AZEK recently released its 10-Q report, providing insight into the company's financial performance and operations. The company operates through two segments: Residential and Commercial. The Residential segment focuses on engineered outdoor living products, while the Commercial segment offers bathroom partitions, lockers, and other storage solutions.
In the 10-Q report, AZEK reported a net sales increase of 12.1% for the three months ended June 30, 2024, reaching $434.4 million compared to $387.6 million for the same period in 2023. The gross profit for the same period increased by 24.6% to $164.3 million. However, the selling, general, and administrative expenses also rose by 22.2% to $88.6 million.
For the nine months ended June 30, 2024, AZEK reported a net sales increase of 11.4% to $1.09 billion compared to $981.5 million for the same period in 2023. The gross profit for the nine-month period increased significantly by 44.6% to $412.0 million. However, the company also reported a substantial increase in income tax expense, which rose by 408.4% to $49.9 million.
Today the company's shares have moved 8.6% to a price of $39.97. For the full picture, make sure to review AZEK's 10-Q report.
