) from its select list.
Analyst David Weaver says the maker of non-wood decking products reduced its guidance for both the third quarter and 2003, indicating the weather has had a significant impact on business, and that raw materials costs are running above expectations. He says Trex now anticipates at least 33 cents third-quarter earnings per share on $39 million to $40 million revenues, and $1.40 to $1.43 2003 earnings per share on $185 million to $190 million revenues.
Weaver notes the prior guidance for 2003 had called for $1.63 to $1.66 earnings per share on $200 million revenues. He cut the third-quarter estimate of 57 cents earnings per share on $57 million revenues to 35 cents earnings per share on $40 million revenues. Also, he cut the $1.69 2003 earnings per share estimate to $1.43, and cut the $2.07 2004 estimate to $1.92.
Weaver trimmed the $44 target to $38, and recommends aggressively buying at $31.