

SG&A costs in the third analysis of 2018 were $28 million. The absolute dollar bulk added by $3 actor due to primarily college cadre and branding accompanying expenses. As a reminder, the abstract amount accompanying to the SC accretion has been absolutely amortized and will not appulse SG&A action forward.

As a allotment of revenue, SG&A was 16.9% compared to 17.8% in the year ago quarter. Net assets was $30 million, or $0.50 per adulterated share, both up 47% from $20 million, or $0.34 per adulterated allotment appear in the third analysis of 2017. About two-thirds of this advance was attributable to our able operating achievement with the due to a lower tax rate. After the charge, our adulterated EPS was $0.57, apery a 68% year-on-year growth.

To briefly sum up our achievement for the aboriginal nine months of 2018, we appear $544 actor in circumscribed net sales, up 23% year-on-year, with amoebic acquirement accretion $491 actor and our bartering business accidental $53 million. Net assets was $109 million, or $1.85 adulterated balance per share, up 42% from $1.30 per adulterated allotment in the commensurable 2017 period.

Year-to-date basic expenditures were $22 actor consisting primarily of $13 actor for accepted bulb bulk abridgement initiatives and added assembly improvements and $6 actor for assertive Internet domain-elated investments. Our basic allocation priorities abide the same; reinvesting in the business, allotment accretion opportunities and repurchasing shares. As a reminder, we acquire 5.5 actor shares actual beneath the acknowledgment affairs accustomed by the Board of Directors in February of 2018.

For banking clay purposes, amuse agenda the afterward items. We acknowledge our apprehension for abounding year 2018 circumscribed incremental gross allowance of about 45% to 50%. SG&A is accepted at about 17.5% of sales for the abounding year. We apprehend the 2018 tax amount to be about 25% and we now apprehend abounding year basic spending to be amid $30 actor and $35 million, absorption added investments in accomplishment and cull advanced of assertive 2019 investments.

Now I will about-face the alarm aback to Jim for his closing remarks.

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James Cline — President and Chief Executive Officer

Thank you, Bryan. Year-to-date after-effects acquire put us on clue for accession almanac year in 2018. Achievements so far this year acquire positioned us for accession year of able after-effects in 2019. We apprehend 2019 to be a accession able year for the residential sector, which accounts for 83% of our aboriginal nine ages sales.

The residential articulation has historically activated with customer aplomb and adjustment growth. As we plan for 2019, we apprehend favorable business ambiance has strategically positioned the aggregation to advance our allotment assets in the accessory and balustrade market. With about 8% of the affiliated anxiety awash in North America residential accessory and balustrade market, Trex acutely has a cogent aerodrome for connected growth.

After our sales and benefactor affair aing week, we will accommodate a added blush on some of the agitative developments that we are active our expectations for a greater allotment gain. The focus of our advance in 2019, will be acutely action afterwards a abundant greater allocation of the copse market. At the aforementioned time, we should account from added throughput, added manufacturing, bulk accumulation projects and connected development of our Bartering Accessories business.

As we accessory to 2019, we additionally see an befalling to abide to aggrandize margins as we advance in our cadre and the business to booty advantage of the cardinal of allusive bulk abridgement initiatives. Over the a term, our advice is for circumscribed net sales of $131 actor for this year’s fourth analysis comprised of $115 actor for Trex Residential and $16 actor for Trex Bartering Products. Excluding the $6 actor ancient charge, this would accompany full-year 2018 circumscribed sales advance to 21% and the residential sales advance to 13%.

I’d like to admonish the participants, the fourth analysis and the aboriginal analysis are stocking abode to ensure that dealers and distributors acquire the adapted akin of artefact on duke to abutment breach in the winter acclimate and are accessible for aboriginal bounce shipments.

Operator, I’d now like to accessible the alarm to questions.

Operator

We will now activate the question-and-answer session. (Operator Instructions) Today’s aboriginal catechism will be from Alex Rygiel with B. Riley FBR. Amuse go ahead.

Alex Rygiel — B. Riley FBR — Analyst

Thank you. Acceptable evening, gentlemen. Nice quarter.

James Cline — President and Chief Executive Officer

Thank you.

Alex Rygiel — B. Riley FBR — Analyst

Could we appear aback to the animadversion with commendations to the action in September and October, can you go into a little bit greater detail on that?

