UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
|
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On May 4, 2023, the Trex Company, Inc. (Company) Board of Directors adopted a stock repurchase program of up to 10.8 million shares of the Company’s outstanding stock (Stock Repurchase Program). The Stock Repurchase Program was publicly announced on May 8, 2023. In the third quarter 2024, the Company has repurchased 822,400 shares at an average price of $60.83 per share, for a total of $50 million. As of August 19, 2024, the Company has 9.7 million shares remaining on its existing repurchase authority under the Stock Repurchase Program. The Stock Repurchase Program has no set expiration date.
Item 9.01 Financial Statements and Exhibits.
(d) Trex Company, Inc. herewith files the following exhibits:
Exhibit Number |
|
Description of Exhibit |
99.1 |
|
Press release dated August 19, 2024, reporting on recent share repurchases. |
|
|
|
104.1 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
TREX COMPANY, INC. |
|
|
|
|
Date: |
August 19, 2024 |
By: |
/s/ Brenda K. Lovcik |
|
|
|
Brenda K. Lovcik |
News release
TREX COMPANY REPORTS ON RECENT SHARE REPURCHASES
WINCHESTER, Va. –August 19, 2024– Trex Company, Inc. (NYSE:TREX), the world’s largest manufacturer of high-performance, low-maintenance composite decking and railing, and a leading brand of outdoor living products, today reported on recent repurchases of its common stock.
In the third quarter 2024, the Company has repurchased 822,400 shares at an average price of $60.83 per share, for a total of $50 million, as part of the Stock Repurchase Program adopted by its Board of Directors on May 4, 2023. As of August 19, 2024, the Company has 9.7 million shares remaining on its existing repurchase authority under the Stock Repurchase Program. The Stock Repurchase Program has no set expiration date.
“These share repurchases reflect our confidence in the Company’s long-term growth prospects and highlight our commitment to returning capital to shareholders,” said Bryan Fairbanks, President and CEO.
About Trex Company
For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented and defined the composite decking category. Today, the Company is the world’s #1 brand of sustainably made, wood-alternative decking and deck railing, and a leader in high performance, low-maintenance outdoor living products. The undisputed global leader, Trex boasts the industry’s strongest distribution network with products sold through more than 6,700 retail outlets across six continents. Through strategic licensing agreements, the Company offers a comprehensive outdoor living portfolio that includes deck drainage, flashing tapes, LED lighting, outdoor kitchen components, pergolas, spiral stairs, fencing, lattice, cornhole and outdoor furniture – all marketed under the Trex® brand. Based in Winchester, Va., Trex is proud to have been named America’s Most Trusted® Outdoor Decking* four years in a row (2021-2024). The Company was also recently included on Barron’s list of the 100 Most Sustainable U.S. Companies 2024, named one of America’s Most Responsible Companies 2024 by Newsweek and ranked as one of the 100 Best ESG Companies for 2023 by Investor’s Business Daily. For more information, visit Trex.com. You may also follow Trex on Facebook (trexcompany), Instagram (trexcompany), X (Trex_Company), LinkedIn (trex-company), TikTok (trexcompany), Pinterest (trexcompany) and Houzz (trex-company-inc), or view product and demonstration videos on the brand’s YouTube channel (TheTrexCo).
*Trex received the highest numerical score in the proprietary Lifestory Research 2021-2024 America’s Most Trusted® Outdoor Decking studies. Study results are based on experiences and perceptions of people surveyed. Your experiences may vary. Visit www.lifestoryresearch.com.
Contacts:
Brenda K. Lovcik
Senior Vice President and CFO
540-542-6300
Lynn Morgen
Casey Kotary
ADVISIRY Partners
212-750-5800
lynn.morgen@advisiry.com
casey.kotary@advisiry.com