Trex Q1 net sales $374M (+57% YoY); EPS $0.82; reaffirms FY24 revenue $1.215-1.235B

First quarter 2024 net sales were $374 million, up 57% compared to $239 million reported in the prior-year quarter. The growth in net sales was driven, in part, by the shift of our Early Buy season from the fourth quarter of 2023 that added approximately $75 million in incremental first quarter 2024 sales, the channel recalibrating inventories to prepare for the seasonal demand and increased consumer demand. Total sell-through increased at a mid-single digit rate in the first quarter. Gross profit was $170 million and gross margin was 45.4%, up 80% and 580 basis points, respectively, compared to the $94 million and 39.6% reported in the same quarter last year. Gross margin benefitted from a combination of increased capacity utilization along with related production efficiencies, and continued implementation of our cost improvement initiatives. Selling, general and administrative expenses were $51 million, or 13.5% of net sales, compared to $37 million, or 15.7% of net sales, in the 202