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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 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.
The AZEK Company Inc. (NYSE: AZEK) will release its fiscal first quarter 2021 results on February 11, 2021, before the market opens. A conference call is scheduled for the same day at 9:00 a.m. (CT) to discuss the results. Interested investors can register in advance to access the call. A replay will be available approximately two hours after the call, lasting until 10:59 p.m. (CT) on February 25, 2021. The company is known for its sustainable building products and operates manufacturing facilities in Ohio, Pennsylvania, and Minnesota.
The AZEK Company reported its financial results for Q4 and FY 2020, showcasing a 22.4% increase in net sales to $263.9 million. The Residential segment saw a remarkable 30.0% growth, while the Commercial segment declined by 14.4%. Despite strong sales, a net loss of $64.4 million was recorded due to increased SG&A expenses associated with stock-based compensation. Adjusted Net Income rose to $44.4 million, with Adjusted EBITDA increasing by 25.9% to $66.1 million. Looking ahead, AZEK forecasts Q1 2021 net sales growth in the low 20% range, driven mainly by the Residential segment.
The AZEK Company (NYSE: AZEK) has launched two innovative building products: AZEK Shingle Siding with PaintPro® Technology and AZEK Capped Polymer Cladding. The Shingle Siding features a vertical woodgrain texture and offers moisture resistance, enhanced paint adhesion, and a Limited Lifetime Warranty. The Capped Polymer Cladding imitates the look of hardwood with minimal maintenance, using recycled materials. Both products come with impressive warranties, catering to both residential and commercial markets.
The AZEK Company has appointed Fumbi Chima, Howard Heckes, and Romeo Leemrijse to its board of directors. Fumbi Chima brings extensive experience in digital transformation and is the first black board member, enhancing diversity. Howard Heckes, with a background in construction and manufacturing, aims to guide AZEK’s innovation and growth. Romeo Leemrijse, a private equity veteran, emphasizes the company's commitment to sustainability as a key value driver. These appointments aim to enhance AZEK's focus on low-maintenance, sustainable building products.
The AZEK Company has launched the AZEK FULL-CIRCLE PVC Recycling Program, enhancing its sustainability efforts by collecting and recycling scrap PVC directly from professional contractors, dealers, and mill shops. This initiative positions AZEK among the largest PVC recyclers in the U.S., aiming to divert waste from landfills and reduce disposal costs for contractors. The program is set to collect over 2.5 million pounds of PVC scrap annually. FULL-CIRCLE complements AZEK's existing polyethylene recycling initiative, showcasing the company's commitment to innovation and a circular economy.
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