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The AZEK Company Inc. (AZEK+0.14%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports net sales of $1,441,448,000, an increase of 5.2% from the previous year. This growth was driven by higher sales volume in the Residential segment.
Cost of sales decreased by 4.3% to $899,655,000, attributed to lower raw material costs and higher utilization of manufacturing capacity.
Gross profit increased by 25.9% to $541,793,000, with a gross margin of 37.6%, up from 31.4% in the prior year.
Selling, general, and administrative expenses rose by 7.4% to $327,770,000, primarily due to higher marketing expenses and professional fees.
The company reported a gain on the sale of its Vycom business, contributing $37,688,000 to income.
Net income for the year was $153,379,000, a 146% increase from the previous year.
Cash provided by operating activities was $224,479,000, while cash used in investing and financing activities was $49,139,000 and $387,907,000, respectively.
The company had cash and cash equivalents of $164,025,000 as of September 30, 2024.
The filing also details the company's debt structure, including a new $815 million senior credit agreement entered into on September 26, 2024.
AZEK continues to focus on expanding its recycling capabilities and increasing the use of reclaimed materials in its manufacturing processes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The AZEK Company Inc. Class A annual 10-K report dated November 20, 2024. To report an error, please email earnings@qz.com.