Trex Company Reports Third Quarter 2024 Results
Trex Company (NYSE:TREX) reported Q3 2024 financial results with net sales of $234 million, down 23% year-over-year, and net income of $41 million ($0.37 per share). The company achieved a gross margin of 39.9% and EBITDA of $68 million. Year-to-date performance showed stronger results with net sales up 9% to $984 million and net income growth of 18% to $217 million. The company reaffirmed its full-year 2024 sales guidance of $1.14 billion and expects to reach the high end of its EBITDA margin guidance at 30.5%. Trex also announced progress on its new Arkansas facility, with plastic processing beginning in early 2025 and decking production starting in first half of 2027.
Trex Company (NYSE:TREX) ha riportato i risultati finanziari del terzo trimestre 2024 con vendite nette di 234 milioni di dollari, in calo del 23% rispetto all'anno precedente, e un utile netto di 41 milioni di dollari (0,37 dollari per azione). L'azienda ha raggiunto un margine lordo del 39,9% e un EBITDA di 68 milioni di dollari. Le performance da inizio anno hanno mostrato risultati migliori con vendite nette aumentate del 9%, arrivando a 984 milioni di dollari e una crescita dell'utile netto del 18%, a 217 milioni di dollari. L'azienda ha confermato le previsioni di vendita per l'intero anno 2024 di 1,14 miliardi di dollari e si aspetta di raggiungere il limite superiore della sua guida per il margine EBITDA, fissato al 30,5%. Trex ha inoltre annunciato progressi nel suo nuovo stabilimento in Arkansas, con l'inizio della lavorazione della plastica previsto per inizio 2025 e la produzione di decking che partirà nei primi sei mesi del 2027.
Trex Company (NYSE:TREX) informó los resultados financieros del tercer trimestre de 2024 con ventas netas de 234 millones de dólares, una disminución del 23% en comparación con el año anterior, y ingresos netos de 41 millones de dólares (0,37 dólares por acción). La compañía logró un margen bruto del 39.9% y EBITDA de 68 millones de dólares. El rendimiento acumulado en el año mostró resultados más sólidos con ventas netas aumentadas en un 9%, alcanzando los 984 millones de dólares y un crecimiento en los ingresos netos del 18%, llegando a 217 millones de dólares. La compañía reafirmó su guía de ventas para todo el año 2024 de 1.14 mil millones de dólares y espera alcanzar el extremo superior de su orientación de margen EBITDA del 30.5%. Trex también anunció avances en su nueva instalación en Arkansas, con el procesamiento de plásticos comenzando a principios de 2025 y la producción de decking iniciando en la primera mitad de 2027.
트렉스 컴퍼니 (NYSE:TREX)는 2024년 3분기 재무 실적을 보고하며 234백만 달러의 순매출을 기록했고, 이는 전년 대비 23% 감소한 수치이며, 41백만 달러의 순이익 (주당 0.37달러)이 발생했습니다. 회사는 39.9%의 총마진을 달성하였고, EBITDA는 6800만 달러에 달했습니다. 연초부터의 성과는 순매출이 9% 증가하여 9억8400만 달러에 이르렀고, 순이익은 18% 성장하여 2억1700만 달러에 도달했습니다. 회사는 2024년 전체 연도 판매 가이던스를 11억4천만 달러로 확인하였고, EBITDA 마진 가이던스의 상단인 30.5%에 도달할 것으로 예상하고 있습니다. 트렉스는 또한 아칸소 주의 신규 시설에 대한 진전을 발표했으며, 플라스틱 가공이 2025년 초에 시작되고, 데크 생산이 2027년 상반기에 시작될 예정입니다.
Trex Company (NYSE:TREX) a publié les résultats financiers du troisième trimestre 2024 avec des ventes nettes de 234 millions de dollars, en baisse de 23% d'une année sur l'autre, et un bénéfice net de 41 millions de dollars (0,37 dollar par action). L'entreprise a atteint une marge brute de 39,9% et un EBITDA de 68 millions de dollars. Les performances depuis le début de l'année ont montré de meilleurs résultats, avec des ventes nettes en hausse de 9% à 984 millions de dollars et une croissance du bénéfice net de 18% à 217 millions de dollars. L'entreprise a réaffirmé son objectif de ventes pour l'année 2024 de 1,14 milliard de dollars et s'attend à atteindre l'extrémité supérieure de son objectif de marge EBITDA, fixée à 30,5%. Trex a également annoncé des progrès concernant son nouvel établissement en Arkansas, avec un début de traitement des plastiques prévu pour début 2025 et la production de terrasses qui devrait commencer au cours du premier semestre 2027.
