Azek CEO Jesse Singh told CNBC that the company believes it will be able to increase its profitability in the future, driven by an increase in productivity and a reduction in raw material costs.
"We like a lot of companies that have experienced very significant inflation," Singh said in an interview with Jim Cramer on "Mad Money." "As we close our second fiscal quarter, I think you will start to see margin expansion again."
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In its fiscal fourth quarter ended Sept. 30, Azek reported gross margin of 32.4%, up from 34.2% in the same period last year. It was the second quarter in a row that the manufacturer of exterior building materials, such as composite decking, saw a year-over-year drop in gross margin. It dropped 100 basis points to 32.6% in the third fiscal quarter.
As an innovative manufacturer of beautiful, low maintenance and environmentally sustainable outdoor living products, AZEK is deeply committed to making a lasting impact on the world by accelerating the use of recycled materials. Consistently recognized as a market leader in innovation, quality and aesthetics, The AZEK Company's portfolio products are made from up to 100% recycled material and primarily replace wood on the exterior of homes, providing consumers with a durable solution, ecological and elegant.
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