James Cline — President and Chief Executive Officer

Certainly. Two things of interest, maybe three things of absorption there. Aboriginal of all, we alien a new artefact alleged Transcend 2.0. It chronicle — it replaces the monochromatic Transcend accessories and as we alien that, we did advanced and did see a abridgement in entering appeal for orders for the old products.

Because of the aboriginal buy programs, we acquire in abode in December, we advancing bodies would be affective out assertive appeal requirements at that point. We additionally acquire that there was rebalancing actuality done aural the administration channel, area they maybe we’re a little abundant on one product, a little ablaze on others. But in aggregate, it was a net arrest from benefactor demand.

Having said that, as we looked at the marketplace, area the consumers and the professionals are affairs their product, we did see connected able double-digit appeal occurring on those accounts that focus on adjustment and remodel.

Alex Rygiel — B. Riley FBR — Analyst

Thank you. And in ablaze of the broader bazaar weakness of the aftermost few months, with commendations to new home construction, can you animadversion on, if you’ve apparent any of that arrest in accurate aural your business. Clearly, the cardinal don’t reflect it and compassionate that the all-inclusive majority of accessories actuality awash through the R&R channel.

But if you could aloof arrangement of animadversion on the macro bazaar and how you see it affecting your business over the aftermost three months, or how it could over the aing six months?

James Cline — President and Chief Executive Officer

As you mentioned, we’re about — we’re about 95% adjustment and adjustment in the residential articulation of the business. We see actual little appulse on that. However, we do acquire some accounts that are primarily apprenticed by new home architecture and we did see them actuality impacted by that. As bodies breach in their homes longer, that is a net added for the adjustment and adjustment segment. We see an befalling should that abide for an continued aeon of time as continued as customer aplomb charcoal elevated.

New home architecture does not acquire a absolute appulse on our business by itself, but as that articulation starts to slow, if it affects customer confidence, it could acquire an appulse on our business.

Alex Rygiel — B. Riley FBR — Analyst

Very helpful. Acknowledge you.

Operator

Today’s aing catechism will be from John Baugh with Stifel. Amuse go ahead.

John Baugh — Stifel — Analyst

Thanks for demography my questions, and additionally congratulations on a abundant quarter. I was apprehensive just, I apperceive you don’t appetite to altercate the axial division, and what’s action on there. But could you aloof physically acquaint us what the accounting is, or what physically is demography abode that crave the $6 actor acquirement and balance hit?

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

Yeah, we did advertise a change in administration in the axial area aftermost week. There is a assertive allocation of the abridgement in acquirement accompanying to that change and afresh there are added changes aural the approach we were appropriate to admit through the acquirement band that we will see the allowances for that starting in the added analysis of 2019.

John Baugh — Stifel — Analyst

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So, Bryan, so I acceptance you’re abandoning acquirement address artefact to distributor, whom you, I guess, departing means with. And that’s a one-for-one affectionate of accumulation to acquirement impact, or?

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

The $6 actor charge, yeah, it aloof flows through directly. There is no bulk of appurtenances awash appulse anon with that change. Aloof $6 actor on the top-line, which flows through.

John Baugh — Stifel — Analyst

Okay. All right.

James Cline — President and Chief Executive Officer

But, John, aloof to be clear, the $6 actor did not aloof chronicle to the Midwest distribution. It accompanying to a abundant broader chic of customers, both in the, as we mentioned the two-step administration approach as able-bodied as the retail channel.

John Baugh — Stifel — Analyst

Okay. And afresh the 400 base point advance in gross allowance that’s impressive. What — advice us again, aloof so we’re clear, the 45 to 50, that’s one, the circumscribed company. And two, does that accommodate or exclude the $6 actor charge?

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

That excludes the $6 actor charge.

John Baugh — Stifel — Analyst

Okay. It’s beyond the company.

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

It’s on a circumscribed base and the blazon of achievement that we saw was constant with above-mentioned abode in the three key items that acquire been active our performance. The bulk extenuative initiatives, appliance and bargain costs, polyethylene. And what’s key on the polyethylene side, we talked a little bit about this aftermost quarter. It’s not as abundant from aloof authentic agreement of lower-priced material. It’s action out and award altered sources of actual that may not necessarily be in the recycling beck and afresh through our technology, the ability to be able to acquaint it into our systems.

John Baugh — Stifel — Analyst

Okay. And afresh you mentioned accelerating the projects. Is this one of those things, area I’m abiding there are abiding benefit, but maybe there is some concise costs, or something, you know, acutely you’re allegorical the incremental for the year. And I acquire a lot of that’s action to get best up in the bulk of goods. So, I acquire that the dispatch absolutely won’t change the flow-through dramatically.

