PGTI Reports Second Quarter 2023 Results

PGT Innovations, Inc. (NYSE: PGTI), a national leader in premium windows and doors, including impact-resistant products, garage doors, and products designed to unify indoor/outdoor living spaces, today announced financial results for its second quarter ended July 1, 2023.

Financial Highlights for Second Quarter 2023

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

• Net sales totaled $385 million, a decrease of 5 percent.
• Net income was $32 million, a decrease of 13 percent.
• Adjusted net income* was $34 million, a decrease of 16 percent.
• Adjusted EBITDA* was $74 million, a decrease of 6 percent.
• Net income per common share attributable to common shareholders, diluted, was $0.53, a decrease of 13 percent.
• Adjusted net income per diluted share* was $0.58, a decrease of 13 percent.
• Total liquidity* at the end of the second quarter was $177 million, including cash of $39 million and revolver availability of nearly $138 million.

Third Quarter 2023 Guidance

• Net sales in the range of $385 million to $405 million.
• Adjusted EBITDA* in the range of $71 million to $77 million.

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

“PGT Innovations delivered sequential growth in net sales and profitability for the second quarter in a dynamic macro environment. The Company continues to execute on operational performance targets, maintaining good cost controls, and our team continues to excel in this challenging environment,” said Jeff Jackson, President and Chief Executive Officer. “The Company delivered two percent sequential sales growth, with continued strength in the repair and remodeling channel driving the increase.”

“Our organic second quarter net sales were down eight percent from the prior year quarter, driven by a low double-digit unit volume decline partially offset by the impact of price increases,” added Jackson. “New construction market activity suggests a solid recovery in the second half of 2023 based on the recent recovery in permits and starts trends.”

“During the quarter, we completed the acquisition of the remaining 25% of ECO Enterprises, invested in capacity and automation initiatives, and continued to repurchase shares. In the second quarter, we executed $19.8 million of share repurchases, for a total year-to-date purchases of $45.4 million,” said Craig Henderson, Interim Chief Financial Officer and Vice President of Corporate Finance.

“Our second quarter performance was driven by operational execution, continued cost containment measures, and the impacts of pricing actions taken to offset materials and wage inflation. We expect third quarter 2023 performance for net sales in the range of $385 million to $405 million, and Adjusted EBITDA in the range of $71 million to $77 million,” concluded Henderson.

For the complete press release, click here.

About PGT Innovations, Inc.

PGT Innovations manufactures and supplies premium windows, doors, and garage 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. Through its brands, PGT Innovations 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^®, Eco Window Systems, NewSouth Window Solutions, and Martin Door. 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 Marketing Manager – SCz@PGTInnovations.com – (941) 480-1600

Source: PGT Innovations, Inc.