AZEK - Why Azek Stock Is Soaring Today
In a difficult environment for housing and construction stocks, Azek 's (NYSE: AZEK) results held up better than expected. Shares of the recycled building products company climbed as much as 16% on Thursday on signs the company is doing a good job weathering the current cycle.
Azek is a maker of decking materials, trim, and other outdoor building products using recycled plastics. The company lost money in its fiscal first quarter ended Dec. 31, but results were not as bad as analysts had feared.
Azek lost $0.09 per share on revenue of $216.3 million, compared to consensus expectations for a loss of $0.10 on revenue of $206 million. CEO Jesse Singh credited "favorable sales combined with solid operational execution" for the modest beat, and said ongoing issues with supply chains appear to have normalized.
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Why Azek Stock Is Soaring Today