The AZEK Company(US:AZEK)2024-05-08 22:54Financial Outlook for Fiscal Year 2024 - The company raises FY24 outlook, driven by strong demand YTD[8] - Net sales are projected to be in the range of $1,407 million to $1,438 million[7], compared to the previous range of $1,385 million to $1,425 million[7] - Residential segment net sales are expected to be between $1,337 million and $1,364 million[7], versus the prior estimate of $1,312 million to $1,348 million[7] - Adjusted EBITDA is anticipated to be in the range of $364 million to $380 million[7], up from the previous range of $353 million to $372 million[7] - The company expects an Adjusted EBITDA Margin of 25.8% to 26.4%[8] Q3 2024 Guidance - Net sales are projected to be in the range of $385 million to $400 million[9] - Residential segment net sales are expected to be between $368 million and $382 million[9] - Adjusted EBITDA is anticipated to be in the range of $103 million to $110 million[9] - The company expects an Adjusted EBITDA Margin of 26.6% to 27.4% in fiscal 3Q24[9] Strategic Initiatives and Market Position - The company expects to drive above-market Residential segment growth in the range of 9% to 12% y-o-y via initiatives[8] - The divestiture of the Commercial segment's Vycom business closed on November 1, 2023[14]