Trex Company (NYSE:TREX) hat die finanziellen Ergebnisse für das 3. Quartal 2024 bekannt gegeben, mit netto Umsatz von 234 Millionen Dollar, was einem Rückgang von 23% im Vergleich zum Vorjahr entspricht, und einem netto Einkommen von 41 Millionen Dollar (0,37 Dollar pro Aktie). Das Unternehmen erzielte eine Bruttomarge von 39,9% und ein EBITDA von 68 Millionen Dollar. Die bisherige Jahresperformance zeigte stärkere Ergebnisse mit einem Anstieg der Nettoumsätze um 9% auf 984 Millionen Dollar und einer Gewinnsteigerung von 18% auf 217 Millionen Dollar. Das Unternehmen bestätigte seine Verkaufsprognose für das Gesamtjahr 2024 von 1,14 Milliarden Dollar und erwartet, das obere Ende seiner EBITDA-Margen-Prognose von 30,5% zu erreichen. Trex kündigte außerdem Fortschritte in seiner neuen Einrichtung in Arkansas an, wobei die Kunststoffverarbeitung Anfang 2025 beginnen und die Deck-Produktion in der ersten Hälfte von 2027 starten soll.
- Year-to-date net sales increased 9% to $984 million
- Year-to-date net income grew 18% to $217 million
- Gross margin improved to 43.8% year-to-date, up 130 basis points
- New products launched within last 36 months account for 18% of year-to-date revenues
- Company repurchased 1.6 million shares for $100 million year-to-date
- Q3 net sales decreased 23% to $234 million year-over-year
- Q3 net income declined 38% to $41 million
- Channel partners reduced inventory by approximately $70 million
- EBITDA margin contracted 360 basis points to 29.1% in Q3
- Capital expenditure for Arkansas facility increased to $550 million from previous guidance
Insights
The Q3 results show mixed signals for Trex. Net sales declined
Key positives include high-single-digit growth in premium product sell-through, successful cost reduction initiatives and new product innovations accounting for
Management's reaffirmed guidance and confidence in reaching the high end of EBITDA margins (
Trex's strategic positioning in the railing market presents significant growth potential. The company aims to double its share in the
The divergence in consumer behavior between premium and lower-priced segments is noteworthy. Premium product demand remains robust with 6-8 week contractor lead times, while lower-priced segment shows stabilizing weakness. This trend suggests market share gains in the high-margin premium segment could offset volume pressures in the value segment.
Continued Strength in Consumer Demand for Premium Products
New Railing Product Introductions to Accelerate Market Share Gains
Provides Update on New Arkansas Facility
Reaffirms Full Year 2024 Sales Guidance and Expects to Achieve High End of EBITDA Guidance Range
Third Quarter Financial 2024 Highlights
-
Net sales of
$234 million -
Gross margin of
39.9% -
Net income of
and diluted earnings per share of$41 million $0.37 -
EBITDA of
and EBITDA margin of$68 million 29.1% -
Trex repurchased 1.6 million shares year-to-date for
$100 million
CEO Comments
“Our third quarter results were ahead of our expectations led by sustained consumer demand for our premium-priced products, for which we estimate sell-through increased by high-single digits year-on-year and contractor lead time continued to average 6 to 8 weeks. As anticipated, sell-through of our lower-priced products was below last year’s levels, consistent with a pullback in spending by consumers in this segment, although the decline was sequentially stable and less pronounced than we had expected. During the third quarter, our channel partners reduced their inventory levels by approximately
“New product development remains a strategic priority and a key driver of future double-digit growth for Trex. In the nine months ended September 30th, products launched within the last 36 months accounted for approximately
“With respect to adjacencies, our recently introduced line of Trex®-branded deck fasteners continue to garner positive customer demand given their ease of installation and the cohesive aesthetic they provide to contractors and consumers. These launches, from railing to decking to fasteners, give our channel partners a competitive edge by allowing them to deliver end-to-end solutions from one supplier—Trex—and enabling them to compete more effectively at all price points while making Trex available to a wider range of homeowners,” Mr. Fairbanks noted.
