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The AZEK Company Inc. (symbol: AZEK) is a renowned leader in the design, manufacture, and sale of premium building products for residential, commercial, and industrial markets across the United States. Headquartered in Chicago, Illinois, and established in 2013, the company has quickly carved out a significant niche in the industry.
The company's diverse product portfolio includes trims, decks, porches, moldings, railings, pavers, and bathroom and locker systems. Additionally, it offers extruded plastic sheet products and other non-fabricated items tailored for specific industrial applications. AZEK markets its offerings under various well-known brand names such as AZEK, TimberTech, Versatex, Ultralox, StruXure, and Intex, among others.
AZEK operates through two main segments: Residential and Commercial. The Residential segment is the company's primary revenue generator, focusing on products that enhance outdoor living spaces. This includes environmentally sustainable, low-maintenance decks, railings, and outdoor furniture, which meet the growing demand for outdoor living solutions.
Beyond its residential focus, AZEK also provides high-quality commercial products under brands like Scranton Products, Aria Partitions, Eclipse Partitions, Hiny Hiders, Tufftec Lockers, and DuraLife Lockers. The company prides itself on its commitment to sustainability, ensuring that many of its products are made from recycled materials.
In 2020, the company transitioned from CPG Newco LLC to The AZEK Company Inc., marking a new chapter in its growth and expansion. Recent achievements include the launch of innovative products that cater to both aesthetic appeal and functional durability. Additionally, AZEK has established strategic partnerships to enhance its market reach and operational efficiency.
Financially, the company has demonstrated robust performance, with a significant portion of its revenue driven by the fast-growing outdoor living market. This strong financial footing allows AZEK to continually invest in research and development, ensuring a steady pipeline of innovative products that meet evolving customer needs.
Through clear and direct communication, AZEK maintains transparency with its stakeholders, providing regular updates on its performance, projects, and market developments. This dedication to excellence and customer satisfaction underscores AZEK's position as a leader in the building products industry.
The AZEK Company (NYSE: AZEK) will release its fiscal second quarter 2021 results on May 13, 2021, prior to the market opening. A conference call is scheduled for the same day at 9:00 a.m. (CT) to discuss these results. Investors can register for the call via the provided link or listen to a webcast on the company's Investor Relations site. A replay of the call will be available two hours post-event. Recognized for its sustainable outdoor living products, AZEK operates in Illinois with additional facilities in Ohio, Pennsylvania, Minnesota, and a new site in Boise, Idaho.
The AZEK Company (NYSE: AZEK) has appointed Sandra Lamartine as its new Senior Vice President and Chief Human Resources Officer. Lamartine, with over 20 years of experience in organizational design and talent management, aims to enhance AZEK's workplace culture by focusing on values like sustainability and inclusion. She succeeds Dennis Kitchen, who is retiring but will remain as an HR Advisor during the transition. CEO Jesse Singh expressed confidence in Lamartine's leadership abilities to foster an engaged workforce at AZEK, known for products like TimberTech® decking.
The AZEK Company reported strong financial results for Q1 fiscal 2021, with net sales up 27.8% to $212.3 million, driven by a 36.8% increase in the Residential segment. Gross profit rose 42.3% to $73.0 million, reflecting improved margins. Net income turned positive at $10.2 million, compared to a net loss in the previous year, with adjusted EBITDA increasing 43.3% to $48.5 million. The company announced a target of using 1 billion pounds of recycled materials by 2026 and expects continued growth, raising its full-year sales guidance to 14%-18% year-over-year.
The AZEK Company (NYSE: AZEK) announces the launch of new products under its TimberTech brand, including the innovative TimberTech® AZEK® Landmark Collection™. This collection features capped polymer decking designed to resemble natural wood while providing superior durability and low maintenance. The TimberTech Landmark Collection introduces new colors, Castle Gate™ and American Walnut™, created with proprietary color-cascading technology. Additionally, new railing options will enhance existing lines. All products are crafted from synthetic materials with a commitment to sustainability, utilizing approximately 50% recycled materials.
The AZEK Company (NYSE: AZEK) has been awarded the 2021 Green Innovation of the Year by Green Builder Media for its FULL-CIRCLE PVC Recycling Program. This initiative targets the collection and recycling of scrap PVC directly from dealers, contractors, and mill shops, addressing long-standing challenges in PVC waste disposal.
FULL-CIRCLE leverages a network of partners to recycle materials efficiently, aligning with AZEK's commitment to sustainability. AZEK's products incorporate recycled materials, with some being recyclable post-use, reinforcing its dedication to environmental stewardship.
The AZEK Company Inc. (NYSE: AZEK) has successfully completed a public offering of 23 million shares of its Class A common stock, with an exercise of an option for 3 million additional shares at a public price of $40.00 each. Notably, the company did not receive any proceeds from this offering, as the shares were sold by existing stockholders. Major financial institutions, including Barclays and BofA Securities, acted as underwriters for the offering.
The AZEK Company Inc. (NYSE: AZEK) has announced a public offering of 20,000,000 shares of its Class A common stock at $40.00 per share, offered by certain selling stockholders. The underwriters have a 30-day option to purchase an additional 3,000,000 shares. AZEK will not receive any proceeds from this sale. The offering is expected to close on January 26, 2021, pending customary conditions. Major financial institutions involved include Barclays, BofA Securities, Goldman Sachs, and Jefferies. A registration statement for the offering was declared effective on January 21, 2021.
AZEK has announced preliminary financial results for Q1 fiscal 2021, indicating significant revenue growth. Estimated revenue is projected between $200 million and $210 million, a notable increase from $158 million in Q1 2020. The Company remains cautious, emphasizing these estimates are subject to change and not audited. Management noted that ongoing financial procedures may alter these figures, aligning with historical growth trends and market expectations.
The AZEK Company announced a public offering of 17,500,000 shares of Class A common stock from certain selling stockholders, with an option for underwriters to purchase an additional 2,625,000 shares. AZEK will not receive any proceeds from this offering, which is subject to market conditions. The registration statement related to this offering has been filed with the Securities and Exchange Commission but is not yet effective, and no sales can occur until this is completed.
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