Chicago-based AZEK Company Inc., a manufacturer of low-maintenance and environmentally sustainable outdoor living products, announced fiscal 2021 fourth-quarter net sales of $346.1 million, a 31.1% increase over the same period in 2020.
“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,” AZEK CEO Jesse Singh said. “Our team continues to execute against our strategy of delivering long-term, sustainable growth and value creation for our customers, partners, employees, and shareholders. We delivered these results while strengthening our team, increasing capacity and broadening our differentiated product portfolio to increase market share and wood conversion.”
Net sales for the fiscal fourth quarter increased for the company’s residential segment by 31.1% and increased for its commercial segment by 31.3%.
Net income for fiscal 2021 4Q increased by $103 million to $38.6 million, or $0.25 per share, for the three months ending at Sept. 30. This was compared to a net loss of $64.4 million, or ($0.43) per share, for the same quarter in 2020.
“This was primarily due to higher sales growth in both our Residential and Commercial segments, higher gross profit and a decrease in interest expense resulting from the reduced principal amount outstanding under our Term Loan Agreement,” AZEK said.
Net sales for the twelve months ended Sept. 30 increased by $279.7 million, or 31.1%, compared to $899.3 million at the end of the year in 2020. The increase was primarily attributable to higher sales growth in the residential segment, which grew 35.4%, and 5.3% growth in the commercial segment.
Net income increased by $215.4 million to $93.2 million, or $0.59 per share, compared to a net loss of $122.2 million, or $1.01 per share for the end of the previous fiscal year.