Earnings: Trex, CapitalSource

*Trex of Winchester said first-quarter profit grew 139 percent, to $8.9 million (60 cents) from $3.7 million (25 cents) in the comparable period a year earlier. Revenue grew 3.1 percent, to $119.5 million.*
Ronald W. Kaplan, chief executive of the Winchester, Va.-based maker of composite decking and fencing materials, said, "The measures we took in the first quarter - including rightsizing the Company, recruiting new management, controlling costs and enhancing operating and financial controls - have established a solid foundation for delivering improved financial results."

*CapitalSource of Chevy Chase said first-quarter profit fell 91.4 percent, to $6.8 million (3 cents) from $78.7 million (43 cents). Revenue grew almost 3 percent, to $369.7 million.
Assets under management fell $1.03 billion from the prior quarter, to $19.85 billion. The company attributed the change to a reduction of $813 million in the residential mortgage portfolio.
Chief executive John K. Delaney said he thinks the business will be strengthened by the deal to take over the assets of California-based Fremont Investment & Loan.

*UPDATE: 1:15 pm.: This paragraph was corrected; I had the years mixed up. I apologize for the error.

By Terri Rupar  |  May 6, 2008; 12:03 PM ET  | Category:  Earnings
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