Exhibit 99.1

 

November 18, 2021

The AZEK Company Announces Record Fourth Quarter and Full-Year Fiscal 2021 Results

Continued Strong Sales Growth in Fourth Quarter and Full Year; Expanding Decking Capacity with Additional New Fourth Phase; Cumulative Capacity Expected to Increase Over 100% by End of 2022

 

FOURTH QUARTER FISCAL 2021 HIGHLIGHTS

 

Consolidated net sales increased 31.1% year over year to a record $346.1 million

 

Residential segment net sales increased 31.1% year over year to $305.1 million

 

Net income increased by $103.0 million year over year to $38.6 million

 

Adjusted EBITDA increased $15.4 million year over year to $81.5 million

OUTLOOK HIGHLIGHTS

 

Fiscal 2022 Net Sales Outlook – Expecting consolidated net sales growth of mid-teens year over year

 

Fiscal 2022 Adjusted EBITDA Outlook – Expecting Adjusted EBITDA growth of high-teens year over year

 

First Quarter Fiscal 2022 Outlook – Expecting consolidated net sales growth between 18% and 21% year over year, and Adjusted EBITDA growth of between 14% and 17% year over year

 

Chicago, Ill. (BUSINESS WIRE) -- The AZEK Company Inc. (the “Company” or “AZEK”) (NYSE: AZEK), the industry-leading manufacturer of beautiful, low-maintenance and environmentally sustainable outdoor living products, including TimberTech® decking and Versatex® and AZEK Trim®, today announced financial results for its fourth quarter and fiscal year ended September 30, 2021.

 

CEO COMMENTS

“The AZEK Company delivered another impressive quarter and year – our first full year as a public company – with record growth in net sales, net income and Adjusted EBITDA. Our team continues to execute against our strategy of delivering long-term, sustainable growth and value creation for our customers, partners, employees, and shareholders,” Jesse Singh, AZEK’s Chief Executive Officer said. “We delivered these results while strengthening our team, increasing capacity and broadening our differentiated product portfolio to increase market share and wood conversion.”

“During the fiscal fourth quarter, we meaningfully improved service to our customers, made progress against our decking capacity expansions, and made additional investments to drive long-term, sustainable growth. End-market demand remains strong, driven by repair & remodel market strength, sustained interest in outdoor living, and an accelerated trend in material conversion to our types of beautiful, long-lasting, high-performance products.  Given our confidence in the long-term opportunity, we are adding a fourth phase to our decking capacity expansion program. Cumulatively, our multi-phase expansion program is expected to increase decking capacity by more than 100%, versus a 2019 baseline, by the end

 


The following information was filed by Azek Co Inc. (AZEK) on Thursday, November 18, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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