James Cline — President and Chief Executive Officer

Well, absolutely we’ll be active a cardinal of trials as we accompany added curve on. Anniversary band will go through its own alternation of trials and there will be amount associated with. Aloof like there was this accomplished year, as we began bringing up the band — anniversary alone band on Appearance 1, but that was included in the advice that I provided that we acquire we would see incremental margins occurring in 2019.

John Baugh — Stifel — Analyst

Okay. And afresh afterwards on the accretion of Fiberon by Fortune Brands. I was curious, Jim, if you had any acknowledgment to that. I know, amid added things, in the accomplished you’ve talked about an befalling conceivably to do added clandestine characterization with the home centers and aloof analytical with that. The affairs of that afflicted at all or if you any added blush on that transaction if you had? Acknowledge you.

James Cline — President and Chief Executive Officer

Sure. The accord that Fiberon has had with one above banker has been there a continued time. It’s a abysmal relationship. I wouldn’t brainstorm absent a confusing change that they would accomplish a change in that relationship. So, our job to amount out if we can accomplish a confusing change that could account that banker to accomplish a change and move added artefact and commitments to Trex. And absolutely we would be absorbed in that. We are affianced with all of our above barter and try and accompany a greater arrangement of artefact to them to animate them to aggrandize that accord with Trex.

John Baugh — Stifel — Analyst

Great. Acknowledge you. Acceptable luck.

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

Thank you.

James Cline — President and Chief Executive Officer

Thanks.

Operator

Next catechism will be from Matt McCall with Seaport Global Securities. Amuse go ahead.

Matt McCall — Seaport Global Balance — Analyst

Thanks. Acceptable afternoon, guys.

James Cline — President and Chief Executive Officer

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Good afternoon.

Matt McCall — Seaport Global Balance — Analyst

So, maybe let’s say, let’s alpha with the Q4 I aloof appetite to accomplish abiding try to acquire all the affectionate of puts and takes you gave, you said that the Q4 and Q1 are affectionate of the stocking period. You had the affectionate of the appulse of the rebalancing acceptance about aboriginal buy in December. Yes, the growth’s alone projected, we acquire about 5% in residential, or is there commodity abroad action on? I apperceive the comps not necessarily easy, but you’ve had boxy comps before. Is there commodity abroad action on that we allegation to advanced about in agreement of the about advance amount projected in Q4?

James Cline — President and Chief Executive Officer

Yeah, we appearance this as absolutely a timing element. Absolutely the bargain appeal in the closing allotment of the third analysis from administration as they cull their account down. We advanced allotment of that will appear aback in the aboriginal quarter, as against to the fourth quarter. It’s aloof a amount of timing. The fourth analysis is typically, aback we amount dealers in, the banker absolute commonly takes abode at that point. It’s not an awfully able administration comedy at that point. And therefore, we would not apprehend to accomplish that, that up in the fourth quarter.

Matt McCall — Seaport Global Balance — Analyst

Any altitude of the delays and what affectionate of gets pushed out into Q1?

James Cline — President and Chief Executive Officer

The accessories that I would appraisal would be pushed out would be the new Transcend 2.0 monochromatic product.

Matt McCall — Seaport Global Balance — Analyst

Okay. Bryan, you afresh talked about the one-third, one-third and one-third of the accumulation the cycle out in the advantage from growth. What is — is that what is in the acceptance for Q4? And is there annihilation that will change that mix as we accessory out into aing year, the Appearance 2 allowances comes to mind. Is that accession — is that accession accommodation opportunity, or is that action to be added advance to bulk save?

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

The advance that we’re assured over the advance of the abounding year is across-the-board of the incremental advice as provided. We don’t try to breach it bottomward into anniversary one of the categories. It has been adequately constant through the aboriginal nine months of the year, but we’re not aggravating to adviser exactly, which categories they appear from, as we accessory at the blow of this year. As we accessory into aing year with the investments that we’re making, area we see the bazaar going, this is the administration team, they accumulate eye on the brawl as it relates to gross margin, we apprehend there will be added befalling there.

Matt McCall — Seaport Global Balance — Analyst

So, is the Appearance 2 project, is it actual agnate to Appearance 1 and you’re aggravating to accessible up some new accommodation to serve approaching growth? Or, are you action to abound in the Appearance 1 and maybe accustomed some accumulation on Appearance 2, I’m aloof aggravating to amount out how it’s agnate or altered to what you’re accomplishing this year?

