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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 announced its third-quarter and year-to-date fiscal 2024 results, highlighting substantial growth and profitability. Consolidated net sales increased by 12% to $434.4 million, with the Residential segment seeing an 18% rise to $416.0 million. The company's net income surged 45% to $50.1 million, while adjusted net income grew 38% to $62.0 million. The gross profit margin expanded by 380 basis points to 37.8%, and the adjusted EBITDA margin improved by 260 basis points to 27.5%. The company generated $195 million in cash from operating activities and announced a new $600 million share repurchase program. AZEK reaffirmed its second-half fiscal 2024 outlook and raised the lower end of its full-year guidance, expecting net sales between $1.422 and $1.438 billion and adjusted EBITDA between $370 and $380 million.
The AZEK Company Inc. (NYSE: AZEK) has announced a long-term distribution partnership with Doman Building Materials Group (TSX: DBM) to expand the availability of TimberTech decking products across Canada. This strategic collaboration, effective January 1, 2025, aligns with AZEK's goal to increase its market presence and offer environmentally sustainable decking solutions to Canadian customers.
TimberTech decking is known for its premium aesthetics, innovative technology, and top-rated fire resistance. Made from up to 85% recycled waste and scrap material, it exemplifies AZEK's commitment to sustainability. Doman's extensive distribution network and industry expertise make them an ideal partner for AZEK, building on their existing relationship in both the U.S. and Canada.
The AZEK Company Inc. (NYSE: AZEK), a leading manufacturer of sustainable outdoor living products, has announced its fiscal third quarter 2024 earnings release and investor conference call scheduled for August 7, 2024. The company will release results after market close and hold a conference call at 4:00 p.m. (CT). Investors can register for the call in advance or listen to a live webcast on AZEK's Investor Relations website. A replay will be available until August 20, 2024.
AZEK specializes in TimberTech® decking, Versatex® trim, and StruXure® pergolas, using up to 85% recycled materials. The company has been recognized for innovation, quality, and sustainability, recently named one of America's Climate Leaders by USA Today and a Top Workplace by the Chicago Tribune and U.S. News and World Report.
The AZEK Company (NYSE: AZEK) has announced a $50 million accelerated share repurchase (ASR) program in collaboration with Goldman Sachs. This initiative aims to buy back Class A common stock using company cash reserves. Initially, AZEK will receive around 0.9 million shares, with the final settlement due by August 2024. The final share count will depend on the average daily volume-weighted price during the repurchase period. Post-ASR, AZEK will have $625 million remaining in its repurchase program. The agreement includes standard terms for adjustments, acceleration, extension, or termination.
The AZEK Company (NYSE: AZEK), a leader in low-maintenance and environmentally sustainable outdoor living products, announced a new $600 million share repurchase program. This authorization is in addition to the approximately $75 million remaining from the prior repurchase authorization. The company may buy back shares through various methods, including open market transactions and privately negotiated deals, depending on market conditions. The timing and continuation of repurchases are flexible and subject to change based on market and business conditions.
The AZEK Company (NYSE: AZEK) announced it received a non-compliance notice from the NYSE on May 16, 2024, for not timely filing its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024. The company expects to file the Form 10-Q within 30 days. According to the NYSE Notice, AZEK has six months from May 15, 2024, to regain compliance by filing the Form 10-Q. The NYSE may grant up to an additional six-month extension if necessary. The company's failure to file on time is due to the need to complete restated consolidated financial statements for fiscal years 2021-2023 and the interim periods within those years. AZEK's stock listing on the NYSE remains unaffected for now, but delisting proceedings may commence if the company fails to meet compliance requirements.
The AZEK Company Inc. (NYSE: AZEK) announced strong second-quarter performance driven by residential segment execution, increasing brand momentum, and margin expansion initiatives. Preliminary financial results show consolidated net sales of $418.4 million, representing 11% YoY growth, and raising fiscal 2024 outlook to $1.407-$1.438 billion in net sales and $364-$380 million in Adjusted EBITDA. CEO Jesse Singh highlighted double-digit net sales growth, strong margin expansion, and new product innovations.
The AZEK Company Inc. (NYSE: AZEK) announced its participation in upcoming investor conferences such as J.P. Morgan 2024 Homebuilding and Building Products Conference, BofA Securities Housing Symposium 2024, Baird 2024 Global Consumer, Technology & Services Conference, and William Blair 44th Annual Growth Stock Conference. Management executives will present at these events to discuss the company's strategies and future prospects.
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