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Trex Company Fourth-Quarter 2013 Net Sales Increase 38% to $63.8 Million
- Expanding Market Share through Growing Distribution Footprint
- Strong Response to Start of 2014 ‘Early Buy’ Season
- Net Income of $0.90 per Diluted Share
- Two-for-One Stock Split
- $50 Million Share Repurchase Program
WINCHESTER, Va.--(BUSINESS WIRE)--February 24, 2014--Trex Company, Inc. (NYSE:TREX), the world’s largest manufacturer of wood-alternative decking and railing products, today announced financial results for the fourth quarter ended December 31, 2013.
Net sales for the fourth quarter of 2013 totaled $63.8 million compared to net sales of $46.2 million for the 2012 fourth quarter, an increase of 38%. The Company reported net income of $15.1 million, or $0.90 per diluted share, for the 2013 period compared to a net loss of $3.6 million, or $0.22 per diluted share, for the prior-year period. During the 2013 period, the Company recognized a non-cash $10.9 million favorable income tax adjustment. During the 2012 quarter, the Company recognized a $1.5 million provision for costs related to the mold class action. Before giving effect to these adjustments, fourth-quarter 2013 net income was $3.9 million, or $0.23 per diluted share, while fourth-quarter 2012 net loss was $2.1 million, or $0.13 per diluted share.
“We brought 2013 to a very strong finish,” said Chairman, President and CEO Ronald W. Kaplan. “Expanded distribution and dealer demand across the country contributed significantly to sales and are helping us advance a key initiative – increasing market share. Our best-in-class high-performance product platform, coupled with our recently revised pricing strategy, is being well received in the marketplace. Our robust sales increase fell to the bottom line, producing an impressive $6.0 million improvement over underlying net income in the 2012 quarter.
“For the full year ended December 31, 2013, net sales totaled $343 million, an increase of 11% over 2012 and higher than the market growth for the year. An improving economy and the markets’ favorable response to our realigned ‘good, better, best’ high-performance decking and railing product platforms were among the key drivers. Underlying gross margin for the year was 34.9%, 40 basis points favorable to 2012. Excluding the $4.5 million LIFO inventory liquidation income realized in 2012, 2013 underlying gross margin was up 185 basis points. Underlying net income for 2013 was $48.2 million or $2.81 per share, an 82% increase over 2012.
The following information was filed by Trex Co Inc (TREX) on Monday, February 24, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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