AZEK CEO Expects Continued Home Renovation Strength After Pandemic
Last week, The AZEK Company (AZEK) posted earnings.
The company reported that its net sales for the fourth quarter of fiscal 2020 increased by over $48 million to $63 million from $215 million in the fourth quarter of fiscal 2019.
So, obviously, Americans are decking out their decks during the coronavirus pandemic as they buy houses to migrate out of cities.
“I am very proud of our accomplishments in fiscal 2020 as we completed a very important year for AZEK and achieved several key milestones,” commented Jesse Singh, AZEK’s Chief Executive Officer. “During the year, we became a public company, successfully managed through an environment impacted by COVID-19 and delivered strong financial results. Our team has done an outstanding job of executing and we ended the year with strong momentum as our fourth quarter Residential segment growth accelerated and our margins expanded. Importantly, we remain on track with our capacity expansion program and key strategic initiatives of growth through innovation, margin expansion via recycling and AIMS, commitment to ESG, and building on our core strengths of brand, manufacturing, R&D and customer connection."
Singh joined TheStreet to discuss the trends he's seeing and what he expects from consumers in 2021.
You can follow Katherine Ross on Twitter at @byKatherineRoss.
Read more from Katherine Ross here.
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