Trex (TREX) Q4 FY2023 earnings: revenue $196 million, up 1.9% on the year

Trex Co. Inc. (TREX) reported revenue of $196 million for Q4 FY2023, the quarter ended 31 December 2023, up 1.9% on the same quarter a year earlier. Net income was $22 million, up 117.9% on the year, and diluted earnings per share $0.20. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue$196 millionup 1.9%

Net income$22 millionup 117.9%

Diluted EPS$0.20

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	196	304	n/a	n/a
Cost of revenue	125	173	n/a	n/a
Gross profit	70.6	131	n/a	n/a
Gross margin	36.1%	43.1%	n/a
Selling, general and administrative	42.5	44.5	n/a	n/a
Operating income	28.1	86.4	n/a	n/a
Operating margin	14.4%	28.4%	n/a
Pre-tax income	30.7	87.1	n/a	n/a
Income tax	8.7	21.8	n/a	n/a
Effective tax rate	28.4%	25.1%	n/a
Net income	22.0	65.3	n/a	n/a
Net margin	11.2%	21.5%	n/a
Diluted EPS	$0.20	$0.60	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	101	180	n/a	n/a
Capital expenditure	53.2	30.6	n/a	n/a
Free cash flow	48.0	150	n/a	n/a
Free cash flow margin	24.5%	49.3%	n/a
Cash from investing	-53.2	-30.6	n/a	n/a
Cash from financing	-50.7	-149	n/a	n/a
Depreciation and amortisation	13.0	13.0	n/a	n/a
Share-based compensation	2.8	2.8	n/a	n/a
Buybacks	0.0	0.2	n/a	n/a
Diluted shares, weighted	109m	109m	n/a	n/a
Shares outstanding at period end	109m	109m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	717	692	n/a	n/a
Debt	5.5	n/a	n/a	n/a
Operating lease liabilities	18.8	20.2	n/a	n/a
Other liabilities	192	285	n/a	n/a
Total liabilities and equity	933	997	n/a	n/a
Fixed assets	709	671	n/a	n/a
Cash and equivalents	2.0	4.6	n/a	n/a
Receivables	41.1	201	n/a	n/a
Inventory	107	60.4	n/a	n/a
Other assets	73.3	59.8	n/a	n/a
Total assets	933	997	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	304	196	374	376	234	168	340	388	285	161	343	418
Cost of revenue	173	125	204	208	141	96.7	202	230	170	n/a	204	260
Gross profit	131	70.6	170	168	93.2	71.0	138	158	115	n/a	139	158
Gross margin	43%	36%	45%	45%	40%	42%	41%	41%	40%	n/a	40%	38%
SG&A	44.5	42.5	50.6	51.2	38.9	39.3	56.1	55.7	45.0	45.2	55.5	67.5
Operating income	86.4	28.1	119	117	54.3	31.7	81.7	102	70.4	n/a	83.5	86.2
Operating margin	28%	14%	32%	31%	23%	19%	24%	26%	25%	n/a	24%	21%
Pre-tax income	87.1	30.7	119	117	54.3	31.7	81.6	102	70.4	n/a	83.5	83.9
Tax rate	25%	28%	25%	26%	25%	31%	26%	26%	26%	n/a	26%	26%
Net income	65.3	22.0	89.1	87.0	40.6	21.8	60.4	75.9	51.8	n/a	61.4	61.9
Net margin	21%	11%	24%	23%	17%	13%	18%	20%	18%	n/a	18%	15%
Diluted EPS	$0.60	$0.20	$0.82	$0.80	$0.37	$0.20	$0.56	$0.71	$0.48	n/a	$0.58	$0.60
Operating cash flow	180	101	-174	194	133	-8.5	-154	250	197	65.5	-118	214
Capital expenditure	30.6	53.2	37.7	35.5	78.3	80.9	79.5	46.8	53.9	43.4	23.1	29.6
Free cash flow	150	48.0	-212	158	54.5	-89.3	-233	203	143	22.1	-142	185
Buybacks	0.2	0.0	5.1	0.4	50.1	50.3	4.0	0.0	0.0	50.4	82.8	70.7
Shares outstanding	109m	109m	109m	109m	108m	107m	107m	107m	107m	106m	104m	102m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 26 February 2024, accession 0001193125-24-046315: the filing on EDGAR. All of Trex Co. Inc.'s filings: EDGAR company page.

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