Trex Co Inc Files Q2 2024 10-Q

TL;DR

Trex's Q2 10-Q is in: financials updated, credit facility details noted. #Trex

AI Summary

Trex Company, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates. Key financial data points and changes in equity accounts such as common stock and additional paid-in capital are presented. The company also references its revolving credit facility and amendments, indicating ongoing financial management and potential debt restructuring.

Why It Matters

This filing provides investors with a detailed look at Trex's financial health and operational status for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including credit facility amendments and equity changes, which can be complex and carry inherent financial risks.

Key Numbers

• 2024-06-30 — Period End Date (Latest financial reporting period)
• 2024-08-06 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• TREX CO INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240806 (date) — Filing Date
• WINCHESTER, VA (location) — Business Address
• Fifth Amendment and Restated Agreement (document) — Credit Facility Amendment

FAQ

Key Financial Figures

• $0.01 — he registrant's common stock, par value $0.01 per share, outstanding at July 23, 2024

Filing Documents

• trex-20240630.htm (10-Q) — 1544KB
• trex-ex31_1.htm (EX-31.1) — 14KB
• trex-ex31_2.htm (EX-31.2) — 14KB
• trex-ex32.htm (EX-32) — 11KB
• img244661887_0.jpg (GRAPHIC) — 5KB
• 0000950170-24-091989.txt ( ) — 5763KB
• trex-20240630.xsd (EX-101.SCH) — 789KB
• trex-20240630_htm.xml (XML) — 847KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 2 Item 1. Condensed Consolidated Financial Statements 2 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and June 30, 2023 (unaudited) 2 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and June 30, 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and June 30, 2023 (unaudited) 5 Notes to Condensed Consolidated Financial Statements (unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24

OTHER INFORMATION

PART II OTHER INFORMATION 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 5. Other Information 26 Item 6. Exhibits 26 1 PA RT I FINANCIAL INFORMATION

Condensed C onsolidated Financial Statements

Item 1. Condensed C onsolidated Financial Statements TREX COMPANY, INC. Condensed Consolidated Sta tements of Comprehensive Income (Unaudited) (In thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 376,470 $ 356,538 $ 750,105 $ 595,256 Cost of sales 208,360 200,090 412,384 344,380 Gross profit 168,110 156,448 337,721 250,876 Selling, general and administrative expenses 51,206 51,681 101,806 89,162 Income from operations 116,904 104,767 235,915 161,714 Interest expense (income), net — 1,305 ( 6 ) 3,289 Income before income taxes 116,904 103,462 235,921 158,425 Provision for income taxes 29,906 26,426 59,853 40,258 Net income $ 86,998 $ 77,036 $ 176,068 $ 118,167 Basic earnings per common share $ 0.80 $ 0.71 $ 1.62 $ 1.09 Basic weighted average common shares outstanding 108,693,887 108,770,204 108,667,028 108,771,077 Diluted earnings per common share $ 0.80 $ 0.71 $ 1.62 $ 1.09 Diluted weighted average common shares outstanding 108,810,296 108,871,440 108,803,081 108,893,848 Comprehensive income $ 86,998 $ 77,036 $ 176,068 $ 118,167 See Notes to Condensed Consolidated Financial Statements (Unaudited). 2 TREX COMPANY, INC. Condensed Consolid ated Balance Sheets (In thousands, except share data) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 1,172 $ 1,959 Accounts receivable, net 270,037 41,136 Inventories 148,858 107,089 Prepaid expenses and other assets 13,747 22,070 Total current assets 433,814 172,254 Property, plant and equipment, net 774,009 709,402 Operating lease assets 38,006 26,233 Goodwill and other intangible assets, net 17,953 18,163 Other assets 6,152 6,833

View Full Filing

View this 10-Q filing on SEC EDGAR