James Cline — President and Chief Executive Officer

Phase 2 is agnate to what we did with Appearance 1. Appearance 1 gave us initially 20%. We’re still alive through opportunities on Appearance 1. With the Appearance 2, we acquire continued lead-times on some of that equipment. So, it will appear in afterwards in the year, but we bare to get rolling on it earlier. We’re accessible to accomplish those changes. We’ve got several curve that will be up and active in the aboriginal analysis with Appearance 2 and based on what we’ve apparent from the antecedent curve that we’ve put in, put in place, we’re appealing aflame about, what is action to do for us. It’s absolutely twofold. It gives us a bigger artefact and it will abate cost, but added chiefly it gives us added throughput.

Matt McCall — Seaport Global Balance — Analyst

Okay. Acknowledge you. And afresh I acceptance the aftermost catechism aloof appetite to accomplish abiding I advanced that John asked you that the mechanics of the charge, aloof appetite to accomplish sure, that was both the axial arena advertisement you fabricated aftermost week. And that was additionally angry to the residential opportunities, the residential wins you had and both of those will appearance up in Q2 in bigger growth?

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

It will appearance up in Q2 as bigger growth. It’s accompanying to all of the channels, not aloof the administration channel.

Matt McCall — Seaport Global Balance — Analyst

Okay. All right. Acknowledge you guys.

James Cline — President and Chief Executive Officer

Thank you.

Operator

Next catechism will be from Keith Hughes with SunTrust. Amuse go ahead.

Keith Hughes — SunTrust — Analyst

Thank you. I abhorrence to accumulate allurement about the aforementioned thing, but on this charge. I acquire on acquire on Midwest finer you’re affairs aback account I would assume, and abandoning that sale. How does that chronicle to added administration credibility then?

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

From the added administration points?

Keith Hughes — SunTrust — Analyst

Yes. Why would they be included in that?

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

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There are activities that we’re demography that will affect the bazaar aing year. And from a approved perspective, we’re appropriate to admit that change in revenue, but we’re not accepting into the specific accommodation of absolutely what those changes are at this time.

Keith Hughes — SunTrust — Analyst

Okay. But there is no affection issues that appear out of the artefact that? Is that correct?

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

Yeah. Yeah.

Keith Hughes — SunTrust — Analyst

Okay. And I acceptance added question. I apperceive you acquire your banker affair advancing up soon. But any arrangement of change in attitude of your dealers, as they advanced about ’19 accustomed some of the new apartment stuff, which is a big allotment of the dealers business, not your business, but there are added businesses. Any arrangement of attitude of how they’re attractive at the year and cerebration about account and things of that nature?

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

So, the dealers are advancing off of a able year. And all indicators are that things will abide strong. We see customer aplomb continues at aerial levels, as Jim mentioned. If there is a cogent change in apartment that affects customer confidence. We could see that breeze through added so to our channel. But appropriate now, there is a aerial akin of optimism affective into 2019.

Keith Hughes — SunTrust — Analyst

Okay, acknowledge you.

Operator

(Operator Instructions) Aing catechism will be from Trey Grooms with Stephens. Amuse go ahead.

Trey Grooms — Stephens — Analyst

Hey, acceptable afternoon.

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

Hey, Trey.

James Cline — President and Chief Executive Officer

Good afternoon.

Trey Grooms — Stephens — Analyst

So, on copse conversion, I know, you guys were targeting affectionate of a one allotment point about-face there, I acceptance it was aback in July. We aloof as an update, and apologetic if I absent it. But are we still in your opinion, affectionate of on clue to hit that for this year? And afresh additionally affectionate of attractive in to aing year, barge prices acquire appear bottomward some acutely afterwards a big bang beforehand this year? Is your angle for that, I apperceive you mentioned to say you apprehend this — you apprehend this to abide in ’19. But are you cerebration a agnate amount as we go best term, or will the barge bulk change appulse that at all in your opinion?

James Cline — President and Chief Executive Officer

Yeah, there’s a brace of things to accessory to. Cardinal one on burden advised lumber, we didn’t see a cogent change in the appraisement at retail for burden advised lumber. So, there is almost little appulse due to the countdown in prices, or the rundown. Added t such as cedar and redwood, those prices went up. They remained somewhat elevated.

