Cancel OK

PGTI Reports 2021 First Quarter Growth and Raises Fiscal 2021 Guidance

General News

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 first quarter ended April 3, 2021.

Financial Highlights for First Quarter 2021 compared to First Quarter 2020

–Net sales increased 23 percent, to $271 million, which includes $16 million from consolidation of Eco Enterprises (f/k/a Eco Windows Systems)

–Gross profit increased 16 percent, to $94 million

–Net income per diluted share attributable to common shareholders decreased 19 percent, to $0.21

–Adjusted net income per diluted share decreased 4 percent, to $0.27

–Adjusted EBITDA increased 7 percent, to $42 million

Full-Year 2021 Guidance Increased (includes results for Eco from date of acquisition at 100% of its sales)

–Net sales in the range of $1.050 billion to $1.125 billion

–EBITDA in the range of $175 million to $200 million

“PGT Innovations’ sales increased 23 percent for a record quarter, including 15 percent organic growth, and during the quarter we completed the acquisition of a majority ownership stake in Eco Enterprises, which also contributed $18 million of sales,” said Jeff Jackson, President and Chief Executive Officer. “Reflecting strength in the housing sector across our key markets, our legacy business grew orders 31 percent. This includes orders from NewSouth in the first quarter of $35 million, up 42 percent over the prior-year quarter.”

“We recently announced price increases to help offset inflationary pressures on rising material costs and labor rates in the quarter which contributed a decline in gross margins of 220 basis-points to 34.7 percent,” added Jackson. “Going forward, we expect recently announced price increases will begin to offset these cost impacts beginning in the last month of the second quarter. Additionally, we remain focused on cost controls, strategic markets and operational excellence improvements as evidenced by the enhancements to our Western Phoenix operations, supporting their growing demand as the economy reopens.”

“Our results for the quarter included $4.2 million of costs related to our exit from the commercial business included in the New South acquisition. Adjusting for these charges, our adjusted EBITDA was $42 million, a 7% increase versus the prior-year quarter. Our net debt-to-trailing-twelve-month Adjusted EBITDA ratio ended the quarter at 2.6 times, near the midpoint of our targeted range,” said Brad West, Interim Chief Financial Officer and Senior Vice President of Corporate Development and Treasurer. “As we think about capital allocation, we continue to prioritize acquisitions and investing in internal projects that we expect to drive margin growth or further improve our operational efficiency.”

“Looking to the remainder of 2021, we expect continued sales growth, though margin pressures may continue into the second quarter longer than initially anticipated due to timing of price increases and our significant backlog now totaling $343 million,” added West.

“The health and well-being of our team members, customers and communities continues to be our greatest focus. In support of this commitment, we are making available COVID-19 vaccinations for employees at our Venice, Florida facility,” concluded Jackson.

For the complete press release, 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 Enterprises®. 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


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

Source: PGT Innovations, Inc.