Please wait while we load the requested 10-K report or click the link below:
Trex Company Announces Record Sales and EPS for 2014
- 2014 Net Sales Increase 14% to $392 Million
- 2014 EPS Rises 26% to $1.27
- 1Q15 Revenue Guidance an Increase of 19% to $120 Million
- Awarded #1 Ranking in BUILDER 2015 Brand Study
WINCHESTER, Va.--(BUSINESS WIRE)--February 24, 2015--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 and year ended December 31, 2014.
For the fourth quarter of 2014, net sales totaled $74.2 million compared to $63.8 million for the 2013 quarter, an increase of 16.2%. The Company recognized earnings before taxes of $8.6 million for the 2014 quarter, a $4.4 million, or 103%, increase compared to the 2013 quarter. The Company reported net income of $5.2 million, or $0.16 per diluted share, for the 2014 quarter compared to net income of $15.1 million, or $0.45 per diluted share, for the 2013 period. The Company’s 2013 fourth-quarter net income includes the effect of a favorable tax valuation allowance. Excluding the favorable tax valuation allowance, the 2013 fourth-quarter diluted earnings per share would have been $0.08.
For the full year 2014, Trex Company reported net sales of $391.7 million compared to net sales of $342.5 million for 2013, an increase of 14.3%. The Company reported net income of $41.5 million, or $1.27 per diluted share, compared to net income of $34.6 million, or $1.01 per diluted share, for 2013. During 2013, the Company recognized $24.5 million of non-operating charges, most notably a $20.0 million increase to its warranty reserve for decking material manufactured at its Nevada plant prior to 2007. The Company’s 2013 net income includes the effect of a favorable tax valuation allowance. Excluding the effect of the $24.5 million pre-tax non-operating charges and excluding the favorable tax valuation allowance, the Company’s 2013 earnings per diluted share would have been $0.86.
Chairman, President and CEO Ronald W. Kaplan commented, “Our strong fourth-quarter financial performance contributed to our record-setting sales and earnings in 2014. In addition, we generated free cash flow of $46 million, up $13 million over the prior year, and returned $50 million of capital to shareholders through share repurchases. We also entered new specialty material markets that leverage Trex’s extrusion and recycling expertise.
The following information was filed by Trex Co Inc (TREX) on Tuesday, February 24, 2015 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.
View differences made from one year to another to evaluate Trex Co Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Trex Co Inc.