PGTI Reports 2020 Fourth Quarter and Fiscal Year Results and Provides Fiscal 2021 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 fourth quarter and year ended January 2, 2021.

Financial Highlights for 2020 compared to 2019

– Fourth quarter 2020 net sales increased 27 percent, to $222 million, including $28 million from our NewSouth acquisition

– Fourth quarter 2020 gross profit increased 40 percent, to $79 million

– Fourth quarter 2020 net income increased 204 percent, to $10 million

– Fourth quarter 2020 net income per diluted share increased 183 percent, to $0.17 and Adjusted net income per diluted share increased 80 percent, to $0.18

– Fourth quarter 2020 adjusted EBITDA increased 37 percent, to $33 million

– Full year 2020 adjusted EBITDA increased 17 percent, to $150 million

2021 Guidance (includes ECO contribution at 100% for post-acquisition period)

– Net sales in the range of $1.0 billion to $1.075 billion

– EBITDA in the range of $175 million to $194 million

“Our fourth quarter sales growth demonstrates the resiliency of demand in the markets we serve, and our ability to respond to that demand, during the unprecedented challenges presented by the COVID-19 pandemic,” said Jeff Jackson, President and Chief Executive Officer. “We achieved this growth while improving adjusted EBITDA margin, reflecting the significant operational improvements implemented during the year. I am proud of our team’s accomplishments while maintaining our focus on protecting the health and safety of our employees and their families, our customers and communities.”

“We recently completed the acquisition of a 75% ownership stake in ECO Enterprises, to accomplish several strategic objectives including providing another reliable source of glass and increased glass manufacturing capacity, diversifying our product lines in the high-growth commercial market, and providing new relationships with additional residential dealers we have not previously served. We believe growth in Florida’s multi-family market will continue, supported by long-term secular trends,” added Jackson. “NewSouth Window Solutions, acquired in February 2020, achieved year-over-year sales order growth of 18 percent during the quarter, demonstrating the strength of the direct-to-consumer distribution channel. As NewSouth opens additional retail locations both within and outside of Florida, we expect its sales to continue to increase.”

“We reported strong cash flow in 2020, ending the year with a cash balance of $100 million,” said Brad West, Senior Vice President and Interim Chief Financial Officer. “In January, we issued $60 million of 6.75% senior notes due in 2026, at a price of 105.5, which gives us a pro forma trailing-twelve-month net debt-to-adjusted EBITDA ratio of 2.5 times. We anticipate that reducing leverage after acquisitions will remain a capital allocation priority.”

“Today we are announcing full-year guidance for 2021, including net sales in the range of $1.0 billion to $1.075 billion, and adjusted EBITDA in the range of $175 million to $194 million,” concluded West.

For the full fourth 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 unify indoor/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. PGT Innovations is also the nation’s largest manufacturer of impact-resistant windows and doors, holds the leadership position in its primary markets, and is part of the S&P SmallCap 400 Index. The PGT Innovations’ family of brands include CGI®, PGT® Custom Windows & Doors, WinDoor®, Western Window Systems®, CGI Commercial®, Eze-Breeze®, NewSouth Window Solutions®, and 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. The Company’s high-quality products are available in custom and standard sizes with multiple dimensions that allow for greater design possibilities in residential, multi-family, and commercial projects. For additional information, visit www.pgtinnovations.com.

Contact:

Stephanie Cz – Corporate Communications Manager – scz@pgtinnovations.com – (941) 480-1600

Source: PGT Innovations, Inc.