The AZEK Company Inc

Latest Results (23.12.2024):

Fourth Quarter Fiscal 2024 Results

The AZEK Company Inc. reported consolidated net sales of $348.2 million for the fourth quarter of fiscal 2024, marking a decrease of 10% compared to the same period in the previous year. This decline was primarily attributed to a $35 million shift in earlier product purchases by channel partners and the sale of the Vycom business in the Commercial segment. The Residential segment saw a net sales decrease of 6%, while the Commercial segment experienced a 47% drop.

Profit and Margins

For the fourth quarter of fiscal 2024, The AZEK Company Inc. recorded a net income of $28.4 million, translating to a net profit margin of 8.1%. This represents a decrease from the previous year's net income of $39.2 million and a net profit margin of 10.1%. The gross profit margin slightly declined to 37.3%, while the adjusted gross profit margin was 38.4%.

Full-Year Fiscal 2024 Performance

Throughout fiscal year 2024, The AZEK Company Inc. achieved consolidated net sales of $1.44 billion, reflecting a 5% increase from the prior year. The Residential segment contributed significantly with a 12% increase in net sales, driven by growth initiatives such as channel expansion and new product launches. However, the Commercial segment saw a 51% decrease in net sales due to the Vycom business sale.

Adjusted EBITDA and Cash Flow

The AZEK Company Inc. reported an adjusted EBITDA of $91.8 million for the fourth quarter of fiscal 2024, a decrease from $102.0 million in the same quarter of the previous year. Despite this, the adjusted EBITDA margin slightly improved to 26.3%. For the full fiscal year, adjusted EBITDA increased by 34% to $379 million, with a significant expansion in the adjusted EBITDA margin by 560 basis points to 26.3%.

Fiscal Year 2025 Outlook

Looking ahead to fiscal year 2025, The AZEK Company Inc. anticipates consolidated net sales to range between $1.51 billion and $1.54 billion, representing a growth of approximately 5% to 7% year-over-year. The company expects adjusted EBITDA to be between $400 million and $415 million, indicating an increase of 5% to 9% compared to fiscal 2024. These projections assume a stable repair and remodel market.