PGTI Reports Record Second Quarter 2022 Results and Raises Full-Year 2022 Guidance

PGT Innovations, Inc., a national leader in premium windows and doors, including impact-resistant products and products designed to unify indoor/outdoor living spaces, announced financial results for its second quarter ended July 2, 2022.

Financial Highlights for Second Quarter 2022

(All results reflect comparison to prior-year period; Cash on hand is compared to prior-year end)

• Net sales in the second quarter totaled $407 million, an increase of 42 percent (includes organic growth of 29 percent).
• Net income in the second quarter was $36 million, an increase of 240 percent.
• Adjusted net income* in the second quarter was $41 million, an increase of 278 percent.
• Adjusted EBITDA* in the second quarter was $78 million, an increase of 119 percent.
• Net income attributable to common shareholders per diluted share in the second quarter was $0.61, an increase of 455 percent.
• Adjusted net income per diluted share* in the second quarter was $0.67, an increase of 272 percent.
• Cash at the end of the second quarter was $159 million, an increase of 66 percent.

Updated Fiscal Year 2022 Guidance

• Net sales in the range of $1.450 billion to $1.525 billion.
• Adjusted EBITDA in the range of $250 million to $265 million.

* Adjusted net income, Adjusted net income per diluted share and Adjusted EBITDA are non-GAAP measures. Please see “Use of Non-GAAP Financial Measures” below for more information.

“Our very strong second quarter financial results, with year-over-year revenue growth of 42 percent, was driven by continued improvement across our portfolio of brands. The effectiveness of our business model to drive long-term and profitable growth, both organic growth and acquisitions, showed strong during the quarter, and included $39 million in net sales from Anlin Windows & Doors, which we acquired in the fourth quarter of last year,” said Jeff Jackson, President and Chief Executive Officer.

“Organic revenue in our Western region grew 41 percent year-over-year as we continue to gain significant market share and deliver quality products. Organic revenue in our Southeast region grew 27 percent, reflecting strength in our core Florida market and improved lead times stemming from investments in increased operational efficiencies. We achieved 660 basis points of gross margin expansion as operational improvements and pricing actions helped us offset rising costs,” added Jackson.

“Our strong revenue and margin growth benefited from many strategic actions and ongoing strength across the markets we serve,” commented Jackson. “Over the past four years, we acquired Western Window Systems, New South, Eco, and Anlin, which together expanded our geographic footprint and product lines so that we can effectively meet growth in consumer demand for our target markets. I am also extremely proud of our team’s focus on operational excellence, which has reduced lead times, further increased our manufacturing quality, improved safety performance and reduced costs. They are a testament to our value proposition that drives the execution of our long-term strategy.”

“Given the strength of our financial results to date and robust open-orders backlog for the second half, we are raising fiscal year 2022 guidance for net sales in the range of $1.450 billion to $1.525 billion, and Adjusted EBITDA in the range of $250 million to $265 million,” added John Kunz, Senior Vice President and Chief Financial Officer. “We generated strong cash flow in the second quarter of 2022, ending the period with a cash balance of $159 million.”

For the full second quarter results, click here.

About PGT Innovations, Inc.

PGT Innovations manufactures and supplies premium windows and doors. Its highly engineered and technically advanced products can withstand some of the toughest weather conditions on earth and are revolutionizing the way people live by unifying indoor and outdoor living spaces. PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves, and a drive to develop category-defining products. The company is also the nation’s largest manufacturer of impact-resistant windows and doors and holds the leadership position in its primary market. The PGT Innovations’ family of brands include CGI^®, PGT^® Custom Windows and Doors, WinDoor^®, Western Window Systems, Anlin Windows & Doors, Eze-Breeze^®, CGI Commercial, NewSouth Window Solutions, and a 75 percent ownership stake in Eco Window Systems. The company’s brands, in their respective markets, are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. Their high-quality products are available in custom and standard sizes with massive dimensions that allow for unlimited design possibilities in residential, multi-family, and commercial projects. For additional information, visit www.pgtinnovations.com.

Contact:

Stephanie Cz – Corporate Communications Manager – (941) 480-1600

Source: PGT Innovations, Inc.