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Trex Co Inc (TREX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Trex Co Inc

CIK: 1069878 Ticker: TREX
Exhibit 99.1

Trex Company Reports First Quarter 2020 Results

–Robust Demand Across Decking Product Lines–

– Significant Margin Expansion Driven by Production Improvements and Expense Control–

–Brand Strength, Cost-Effective Manufacturing and a Strong Balance Sheet Position the Company for Long-Term Growth–

–Second Quarter Sales Estimate of $180 million to $190 million–

First Quarter Highlights

  • Consolidated net sales increased 12% to $200 million
  • Consolidated gross margin of 44.8%, up 620 basis points
  • EBITDA margin was 29.4%, up 570 basis points
  • Consolidated earnings per share of $0.73, up 35%

WINCHESTER, Va.--(BUSINESS WIRE)--May 4, 2020--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, and a leading national provider of custom-engineered railing systems, today reported financial results for the first quarter ended March 31, 2020.

First Quarter 2020 Results

Consolidated net sales for the first quarter of 2020 were $200 million, 12% ahead of the comparable period in 2019. Trex Residential Products net sales increased 13% to $187 million, and Trex Commercial Products contributed an additional $14 million. Consolidated gross margin expanded by 620 basis points to 44.8%, representing gross margins of 45.6% and 33.6%, respectively, for Trex Residential Products and Trex Commercial Products. SG&A was $35 million, or 17.3% of net sales. EBITDA margin expanded to 29.4% from 23.7%. Net income for the first quarter of 2020 was $42 million, or $0.73 per diluted share, compared to $32 million, or $0.54 per diluted share reported for last year’s first quarter.

“First quarter 2020 results reflected continued robust demand for Trex residential decking and railing products. We reported strong year-over-year and sequential increases in gross margin due to continuing production improvements and the non-recurrence of prior year new product startup expenses. Additionally, as Trex Residential’s gross margin returned to more normalized levels, Trex Commercial’s gross margin improved considerably, due primarily to the roll-off of prior year lower margin contracts, favorable mix and improved execution.


The following information was filed by Trex Co Inc (TREX) on Monday, May 4, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Trex Co Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Trex Co Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Statements Of Changes In Stockholders' Equity
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (Tables)
Accrued Expenses And Other Liabilities - Summary Of Accrued Expenses And Other Liabilities (Detail)
Basis Of Presentation
Business And Organization
Business And Organization - Additional Information (Detail)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Detail)
Commitments And Contingencies - Summary Of Reconciliation Of Company's Residential Product Warranty Reserve (Detail)
Debt
Debt - Additional Information (Detail)
Financial Instruments
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets - Additional Information (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Inventories
Inventories (Tables)
Inventories - Additional Information (Detail)
Inventories - Summary Of Inventories (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Supplemental Cash Flow Information To Operating Leases (Details)
New Accounting Standards Not Yet Adopted
Prepaid Expenses And Other Assets
Prepaid Expenses And Other Assets (Tables)
Prepaid Expenses And Other Assets - Summary Of Prepaid Expenses And Other Assets (Detail)
Recently Adopted Accounting Standards
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Additional Information (Detail)
Revenue From Contracts With Customers - Summary Of Disaggregated Net Sales (Detail)
Seasonality
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Segment Information - Details Of Segment Information (Detail)
Segment Information - Schedule Of Reconciliation Of Net Income To Ebitda (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Assumptions Used To Estimate Fair Value Of Each Sar (Detail)
Stock-Based Compensation - Summary Of Stock-Based Compensation Expenses (Detail)
Stock-Based Compensation - Summary Of Stock-Based Compensation Grants (Detail)
Stock-Based Compensation - Summary Of Stock-Based Compensation Grants (Parenthetical) (Detail)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Detail)
Stockholders' Equity - Antidilutive Securities Excluded From Computation Of Earnings Per Share (Detail)
Stockholders' Equity - Computation Of Basic And Diluted Earnings Per Share (Detail)
Summary Of Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Trex Co Inc provided additional information to their SEC Filing as exhibits

Ticker: TREX
CIK: 1069878
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-20-132542
Submitted to the SEC: Mon May 04 2020 5:17:14 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Lumber And Wood Products No Furniture

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