Trex (TREX) FY2022 results: revenue $1.1 billion, down 7.6% on the year

Trex Co. Inc. (TREX) reported revenue of $1.1 billion for fiscal 2022, the year ended 31 December 2022, down 7.6% on the year before. Net income was $185 million, down 11.6%, and diluted earnings per share $1.65. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2023.

Revenue

$1.1 billion

-7.6% on the year

FY2015FY2022

Operating margin

22.3%

23.0% a year earlier

FY2015FY2022

Net income

$185 million

-11.6% on the year

FY2015FY2022

Diluted EPS

$1.65

-8.3% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,106	1,197	881	-7.6%
Cost of revenue	702	736	521	-4.7%
Gross profit	404	461	359	-12.3%
Gross margin	36.5%	38.5%	40.8%
Research and development	0.5	6.0	3.4	-91.7%
Selling, general and administrative	142	140	126	+1.6%
Operating income	247	275	234	-10.4%
Operating margin	22.3%	23.0%	26.5%
Pre-tax income	247	275	235	-10.4%
Income tax	62.2	66.7	59.0	-6.7%
Effective tax rate	25.2%	24.2%	25.1%
Net income	185	209	176	-11.6%
Net margin	16.7%	17.4%	19.9%
Diluted EPS	$1.65	$1.80	$1.51	-8.3%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	216	258	187	-16.2%
Capital expenditure	176	159	173	+10.6%
Free cash flow	40.0	98.7	14.5	-59.5%
Free cash flow margin	3.6%	8.2%	1.6%
Cash from investing	-169	-158	-171
Cash from financing	-176	-80.7	-43.8
Depreciation and amortisation	44.3	35.9	17.9	+23.2%
Share-based compensation	5.3	8.4	7.1	-36.8%
Buybacks	398	82.5	44.9	+383.0%
Diluted shares, weighted	112m	116m	116m	-3.4%
Shares outstanding at period end	109m	115m	116m	-5.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	545	725	589	-24.9%
Debt	222	0.0	0.0
Operating lease liabilities	24.0	28.3	28.6	-15.2%
Other liabilities	143	167	153	-14.3%
Total liabilities and equity	934	920	770	+1.5%
Fixed assets	590	460	337	+28.1%
Goodwill	n/a	14.2	68.5
Cash and equivalents	12.3	141	122	-91.3%
Receivables	98.1	151	107	-35.1%
Inventory	141	83.8	68.2	+68.8%
Other assets	92.1	69.8	68.8	+31.8%
Total assets	934	920	770	+1.5%

10-K for the year ended 31 December 2022, filed 27 February 2023: the filing.