* Although Trex decking products with heat-mitigating technology are designed to be cooler than most other composite decking products of a similar color, on a hot sunny day, it will get hot. On hot days, care should be taken to avoid extended contact between exposed skin and the deck surface, especially with young children and those with special needs.
Third Quarter 2024 Results
Third quarter 2024 net sales were
Gross profit was
Selling, general and administrative expenses were
Net income for the 2024 third quarter was
Year-to-Date Results
Year-to-date net sales increased
Selling, general and administrative expenses were
Net income year-to-date was
Recent Developments & Recognitions
- Trex added two new colors to the brand’s popular Trex Enhance® decking line.
- Trex introduced All-In-One Post Kits for its Trex Select® and Trex Enhance® railing. Designed to simplify the railing purchase and installation process, these budget-friendly kits come complete with a composite post sleeve, post cap and post skirt, all packaged together.
-
Trex continues to demonstrate its commitment to tackling America’s plastic waste problem through the NexTrex® Grassroots Movement, which promotes responsible disposal of polyethylene plastic waste and gives it new life as beautiful, durable and environmentally friendly Trex® composite decking. Since launching in August of 2022, this collaborative recycling initiative has experienced tremendous growth with an impressive
227% increase in participation from eco-minded businesses, municipalities, educational institutions and other organizations across the country.
Update on New Arkansas Facility
We are providing the following additional details on our new
-
Recycled plastic processing at the Company’s new
Arkansas facility will begin in early 2025. We anticipate that the associated one-time start-up costs will total approximately beginning in the first quarter of 2025 and the associated annualized depreciation of$5 million beginning in the second quarter of 2025. We expect these operations will be running at target utilization rates by the third quarter of 2025.$10 million
-
Decking manufacturing production efficiencies at our existing manufacturing facilities have yielded increased capacity that will allow us to meet the projected demand through 2026. Therefore, the Company plans to commence decking board production at its new
Arkansas campus in the first half of 2027. We expect the one-time start-up costs to be approximately beginning in the first half of 2027, with associated annualized depreciation of$12 million beginning at the same time. We expect these operations will be running at target utilization rates by the end of 2027.$20 million
-
Capital expenditures for the
Arkansas facility are expected to be approximately , of which$550 million have already been disbursed. The increase from the Company’s prior guidance for the project primarily reflects management’s decision to build redundancies to mitigate potential production constraints within our existing manufacturing facilities as well as inflationary pressures on installation and building material costs. Upon completion of the project, total Company capital expenditures are expected to return to substantially lower levels, resulting in significant free cash flow generation.$340 million
Summary and Outlook
“Based on our year-to-date results and our channel visibility, we are pleased to reaffirm net sales guidance at the midpoint of our range,
“Looking ahead to 2025, we will be working closely with our channel partners to maximize the benefits of our expanded railing line, and we anticipate that several of our exclusive decking distributors will adopt exclusivity for Trex® railing as well. This is expected to significantly increase our penetration of the
“As the market leader, with the greatest brand awareness in the category, the largest and most trusted network of distributors, dealers and home centers in
Third Quarter 2024 Conference Call and Webcast Information
Trex will hold a conference call to discuss its third quarter 2024 results on Monday, October 28, 2024, at 5:00 p.m. ET. To participate on the day of the call, dial 1-844-792-3734, or internationally 1-412-317-5126, approximately ten minutes before the call, and tell the operator you wish to join the Trex Company Conference Call.
A live webcast of the conference call will be available in the Investor Relations section of the Trex Company website at 3Q24 Earnings Webcast. For those who cannot listen to the live broadcast, an audio replay of the conference call will be available within 24 hours of the call on the Trex website. The audio replay will be available for 30 days.