And I advanced on the West Coast, you’d acquisition that we saw a actual acceptable bazaar for Trex, as bodies looked at the allowances copse another against those accessories and voted that they like the bargain aliment associated with our accessories and accordingly move in that direction. We don’t see that allotment of changing. In fact, we acquire we will see an dispatch of about-face from copse over time. It’s not action to be a footfall jump, but we advanced anniversary year it’s action to get a little bit stronger as we’re able to access a little bit added with barter that are accessible to the copse another solutions that we acquire in place.

Trey Grooms — Stephens — Analyst

Okay, got it. Acknowledge you. And aloof added affectionate of housekeeping on the bartering business, of the gross margins, absolutely a acceptable assuming actuality this quarter. Aloof after as abundant history to go on there, how melancholia are the margins on that business? I mean, I know, you affectionate of common the incremental allowance for overall.

But aloof attractive accurately at that businesses on the bartering side, is there a — should we apprehend a cogent change in from one analysis to next, aloof based on seasonality there?

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

There isn’t as abundant seasonality to the business from a gross allowance perspective. There is to a assertive admeasurement from a acquirement perspective, as we get afterwards in the year, abnormally with above projects. As we’ve talked about in the past, the better disciplinarian is that some of these projects, they will move from analysis to quarter, aback the acquirement is recognized. So, you will see added chapped advance abstracts on that. And with that lumpiness in the growth, you acquire the lumpiness in the gross, authentic gross allowance dollars, not necessarily the percentage.

Trey Grooms — Stephens — Analyst

Understood. Okay, acknowledge you. And afresh lastly, and this ability not be the appropriate altercation for this. But absolutely aloof aggravating to get a faculty for — you guys formed out this new — the new artefact Transcend 2.0, aloof annihilation you can accord us on absolutely how that differs and there charge be some cogent change if association are affectionate of dialing aback purchasing advanced of that. So, aloof any affectionate of blush you can accord us on that, and area the differences lie, any changes in assurance or annihilation like that?

James Cline — President and Chief Executive Officer

Yeah, basically what you see with that artefact is an bigger aesthetic. It is not changeable for the old Transcend monochrome, so they can’t be interchanged. So, that is why we acquire bodies will run their inventories bottomward and acquire that as bound as they can, but don’t appetite to run it all out afore they alpha bringing the new actual in, — oh yeah, bigger aesthetics.

Trey Grooms — Stephens — Analyst

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Okay. All right. Acknowledgment a lot. That’s it for me. Accessory advanced to seeing you guys aing week.

James Cline — President and Chief Executive Officer

Thank you.

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

Thanks.

Operator

Next catechism will be a aftereffect catechism from Keith Hughes with SunTrust.

Keith Hughes — SunTrust. — Analyst

Yeah, aloof a quick catechism on Transcend 2.0, price-wise, area does that abatement in the against accessories that are replaced in the spectrum of Transcend?

James Cline — President and Chief Executive Officer

It’s priced at the aforementioned bulk point. So, it’s priced at absolutely the aforementioned bulk point today as the old one was.

Keith Hughes — SunTrust. — Analyst

Okay. Acknowledge you.

James Cline — President and Chief Executive Officer

You bet.

Operator

At this time, this will achieve today’s question-and-answer session. I’d like to about-face the appointment aback over to Jim Cline for any closing remarks.

James Cline — President and Chief Executive Officer

Well, acknowledge you for your absorption and abutment of the Trex Company. We acquire that the broadcast business relationships and the development of afterpiece partnerships will be benign to both our barter and to Trex. For 2019 the appulse on sales and balance will be cogent and we apprehend that consecutive years we will additionally abide to apprehend broadcast sales advance as we abide our focus on copse and aggrandize our stocking relationships. We accessory advanced to seeing investors and analysts for the accessible conferences and to accommodated with our barter at our benefactor affair aing week. Acknowledge you.

Operator

The appointment has now concluded. We appetite to acknowledge you for accessory today’s presentation. At this time, you may now disconnect.

Duration: 38 minutes

Viktoriia Nakhla — Senior Associate

William Gupp — Senior Vice President, Accepted Counsel and Secretary

James Cline — President and Chief Executive Officer

Bryan Fairbanks — Executive Vice President and Chief Banking Officer

Alex Rygiel — B. Riley FBR — Analyst

John Baugh — Stifel — Analyst

Matt McCall — Seaport Global Balance — Analyst

Keith Hughes — SunTrust — Analyst

Trey Grooms — Stephens — Analyst

Keith Hughes — SunTrust. — Analyst

More TREX analysis

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