On this page of StockholderLetter.com we present the latest annual shareholder letter from TREX CO INC — ticker symbol TREX. Reading current and past TREX letters to shareholders can bring important insights into the investment thesis.

 •  3/25/2024 Letter Continued (Full PDF)
 •  3/21/2023 TREX Stockholder Letter
 •  More "Construction Materials & Machinery" Category Stockholder Letters
 •  TREX Benford's Law Stock Score = 70

TREX Shareholder/Stockholder Letter Transcript:

0102344536789 7

012345
6789 9 769   
 435  3        3   32    301234
        9    
!4" #$ 23 435  3  %& 4'3   (    )!*3 3+"#,3  
69778  -7   
!4" #$ 23 435  3  %&     2  4  (
79  .   /    
!4" #$ 23 435  3  %03   +   1  34    "  +) +35
9282  7 9  3
)3  "4$ 23 435  3  %   3 43( +01234   )3243  45
39- 978-  9/ 7
!4" #$ 23 435  3  %) ##+5     
67  9 9?-  
)3  "4$ 23 435  3        3 @    2  +01234
67 62 29763
!4" #$ 23 435  3  %7"4  8,34 2   4" 355 "  +) +35
  79 7 :9; <  79
!4" #$ 23 435  3  %1  "    "    =  +  5
.9-9667/ 9 ;
)3  "4$ 23 435  3  %   3 > ,  035" 423501234
9 92 39269   
  32    3$ 23 435  3        3 0#34    (01234
* 432 "45A
 ",,   33&3,B345
.92    -   
    4,  "   3C" 4 
6789 9 769   
.982 :7963
 ",#3 5   "  ",,   33    4,  
8     ",,   33&3,B34
 7  6   ./ 6 7
 ",#3 5   "  ",,   33&3,B34
7",      (D "4#"4  3!" 34   23 ",,   33&3,B34
79 9  E  9; 9
$ 23    4,  "   3C" 4 
:  9-  9? 66F;
8     ",,   33&3,B34
7",      (D "4#"4  3!" 34   23 ",,   33&3,B34
2    892- /   
8     ",,   33&3,B34
 ",#3 5   "  ",,   33&3,B34
;967 - 96 796  9
43  1  3#3  3  * 432 "4
 ",#3 5   "  ",,   33&3,B34
7",      (D "4#"4  3!" 34   23 ",,   33    4G",  
: 79  ?9 9 
8     ",,   33    4,  
7",      (D "4#"4  3!" 34   23 ",,   33&3,B34,      (D
 "4#"4  3!" 34   23 ",,   33&3,B34