Use of Non-GAAP Measures
The Company reports its financial results in accordance with accounting principles generally accepted in
Reconciliation of gross profit (GAAP) to adjusted gross profit (non-GAAP) is as follows:
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
Trex Company, Inc. | 2024 |
2023 |
2024 |
2023 |
||||||||
($ in thousands) | ($ in thousands) | |||||||||||
Net sales | $ |
233,717 |
|
$ |
303,836 |
|
$ |
983,822 |
|
$ |
899,092 |
|
Cost of sales |
|
140,512 |
|
|
172,941 |
|
|
552,896 |
|
|
517,321 |
|
Gross profit | $ |
93,205 |
|
$ |
130,895 |
|
$ |
430,926 |
|
$ |
381,771 |
|
Warranty adjustment |
|
- |
|
|
(3,800 |
) |
|
- |
|
|
(3,800 |
) |
Adjusted Gross Profit | $ |
93,205 |
|
$ |
127,095 |
|
$ |
430,926 |
|
$ |
377,971 |
|
Gross margin |
|
39.9 |
% |
|
43.1 |
% |
|
43.8 |
% |
|
42.5 |
% |
Adjusted Gross Margin |
|
39.9 |
% |
|
41.8 |
% |
|
43.8 |
% |
|
42.0 |
% |
Reconciliation of net income (GAAP) to adjusted net income (non-GAAP) is as follows:
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
Trex Company, Inc. | 2024 |
2023 |
2024 |
2023 |
||||||
($ in thousands) | ($ in thousands) | |||||||||
Net Income | $ |
40,553 |
$ |
65,266 |
|
$ |
216,620 |
$ |
183,433 |
|
Warranty adjustment |
|
- |
|
(3,800 |
) |
|
- |
|
(3,800 |
) |
Income tax effect * |
|
- |
|
969 |
|
|
- |
|
969 |
|
Adjusted Net Income | $ |
40,553 |
$ |
62,435 |
|
$ |
216,620 |
$ |
180,602 |
|
Diluted earnings per share | $ |
0.37 |
$ |
0.60 |
|
$ |
1.99 |
$ |
1.69 |
|
Adjusted diluted earnings per share | $ |
0.37 |
$ |
0.57 |
|
$ |
1.99 |
$ |
1.66 |
|
*Income tax effect calculated using the effective tax rate for the applicable period of |
Reconciliation of net income (GAAP) to EBITDA and adjusted EBITDA (non-GAAP) is as follows:
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
Trex Company, Inc. | 2024 |
2023 |
2024 |
2023 |
||||||||
($ in thousands) | ($ in thousands) | |||||||||||
Net Income | $ |
40,553 |
|
$ |
65,266 |
|
$ |
216,620 |
|
$ |
183,433 |
|
Interest income (expense), net |
|
(5 |
) |
|
(734 |
) |
|
(11 |
) |
|
2,555 |
|
Income tax expense |
|
13,756 |
|
|
21,831 |
|
|
73,609 |
|
|
62,089 |
|
Depreciation and amortization |
|
13,611 |
|
|
12,996 |
|
|
41,218 |
|
|
37,194 |
|
EBITDA | $ |
67,915 |
|
$ |
99,359 |
|
$ |
331,436 |
|
$ |
285,271 |
|
Warranty Adjustment | $ |
- |
|
$ |
(3,800 |
) |
$ |
- |
|
$ |
(3,800 |
) |
Adjusted EBITDA | $ |
67,915 |
|
$ |
95,559 |
|
$ |
331,436 |
|
$ |
281,471 |
|
Net income as a percentage of net sales |
|
17.3 |
% |
|
21.5 |
% |
|
22.0 |
% |
|
20.4 |
% |
EBITDA as a percentage of net sales (EBITDA margin) |
|
29.1 |
% |
|
32.7 |
% |
|
33.7 |
% |
|
31.7 |
% |
Adjusted EBITDA as a percentage of net sales (EBITDA margin) |
|
29.1 |
% |
|
31.5 |
% |
|
33.7 |
% |
|
31.3 |
% |
About Trex Company
For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented and defined the composite decking category. Today, the Company is the world’s #1 brand of sustainably made, wood-alternative decking and deck railing, and a leader in high performance, low-maintenance outdoor living products. The undisputed global leader, Trex boasts the industry’s strongest distribution network with products sold through more than 6,700 retail outlets across six continents. Through strategic licensing agreements, the Company offers a comprehensive outdoor living portfolio that includes deck drainage, flashing tapes, LED lighting, outdoor kitchen components, pergolas, spiral stairs, fencing, lattice, cornhole and outdoor furniture – all marketed under the Trex® brand. Based in
**Trex received the highest numerical score in the proprietary Lifestory Research 2021-2024 America’s Most Trusted® Outdoor Decking studies. Study results are based on experiences and perceptions of people surveyed. Your experiences may vary. Visit www.lifestoryresearch.com.
