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Trex Company Announces Fourth Quarter and Calendar Year 2016 Results
— Record Revenues and Net Income Achieved for the Year —
— 2017 Results Expected to Benefit from Continued Market Share Gains and Favorable Gross Margin Impacts —
Fourth Quarter Highlights
- Net sales increased 7% to $95 million
- Gross margin expanded 420 bps to 40%
- EPS was $0.43, up 65%
Calendar Year 2016 Highlights
- Net sales increased 9% to $480 million
- Gross margin was 39%, up 390 bps
- EPS increased 51%
- Operating cash flow totaled $85 million, a 36% year-on-year increase
WINCHESTER, Va.--(BUSINESS WIRE)--February 21, 2017--Trex Company, Inc. (NYSE:TREX), the world’s number-one brand of decking and railing and leader in high-performance, low-maintenance outdoor living products, today reported financial results for the fourth quarter and full year ended December 31, 2016.
Fourth Quarter 2016 Results
Net sales for the fourth quarter of 2016 were $95.3 million, 7% above the $89.2 million reported last year. Net income for the fourth quarter in 2016 was $12.6 million, or $0.43 per diluted share, up 56% and 65%, respectively, from the net income of $8.1 million, or $0.26 per diluted share reported for last year’s fourth quarter. Gross profit as a percentage of net sales, gross margin, was 40%, 420 basis points ahead of the prior year driven by lower raw material costs, manufacturing efficiencies and higher capacity utilization.
The following information was filed by Trex Co Inc (TREX) on Tuesday, February 21, 2017 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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