0123  516678  92317613  
  3         13 73 2  1  1 7  32 1   1   31     7    1   31    32     1  31 6 1  1  7   7 3   7   13   2    1  
3161 2  1  7   7 3   37      7   1   378        773          2 1 73!"  #      2      13 2    1 7 7     1   37  1     
7 3   7   13  231   2!          1 3  7 1  67  13  2   82     7     3121   1  1 $7! 1    7    1 3  7  773   2 1   8  61  
2       26 1   7   1 3  7 1"    131      7   1  13  82!   7  7   2    2   8     31   1 %     2   32 6   "    3  37     
 37      73  76 7   8    7   7    73  1 13!     1     37  1  7 178 13  8     1   7    7  2   61   7  1"  
&'(  *+,-./0  120+,-./03,245  6  7'892-:7+3;'+  92-  9  <0+90'=3/  *+3,+30>  ?,+  @+'A  
  13   1  62   BC   7       31   2  62   1  1 1326   18   37      2   2 1   11    13!  8166  31 1  1       1  
 23%1  62 1  2    7  3    1   7  7 3  261   7 1              "  
  1   181   2    7    7  7 3  1 %      73  76 7    31    32  1 D    12 1  2    31   9   2  31D  2  126   7   1  
 31         7 13  1  1    11%      1  3126      21 1     7   877  8     1  678E 2   1 2  1  2   1 7E 3 1 6!  
 1 1     7    7  7  1"    1    12 1  6  1  7  13   37 3 1 23!  12        2  7    1  767 !"   31   9   2  31  1 %     
31 6  2 1   1  677%  7    1     1    37   26  877   2     76678     2     1   6  31  7 26     37    7                  
62   1   2  7 266!         F"  
G    7 266!   81     37  1   31   9161  D   EH2 6   2    E 13 73 2  1    26 1E 3  1  32 6     ! 1    2    7  1 1  
 2 732 6!  8     7  623     !6  32 6          1   23%1   2   7 1   2   18  I       66 7    7 26  2 31 2 61   23%1    7   1  
 7  2 !"  
G   7 3  0  3    73   11          J7 1  13   81     1 61  2  37     161   7   7    18  7  13      2   2 1  1  2 1  7 3  
 73  76 7  8      1         2 1 73 1  2   1  1 1  7 3  32  1     7   7  61 1  23!   2 1 73!  2$2 1   1"  
  11     6 1  1 L1326  2    7    7  7 3  32 6      73  76 7       2   1   18  9   2  31  KE913 1L  M2 61  H2 6  2   
9   2  31  KE913 1   532 161   N62   H2 6  O   87   713     312 6  1   1  26 !  7   7   8      7 3   31      
32 6     6  1   2   8 66   1  2 2 62 61       1  9 3     7       !123"    11  62   1  8 66  16       11   7 3  7 $1    1  7   
       2  6!     312     7 3  32 6     2  2  1    32 1   !  7  13     32 6      7  1  2   1 13!   3  1   7     O  31 6  2      
 1     1   7   7 3    131  1 %     7   7 "  
G    7 266!   81  62   1  7 3  78    31    32 1   2 1 13   7661   7    8        6 1  2  32  1  7   76   7    73  
1 13!   7  7  1  1 %   2 1       11    37    7673E 2  1   318   2    6     7   1  266!  1    1131        1    
1  13   2    6    O  266  1   1   7  16  13  2   612     71  1  21 1      8  61   2%        2662  7   12 13  2    731  
1     1     73   7  32  73  2   0PQ     26613  26 %1"        18   37     7  13     8 66  267   1  2 2 62 61       1  9 3     7   
    !123"  
  11   37     2   7 13      31  62   1  8 66   37  1  7 3   2  16   23  13  8    2   7  1     1  2 2  2 1   !  
1 2 6      1    7  16  13  1 E 7E1   76   7    37   7 1     6 13   73  2  12 61   1 %E   6     1  13 1  1"  
@R'  @+'A  S+92-5  <>2,2>8,.4  (30R  T.9U30>  
P   2    7    7     1  1         18   37     1 167  1           82  2  !123  7   2  16132 1   1      7    32      2   
7   261  2    23%1       37 32     8     ! 161   7  132 61   1 1   "  J7 2 6!   7 3   73823E677%     1 2   
 1 3         2  81    32      2   2  61  261    7 1   37    !123E7 E!123   2  "  G67    37  7           81  
873%1   6716!  8    7 3      3!E612      2  16   23  13   7  1     1  6!  2667 2 1   23%1       1   2   7     V1  
   1  73!  61 16  2   612     1  O  266   7  1  31   2     7 1 13   81   2   31   731   231  7    7   13  1 2 "  
 31      7 731   !   1   2 !  31 7     7   31 1  1             8        6 1   311    E 37  61  2  7621   73  7 3  
7  7      7     1     7    2  2  6  !"  P   2    7    7   1  781W  9  2  2  6  !  X1 73  Y23  13  7    1  Q123  
2823    31   82   2 1  7 1  7    1  B    Z1   [9N  M7  2  1   73         !  \]^_`abcd`  fg`h]_``  ijhkl   2   123 1  2  
32 %      !  m_n`n__o  2  7 1  7   G 13  2W  p7   H1 7   61  M7  2  1"  G   2   7  2 !   7  1  7     2  2 61  