Forward-Looking Statements
The statements in this press release regarding the Company’s expected future performance and condition constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause the Company’s actual operating results to differ materially. Such risks and uncertainties include, but are not limited to: the extent of market acceptance of the Company’s current and newly developed products; the costs associated with the development and launch of new products and the market acceptance of such new products; the sensitivity of the Company’s business to general economic conditions; the impact of seasonal and weather-related demand fluctuations on inventory levels in the distribution channel and sales of the Company’s products; the availability and cost of third-party transportation services for the Company’s products and raw materials; the Company’s ability to obtain raw materials, including scrap polyethylene, wood fiber, and other materials used in making our products, at acceptable prices; increasing inflation in the macro-economic environment; the Company’s ability to maintain product quality and product performance at an acceptable cost; the Company’s ability to increase throughput and capacity to adequately match supply with demand; the level of expenses associated with warranty claims, product replacement and consumer relations expenses related to product quality; the highly competitive markets in which the Company operates; cyber-attacks, security breaches or other security vulnerabilities; the impact of current and upcoming data privacy laws and the EU General Data Protection Regulation and the related actual or potential costs and consequences; material adverse impacts from global public health pandemics and geopolitical conflicts; and material adverse impacts related to labor shortages or increases in labor costs. Documents filed with the
TREX COMPANY, INC. | ||||||||||||||
|
||||||||||||||
Condensed Consolidated Statements of Comprehensive Income | ||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
Net sales | $ |
233,717 |
|
$ |
303,836 |
|
$ |
983,822 |
|
$ |
899,092 |
|||
Cost of sales |
|
140,512 |
|
|
172,941 |
|
|
552,896 |
|
|
517,321 |
|||
Gross profit |
|
93,205 |
|
|
130,895 |
|
|
430,926 |
|
|
381,771 |
|||
Selling, general and administrative expenses |
|
38,901 |
|
|
44,532 |
|
|
140,708 |
|
|
133,694 |
|||
Income from operations |
|
54,304 |
|
|
86,363 |
|
|
290,218 |
|
|
248,077 |
|||
Interest income (expense), net |
|
(5 |
) |
|
(734 |
) |
|
(11 |
) |
|
2,555 |
|||
Income before income taxes |
|
54,309 |
|
|
87,097 |
|
|
290,229 |
|
|
245,522 |
|||
Provision for income taxes |
|
13,756 |
|
|
21,831 |
|
|
73,609 |
|
|
62,089 |
|||
Net income | $ |
40,553 |
|
$ |
65,266 |
|
$ |
216,620 |
|
$ |
183,433 |
|||
Basic earnings per common share | $ |
0.37 |
|
$ |
0.60 |
|
$ |
2.00 |
|
$ |
1.69 |
|||
Basic weighted average common shares outstanding |
|
108,258,401 |
|
|
108,583,009 |
|
|
108,529,825 |
|
|
108,707,699 |
|||
Diluted earnings per common share | $ |
0.37 |
|
$ |
0.60 |
|
$ |
1.99 |
|
$ |
1.69 |
|||
Diluted weighted average common shares outstanding |
|
108,379,416 |
|
|
108,702,495 |
|
|
108,659,118 |
|
|
108,829,374 |
|||
Comprehensive income | $ |
40,553 |
|
$ |
65,266 |
|
$ |
216,620 |
|
$ |
183,433 |
TREX COMPANY, INC. |
||||||||
|
||||||||
Condensed Consolidated Balance Sheets | ||||||||
(In thousands, except share data) | ||||||||
(unaudited) | ||||||||
September 30, | December 31, | |||||||
2024 |
2023 |
|||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ |
12,838 |
|
$ |
1,959 |
|
||
Accounts receivable, net |
|
140,060 |
|
|
41,136 |
|
||
Inventories |
|
187,935 |
|
|
107,089 |
|
||
Prepaid expenses and other assets |
|
11,885 |
|
|
22,070 |
|
||
