The AZEK Company Inc. (NYSE:AZEK) Q3 2022 Results Conference Call August 4, 2022 10:00 AM ET
Company Participants
Eric Robinson - IR
Jesse Singh - CEO
Peter Clifford - CFO
Conference Call Participants
John Lovallo - UBS
Keith Hughes - Truist Securities
Ketan Mamtora - BMO Capital Markets
Matthew Bouley - Barclays
Michael Rehaut - JPMorgan
Philip Ng - Jefferies
Ryan Merkel - William Blair
Susan Maklari - Goldman Sachs
Timothy Wojs - Robert W. Baird
Operator
Welcome to the AZEK Company's Third Quarter 2022 Earnings Call. [Operator Instructions] Please be advised that today’s conference is being recorded.
I’d now like to hand the conference over to Eric Robinson. Please go ahead, Eric.
Eric Robinson
Thank you, and good morning, everyone. We issued our earnings press release and a supplemental earnings presentation this morning to the Investor Relations portion of our website at investors.azekco.com as well as via 8-K on the SEC’s website.
I am joined today by Jesse Singh, our Chief Executive Officer; and Peter Clifford, our Chief Financial Officer.
I would like to remind everyone that during this call, we may make certain statements that constitute forward-looking statements within the meaning of the federal securities laws, including remarks about future expectations, beliefs, estimates, forecasts, plans and prospects. Such statements are subject to a variety of risks and uncertainties as described in our periodic reports filed with the Securities and Exchange Commission that could cause actual results to differ materially.
We do not undertake any duty to update such forward-looking statements. Additionally, during today’s call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance. These non-GAAP measures should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations of such non-GAAP measures can be found in our earnings press release, which is posted on our website.
Now, let me turn the call over to AZEK’s CEO, Jesse Singh.
Jesse Singh
Good morning, and thank you for joining today’s call. The AZEK team delivered strong third quarter performance, highlighted by a 21% increase in net sales and a 19% increase in adjusted EBITDA over the comparable period last year. These results exceeded our guidance for the quarter and were driven by solid in-season demand and strong operational execution.
We saw continued demand from consumers and contractors as our channel maintains an aggressive posture to ensure high in-season service levels. We executed on our price cost margin coverage initiatives earlier than expected in the quarter, and we saw raw materials begin to stabilize.