01234205678  63213 63 5  76  1 7 20   3   4101 6  1670372 252    16  6  6  6   23   6           16 8   3    676  
 317     21        1  416   5 67  1673 6   2   4 7 617   3    6  3 23 5  6 2    
  15   23      8   6   33 346     8   1   6    1   43764 26   6 18   16     7  3  6           6124 !7  " 7  
 1 76 #  $   1   64%23&'   441 23&       3 23 2 6  7     43  46       (2 67 1   )676 14 *     27  164&3223  
 55 6   3   6   6657      1   23323&  72    2  6163     1 7   1  01  4  6 46556346   3   233  23   1   
1& 32+ 237  1601676323&     263467   3   230    1    4177   6    25 23&  5 3 74 068  2345  23&   14 26478  
  6  25 6178   64%23&  431 4 178   2712   178   3    6 5617   
,-./0123  56787968:  ;2/<0/-8792  67  =>=?  873  8  ;0@6A612  BCA:00D  <0/  =>=E  
F6   16  01        6  201 6   01 2  252        16    4 266   23     G  3  7  56  7 567  061 1  346   $ 1  &177  
 1&23   1   6   6 1  6 0 3 6        H     727  02378  16 1323&     16  31  52+6   56657  663      252+ 23  1 67  
 65    76      6  0121   6 1      G  36  234 6    7  I  J  255238  1  IK HL  061   25 6   7  168   0   1   IKHJ  
255238  1  IK MJ  061   25 6   7  168  23   6  0121   6 1     27  713&  7  23&    7   1263  012 125       01  423  
6  242634267   3     7N16 138  47N7 23&  01O647       5 8  01246   3    6 5 23   616  3    O1    4 17   F6  
&6361 6   713&  43752  6   061 23&  4 7    5      IGHL  255238  4372 61  5    2& 61    3   6  I KM  25523  
16016   23           123&     G8   6  16 136   IKJ M  25523    7  16 5 617   1 &    6  160 14  76     
 001 2 65    MJ8     7  167      16    7 3 23&  4 3  7 4%   
P1      8   6  6 064     713&   6 1   2      56N 2&2  1663 6   3    QR     &1    4 0 16        G  56657   
)663 67   255   636 2   1    6  7 2   23   1    15   Q    01&1     1    646  61     G     6   217  S  161         8  
 3    6   32420 6  2 N723&56N 2&2   3 615 23&   6  3   &1    663   2    1  4 1163  6 064 23       6  5 1&61  
)60 21   3   )6  65   1%6   255   6   5 N N  3  5 N723&56N 2&27  23         $ 1  43 2 6346  27  7 0016        6  
1672526346      6   16   437  618   6   1     006 5      1   1 3 6   01  4  01 528   3    1  23  71 N56  23&  
 2712  23  36  1%   
R3  7   1 8   6   16   23&    6     2    1  71 6&     4 0 16   3  23416 723&  7  16      64%23&8  1 2523&8   3   
  O 463  01  478    24   &6 61  16016763     IK    25523     1677  56   1%6   1   16 8   3   16  23  23   5      6  
7163& 7        6  & 63   7    616   6   16            5 8   676  2345  6   6   2&   S  52    3   64N7 3 3677     
 1  01  478   6  6 46556346      1   6 56178   2712   178   3    61  4  3365  0 136178   3    6   6 24 23   3   
4 2 63      1  6    6  617   3    1  56  617 20  &1 0      3%       55   1    1  4312  23     6  07226  
061 1  346   6   4 266   23     G   3     3%         1  7  16 5 617   1    1  4323 6   7 001      6   16   
T 0 3    F6   16  5 %23&    6      663  &16 61   4 266 637  23         
U2346165 8  
Q1  3  P 21  3%78  V1672 63   3   T 26     64 26  $  2461  
W  YZ[\  Z[]v[^_[`  ab[  b^cb[da  efg[Z^]hi  d]jZ[  ^e  ab[  kZjkZ^[ahZl  m^n[dajZl  o[d[hZ]b  pqpr  sg[Z^]htd  ujda  
YZfda[`   wfa  jjZ  x[]y^ec  daf`lz  {af`l  Z[dfiad  hZ[  |hd[`  je  [\k[Z^[e][d  he`  k[Z][ka^jed  jn  k[jki[  dfZ_[l[`z  
}jfZ  [\k[Z^[e][d  ghl  _hZlz  ~^d^a     zi^n[dajZlZ[d[hZ]bz]jgz  
z



