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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) announced an Investor Day scheduled for June 15, 2022, in New York City, starting at 8:30 a.m. ET. The event will feature presentations from CEO Jesse Singh and CFO Peter Clifford, followed by a Q&A session. Interested investment professionals can attend in person but must register due to limited space. A live webcast will also be available, with an archived version accessible after the event. AZEK is recognized for its sustainable outdoor living products, utilizing up to 100% recycled materials.
The AZEK Company Inc. (NYSE: AZEK) announced its participation in upcoming investor conferences, including the UBS Global Industrials and Transportation Conference on June 7, 2022, and the William Blair Growth Stock Conference on June 8, 2022. Key executives, including CFO Peter Clifford and CEO Jesse Singh, will present at these events. The presentations will be broadcast live via the company's website, where replays will also be available. AZEK is known for its sustainable outdoor living products made from recycled materials and is committed to improving environmental sustainability.
The AZEK Company (NYSE: AZEK) has entered an accelerated share repurchase agreement with JPMorgan to buy back $50 million of its Class A common stock. This program will utilize existing cash resources and initially involve the delivery of approximately 2.4 million shares. The final settlement is expected by July 2022, with share repurchase amounts based on the average price during the repurchase period. AZEK is committed to sustainable manufacturing practices, producing products from up to 100% recycled materials, enhancing shareholder value through stock buybacks.
The AZEK Company reported a strong second quarter for fiscal 2022, with consolidated net sales rising 35.2% year-over-year to $396.3 million. The residential segment saw a 33.6% increase, while net income surged 58.2% to $35.8 million. Adjusted EBITDA improved by 27.1% to $90.9 million. The company is raising its net sales outlook for fiscal 2022 to between $1.39 billion and $1.43 billion. In addition, AZEK announced a $400 million share repurchase program to enhance shareholder value.
The AZEK Company Inc. has announced the promotions of Jon Skelly to President of its Residential business and Morgan Fox Walbridge to Senior VP and Chief Legal Officer. Skelly succeeds Joe Ochoa, retiring on July 1, 2022, while Walbridge takes over for Paul Kardish, retiring on June 1, 2022. Both outgoing leaders will remain as advisors. AZEK's CEO, Jesse Singh, praised the contributions of the retirees and expressed enthusiasm for the newly appointed leaders, highlighting their extensive experience and vital roles in driving the company's growth and sustainability initiatives.
The AZEK Company (NYSE: AZEK) has successfully entered into a new first lien term loan credit agreement, securing a $600 million credit facility due in April 2029. This refinancing replaces its existing loan due in May 2024, enhancing the company's financial position and liquidity. The credit facility will amortize quarterly starting December 31, 2022, and carries a variable interest rate based on Term SOFR plus 2.50%. S&P Global Ratings has upgraded AZEK's corporate credit rating to BB-, reflecting positive market recognition of its growth strategy.
The AZEK Company (NYSE: AZEK) has announced a partnership with Russin to launch Captivate, a new line of prefinished siding and trim. This line aims to expand color options for outdoor products in 13 Northeastern and Mid-Atlantic states. Featuring various profiles, including shingle and board and batten designs, Captivate is made for durability and low maintenance. Initial orders will start in May, with deliveries expected by early June. This collaboration leverages advanced manufacturing for consistent quality and is backed by warranties from both companies.
The AZEK Company (NYSE: AZEK) announced its participation in two upcoming investor conferences. The J.P. Morgan Homebuilding & Building Products Conference is set for May 17, 2022, at 8:15 AM ET, accessed online. The B. Riley Securities 22nd Annual Investor Conference will occur on May 26, 2022, at 1:00 PM PT in Beverly Hills, CA. Both conferences will feature CEO Jesse Singh and CFO Peter Clifford. Investors can find more details and access live broadcasts on the AZEK investor website.
The AZEK Company (NYSE: AZEK) will release its fiscal Q2 2022 results on May 10, 2022, before the market opens. A conference call will be held at 9:00 a.m. (CT) the same day, with advance registration required. AZEK is a leader in manufacturing low-maintenance, eco-friendly outdoor products, including TimberTech® decking and StruXure™ pergolas. The company operates several manufacturing facilities across the U.S. and is committed to sustainability, utilizing recycled materials to reduce landfill waste.
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