Shares of Azek, a leading composite decking maker, experienced a significant boost after the company announced its fiscal first quarter results and increased its guidance for the year. The surge in share price reached 12%, with the stock currently trading at $44.37. Over the past 12 months, shares have risen by an impressive 70%.
Azek reported sales of $240.4 million for the three months ending on December 31st, which reflects an 11% increase compared to the previous year. This figure surpassed analysts’ expectations of $234.3 million, as surveyed by FactSet. Adjusted earnings per share came in at 10 cents, exceeding the anticipated 6 cents.
Furthermore, Azek has revised its fiscal-year sales projection to a range of $1.39 billion to $1.43 billion, up from its previous estimate of $1.335 billion to $1.395 billion.
Jesse Signh, the Chief Executive of Azek, expressed optimism regarding the company’s future prospects. He highlighted positive demand indicators based on customer surveys and stated, “Customer sentiment is higher than this time last year, and customers appear to be more optimistic for a normal building season in 2024.”
This impressive performance and optimistic outlook demonstrate Azek’s ability to meet and exceed market expectations, solidifying its position as an industry leader.