3
0123456
37346
64809232467154
8
71
           5 
8     48
    2662 1

93+09607133 64832 1", 9" %-(  3 464809232464 8 71 4783  
"71107*94+
     '.  / 01'  ' -'-5'/'!2' ,"    ,
39716
2
32
194+
93+096
07133
64832 1", 9" %-(  3 464809232464 8 71 4783  
     '         4'  -. !
8 !!      . 0' 5!2'6  "#" 7  
5'0 9 '
3 '88 !4  1 2 / 
%48 /   !' .'          4'/ . '-     /   '(
' :5    -   /  ;      
  %6/    4' 

 %7   3
8  

.4 1  /  
 4  0/' 8'
5'  = ' 

0 1' (
2%-2' 9 
  6 .  /4!4
     1 
 7 "-'(
%>  48 
 (5 !2
  #'7,     /05-    ' / -'6
9'       ?  '0'4 %    ' 
6'/5   '  '    ''-45 5     6'/    " %2( .  '7/ 6
@ABCDEFEAGDAHEGFAD3 
AIJ
C
D
G
C
K
L
F
F
M@
A
B
F
E
M
LN
O
P
Q
R
M
S
F
T
AUBFV
 0' .' / /0   
3  -   61!2 0% (
1 !' .' / '8/    '  9  /  '    ''WMXXMLGFMBY
Z[\]
^A_`MDY@FMBY\aBTKLHA
6'/5   '  '    ''-45 5     6'/    " % ( .  '7/ 6
1  '
bLIEBKFAQcBTABYXKDYESFTADAHEGFDKLFEGK_AddeYLM_LGAKGMLAIEGGCADfKGIASELAIEL[CdAghiMSFTA@ABCDEFEAGUBFj `AG3 ^M)
bLIEBKFAQcBTABYXKDYESFTADAHEGFDKLFEGLMFDAkCEDAIFMSEdADAJMDFGJCDGCKLFFM@ABFEMLNlMD@ABFEMLNiPIRMSFTA\aBTKLHAUBFj `AG3 ^M)
bLIEBKFAQcBTABYXKDY_TAFTADFTADAHEGFDKLFPNRTKGSEdAIKddDAJMDFGDAkCEDAIFMQASEdAIQc@ABFEMLNlMDNiPIRMSFTA@ABCDEFEAG\aBTKLHAUBFMSNmlg
ICDELHFTAJDABAIELHNOXMLFTGPMDSMDGCBTGTMDFADJADEMIFTKFFTADAHEGFDKLF_KGDAkCEDAIFMSEdAGCBTDAJMDFGRfKLIPORTKGQAALGCQnABFFMGCBTSEdELH
DAkCEDAXALFGSMDFTAJKGFmhIKcGj `AG) ^M3
bLIEBKFAQcBTABYXKDY_TAFTADFTADAHEGFDKLFTKGGCQXEFFAIAdABFDMLEBKddcAoADcbLFADKBFEoApKFKqEdADAkCEDAIFMQAGCQXEFFAIJCDGCKLFFM[CdAghiMS
[AHCdKFEML@eZPrOlOjghiMSFTEGBTKJFADRICDELHFTAJDABAIELHNOXMLFTGPMDSMDGCBTGTMDFADJADEMIFTKFFTADAHEGFDKLF_KGDAkCEDAIFMGCQXEFGCBT
SEdAGRj `AG) ^M3
bLIEBKFAQcBTABYXKDY_TAFTADFTADAHEGFDKLFEGKdKDHAKBBAdADKFAISEdADfKLKBBAdADKFAISEdADfKLMLeKBBAdADKFAISEdADfKGXKddADDAJMDFELHWMXJKLcfMDKL
AXADHELHHDM_FTBMXJKLcj@AAFTAIASELEFEMLGMSsdKDHAKBBAdADKFAISEdADftsKBBAdADKFAISEdADftsGXKddADDAJMDFELHBMXJKLcftKLIsMDKLAXADHELHHDM_FT
BMXJKLctEL[CdANOQeOMSFTA\aBTKLHAUBFj
uKDHAKBBAdADKFAISEdAD)
UBBAdADKFAISEdAD
3
