Shares of The AZEK Company (NYSE: AZEK) surged 5.25% in pre-market trading on Wednesday, following the release of the company's fiscal 2024 earnings results. AZEK reported record financial performance, fueling investor optimism for continued growth.

For fiscal 2024, AZEK achieved a 12% year-over-year increase in net sales, driven by an 18% sales growth in its core Deck, Rail, and Accessories business. The company also saw significant margin expansion, with net profit margins expanding 600 basis points to 10.6%, and adjusted EBITDA margins expanding 560 basis points to a record 26.3%.

The strong results prompted RBC to raise its price target on AZEK to $50 from $46, maintaining an Outperform rating. Analysts cited the company's robust performance and promising growth prospects as key factors behind the bullish outlook.