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Trex Company Announces Record Fourth Quarter and Full Year 2015 Results
Fourth Quarter Highlights
- 4Q15 Net Sales Increased 20% to $89 Million
- Net Income up 57% to $8.1 Million
- EPS of $0.26 compared to $0.16 in 4Q14
Full Year 2015 Highlights
- Record Net Sales of $441 Million, up 13% YoY
- Net Income up 16% to $48 Million
- Record EPS of $1.52, up 20% YoY
WINCHESTER, Va.--(BUSINESS WIRE)--February 23, 2016--Trex Company, Inc. (NYSE:TREX), the world’s number-one brand of decking & railing and leader in high-performance, low-maintenance outdoor living products, today announced financial results for the fourth quarter and full year ended December 31, 2015.
Fourth Quarter 2015 Results
Net sales for the fourth quarter of 2015 were $89 million, 20% above the $74 million reported for the comparable period in 2014. The Company reported net income of $8.1 million, or $0.26 per diluted share, up 57% and 63%, respectively, from the net income of $5.2 million, or $0.16 per diluted share, reported in last year’s fourth quarter.
President and CEO James E. Cline commented, “Our fourth quarter results represented a strong finish to 2015. Year-over-year net sales growth of 20% was slightly ahead of our guidance, thanks to unseasonably good weather and positive momentum going into the 2016 “Early Buy” season. Additionally, we continued to generate operating leverage by maintaining our gross margin at close to 36% and reducing our SG&A expenditures as a percentage of revenues by 170 basis points to 21%, after excluding 2014 expenses of $1.1 million related to our Dulles lease and a terminated transaction.”
Full Year 2015 Results
For the full year 2015, net sales were $441 million, a 13% increase compared to prior year net sales of $392 million. Gross margin was 35.1%, a 70 basis point decrease from prior year; before giving effect to 2015 warranty charges of $7.8 million, primarily related to surface flaking, gross margin was 36.9% up from 35.8% in the prior year. The Company reported net income of $48.1 million, or $1.52 per diluted share, increases of 16% and 20%, respectively, from the net income of $41.5 million, or $1.27 per diluted share reported for 2014. Exclusive of warranty reserve charges net of tax, net income was $53.0 million, or $1.67 per diluted share.
The following information was filed by Trex Co Inc (TREX) on Tuesday, February 23, 2016 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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