^MLeKBBAdADKFAISEdAD 3
@XKddADDAJMDFELHBMXJKLc 3
\XADHELHHDM_FTBMXJKLc 3
bSKLAXADHELHHDM_FTBMXJKLcfELIEBKFAQcBTABYXKDYESFTADAHEGFDKLFTKGAdABFAILMFFMCGAFTAAaFALIAIFDKLGEFEMLJADEMISMDBMXJdcELH_EFTKLcLA_MD
DAoEGAISELKLBEKdKBBMCLFELHGFKLIKDIGJDMoEIAIJCDGCKLFFM@ABFEMLNlPKRMSFTA\aBTKLHAUBF 3
bLIEBKFAQcBTABYXKDY_TAFTADFTADAHEGFDKLFTKGSEdAIKDAJMDFMLKLIKFFAGFKFEMLFMEFGXKLKHAXALFvGKGGAGGXALFMSFTAASSABFEoALAGGMSEFGELFADLKdBMLFDMd
MoADSELKLBEKdDAJMDFELHCLIAD@ABFEMLghgPQRMSFTA@KDQKLAGewadAcUBFPNixj@jWjyzOPQRRQcFTADAHEGFADAIJCQdEBKBBMCLFELHSEDXFTKFJDAJKDAIMDEGGCAIEFG
KCIEFDAJMDFj )
bSGABCDEFEAGKDADAHEGFADAIJCDGCKLFFM@ABFEMLNOPQRMSFTAUBFfELIEBKFAQcBTABYXKDY_TAFTADFTASELKLBEKdGFKFAXALFGMSFTADAHEGFDKLFELBdCIAIELFTA
SEdELHDASdABFFTABMDDABFEMLMSKLADDMDFMJDAoEMCGdcEGGCAISELKLBEKdGFKFAXALFGj 3
bLIEBKFAQcBTABYXKDY_TAFTADKLcMSFTMGAADDMDBMDDABFEMLGKDADAGFKFAXALFGFTKFDAkCEDAIKDABMoADcKLKdcGEGMSELBALFEoAeQKGAIBMXJALGKFEMLDABAEoAI
QcKLcMSFTADAHEGFDKLFvGAaABCFEoAMSSEBADGICDELHFTADAdAoKLFDABMoADcJADEMIJCDGCKLFFMrOghjNhpeNPQRj 3
bLIEBKFAQcBTABYXKDY_TAFTADFTADAHEGFDKLFEGKGTAddWMXJKLcPKGIASELAIEL[CdANOQeOMSFTA\aBTKLHAUBFRj `AG3 ^M)
ZTAKHHDAHKFAXKDYAFoKdCAMSFTADAHEGFDKLFvGBMXXMLAkCEFcTAdIQcLMLeKSSEdEKFAGMSFTADAHEGFDKLFKF{CLAlhfOhOlf_TEBT_KGFTAdKGFQCGELAGGIKcMSFTA
DAHEGFDKLFvGXMGFDABALFdcBMXJdAFAIGABMLISEGBKdkCKDFADf_KGKJJDMaEXKFAdc|yjNQEddEMLQKGAIMLFTABdMGELHJDEBAMSFTABMXXMLGFMBYKGDAJMDFAIMLFTA^A_
`MDY@FMBY\aBTKLHAMLGCBTIKFAKLIKGGCXELHfSMDJCDJMGAGMSFTEGBMXJCFKFEMLMLdcfFTKFFTADAHEGFDKLFvGIEDABFMDGfAaABCFEoAMSSEBADGKLIQALASEBEKdM_LADG
MSNh}MDXMDAMSFTADAHEGFDKLFvGBMXXMLGFMBYKDAKSSEdEKFAGj
ZTALCXQADMSGTKDAGMSFTADAHEGFDKLFvGBMXXMLGFMBYMCFGFKLIELHMLqAQDCKDcNOfOhOg_KGNh~fzOlfzhzj
5 80 4136218 9+ 97345   94 494184
  MDFEMLGMSFTASMddM_ELHIMBCXAL5 
FGK/D5AE
L
B
M
D
J
M
D
K
F
A
IQ
cDASADALBAELFTEGqMDXNhe  KGELIEBKFAITADAE+ 
LV  ." #$    9  /   / 4   '!'  
  DMac@FKFAXALFDAdKFELHFM[AHEGFDKLFvG
WMDJMDKFAHMoADLKLBAPCLIAD  KDFbfbFAXNRKLI
OhOgULLCKd  AAFELHMS@FMBYTMdIADG
  KDFbbb



 3/25/2024 Letter Continued (Full PDF)