Residential segment drives AZEK Company net sales

The AZEK Company Inc. had net sales of $240 million for the first quarter of its 2024 fiscal year, up 11 percent compared to net sales of $216.3 million for the first quarter of fiscal 2023. The increase was primarily due to an increase in volume in the residential segment attributable to key growth initiatives driving demand for AZEK products, and partially offset by the sale of the Vycom business in the commercial segment. Net sales for the residential segment increased 24 percent year over year, and net sales for the commercial segment decreased by 53 percent. Overall gross profit was $91.4 million for the quarter compared to $47.6 million for the prior-year period. Gross profit margin increased by 1,600 basis points to 38.0 percent. Adjusted net income was $15.6 million for the first quarter, compared to an adjusted net loss of $13.9 million in the year-ago period.