Trex (TREX) FY2020 results: revenue $881 million, up 18.2% on the year
Trex Co. Inc. (TREX) reported revenue of $881 million for fiscal 2020, the year ended 31 December 2020, up 18.2% on the year before. Net income was $176 million, up 21.3%, and diluted earnings per share $1.51. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$881 million
+18.2% on the year
FY2013FY2020
Operating margin
26.5%
25.2% a year earlier
FY2013FY2020
Net income
$176 million
+21.3% on the year
FY2013FY2020
Diluted EPS
$1.51
+22.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
881
745
684
+18.2%
Cost of revenue
521
439
389
+18.8%
Gross profit
359
307
295
+17.3%
Gross margin
40.8%
41.1%
43.1%
Research and development
3.4
3.4
4.5
0.0%
Selling, general and administrative
126
118
118
+6.4%
Operating income
234
188
177
+24.1%
Operating margin
26.5%
25.2%
25.8%
Pre-tax income
235
190
177
+23.7%
Income tax
59.0
45.0
42.3
+31.2%
Effective tax rate
25.1%
23.7%
23.9%
Net income
176
145
135
+21.3%
Net margin
19.9%
19.4%
19.7%
Diluted EPS
$1.51
$1.24
$1.14
+22.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
187
156
138
+19.8%
Capital expenditure
173
67.3
33.8
+156.9%
Free cash flow
14.5
89.1
104
-83.8%
Free cash flow margin
1.6%
12.0%
15.2%
Cash from investing
-171
-67.2
-33.7
Cash from financing
-43.8
-46.0
-29.2
Depreciation and amortisation
17.9
14.0
16.6
+27.9%
Share-based compensation
7.1
6.9
6.3
+2.9%
Buybacks
44.9
46.5
30.1
-3.6%
Diluted shares, weighted
116m
117m
118m
-0.9%
Shares outstanding at period end
116m
116m
117m
-0.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
589
449
343
+31.0%
Debt
0.0
0.0
0.0
Operating lease liabilities
28.6
34.2
0.0
-16.5%
Other liabilities
153
109
122
+40.9%
Total liabilities and equity
770
592
465
+30.1%
Fixed assets
337
171
117
+96.5%
Goodwill
68.5
68.5
68.5
0.0%
Intangible assets
n/a
n/a
6.0
Cash and equivalents
122
149
106
-18.2%
Receivables
107
78.5
91.2
+36.1%
Inventory
68.2
56.1
57.8
+21.6%
Other assets
68.8
69.0
18.8
-0.4%
Total assets
770
592
465
+30.1%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.