Trex (TREX) Misses Q3 EPS by 2c; Approves 3.15M Share Buyback Plan

Trex (NYSE: TREX) reported Q3 EPS of $0.26, $0.02 worse than the analyst estimate of $0.28. Revenue for the quarter came in at $94 million versus the consensus estimate of $96.39 million.

During the third quarter of 2015, the Company repurchased 1.1 million shares of its common stock at an average cost of $39.85 per share, for an aggregate purchase price of $45.2 million. Subsequent to these repurchases, the Company’s Board of Directors approved a new share repurchase program under which the Company may repurchase up to 3,150,000 shares of Trex’s outstanding common stock through December 31, 2016. The Board also approved management expanding the Company’s credit facility by $100 million to support the repurchase program. There is no guarantee as to the exact number of shares that will be repurchased under the Company’s program, or that there will be any repurchases pursuant to the program. In addition, the stock repurchase program may be suspended, extended or terminated by the Company at any time without prior notice.

For earnings history and earnings-related data on Trex (TREX) click here.

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