Total current assets |
|
352,718 |
|
|
172,254 |
|
||
Property, plant and equipment, net |
|
852,912 |
|
|
709,402 |
|
||
Operating lease assets |
|
36,110 |
|
|
26,233 |
|
||
Goodwill and other intangible assets, net |
|
19,386 |
|
|
18,163 |
|
||
Other assets |
|
6,094 |
|
|
6,833 |
|
||
Total assets | $ |
1,267,220 |
|
$ |
932,885 |
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ |
61,480 |
|
$ |
23,963 |
|
||
Accrued expenses and other liabilities |
|
113,634 |
|
|
56,734 |
|
||
Accrued warranty |
|
6,104 |
|
|
4,865 |
|
||
Line of credit |
|
70,000 |
|
|
5,500 |
|
||
Total current liabilities |
|
251,218 |
|
|
91,062 |
|
||
Deferred income taxes |
|
67,226 |
|
|
72,439 |
|
||
Operating lease liabilities |
|
26,782 |
|
|
18,840 |
|
||
Non-current accrued warranty |
|
17,530 |
|
|
17,313 |
|
||
Other long-term liabilities |
|
16,560 |
|
|
16,560 |
|
||
Total liabilities |
|
379,316 |
|
|
216,214 |
|
||
Preferred stock, |
|
— |
|
|
— |
|
||
Common stock, |
|
1,411 |
|
|
1,410 |
|
||
Additional paid-in capital |
|
145,198 |
|
|
140,157 |
|
||
Retained earnings |
|
1,552,679 |
|
|
1,336,058 |
|
||
Treasury stock, at cost, 33,185,706 and 32,363,306 shares at September 30, 2024 and December 31, 2023, respectively |
|
(811,384 |
) |
|
(760,954 |
) |
||
Total stockholders’ equity |
|
887,904 |
|
|
716,671 |
|
||
Total liabilities and stockholders’ equity | $ |
1,267,220 |
|
$ |
932,885 |
|
TREX COMPANY, INC. |
|||||||
|
|||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
Nine Months Ended September 30, |
|||||||
2024 |
2023 |
||||||
(unaudited) | |||||||
Operating Activities | |||||||
Net income | $ |
216,620 |
|
$ |
183,433 |
|
|
Adjustments to reconcile net income to net cash | |||||||
provided by operating activities: | |||||||
Depreciation and amortization |
|
41,218 |
|
|
37,194 |
|
|
Deferred Income Taxes |
|
(5,212 |
) |
|
- |
|
|
Stock-based compensation |
|
9,663 |
|
|
7,384 |
|
|
Loss on disposal of property, plant and equipment |
|
2,262 |
|
|
1,081 |
|
|
Other non-cash adjustments |
|
46 |
|
|
(169 |
) |
|
Changes in operating assets and liabilities: | |||||||
Accounts receivable |
|
(98,924 |
) |
|
(102,852 |
) |
|
Inventories |
|
(80,847 |
) |
|
80,971 |
|
|
Prepaid expenses and other assets |
|
1,266 |
|
|
4,376 |
|
|
Accounts payable |
|
681 |
|
|
10,678 |
|
|
Accrued expenses and other liabilities |
|
52,125 |
|
|
39,039 |
|
|
Income taxes receivable/payable |
|
13,504 |
|
|
27,090 |
|
|
Net cash provided by operating activities |
|
152,402 |
|
|
288,225 |
|
|
Investing Activities | |||||||
Expenditures for property, plant and equipment |
|
(151,481 |
) |
|
(112,920 |
) |
|
Proceeds from sales of property, plant and equipment |
|
106 |
|
|
- |
|
|
Net cash used in investing activities |
|
(151,375 |
) |
|
(112,920 |
) |
|
Financing Activities | |||||||
Borrowings under line of credit |
|
608,300 |
|
|
509,500 |
|
|
Principal payments under line of credit |
|
(543,800 |
) |
|
(675,000 |
) |
|
Repurchases of common stock |
|
(55,655 |
) |
|
(18,441 |
) |
|
Proceeds from employee stock purchase and option plans |
|
1,007 |
|
|
925 |
|
|
Financing costs |
|
- |
|
|
30 |
|
|
Net cash provided by (used in) financing activities |
|
9,852 |
|
|
(182,986 |
) |
|
Net increase (decrease) in cash and cash equivalents |
|
10,879 |
|
|
(7,681 |
) |
|
Cash and cash equivalents at beginning of period |
|
1,959 |
|
|
12,325 |
|
|
Cash and cash equivalents at end of period | $ |
12,838 |
|
$ |
4,644 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028672313/en/
Brenda K. Lovcik
Senior Vice President and CFO
540-542-6300
Lynn Morgen
Casey Kotary
ADVISIRY Partners
212-750-5800
lynn.morgen@advisiry.com
casey.kotary@advisiry.com
Source: Trex Company, Inc.
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