PGTI Reports 2021 Second Quarter Growth and Revises 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, today announced financial results for its second quarter ended July 3, 2021.
Financial Highlights for Second Quarter 2021 compared to Second Quarter 2020
– Net sales increased 41 percent, to $286 million, which includes $24 million from consolidation of Eco Enterprises (f/k/a Eco Windows Systems)
– Gross profit increased 30 percent, to $97 million
– Net income attributable to common shareholders was $0.11 per diluted share
– Adjusted net income was $0.18 per diluted share
– Adjusted EBITDA was $36 million
Full-Year 2021 Guidance (includes results for Eco from date of acquisition at 100% of its sales)
– Net sales in the range of $1.1 billion to $1.2 billion
– EBITDA in the range of $160 million to $190 million
“PGT Innovations achieved sales growth of 41 percent in the second quarter as we continue to see economic growth across our key markets,” said Jeff Jackson, President and Chief Executive Officer. “Organic growth was 29 percent in addition to $24 million of sales contribution from Eco, which we acquired in January of this year. In our Southeast Business Unit, sales were up 40 percent, and in our Western Business Unit, sales were up 44 percent, as the recoveries we’ve seen in Arizona and California continue.”
“Order entries increased 35 percent over the prior-year quarter, as demand continues to be robust across our geographies and business channels,” Jackson continued. “We remain focused on increasing capacity by adding new equipment and the needed headcount to support the growing demand. I am excited that we successfully added nearly 600 employees. As we focused on hiring and training new employees to maintain our high standards for safety and quality, these efforts generated higher costs and inefficiencies resulting in a gross margin decline of 270 basis points compared to the second quarter of 2020. Gross margin did not get the full benefit of the price increases as products being shipped in the quarter were from backlog generated prior to the price increases taking effect.”
“Looking toward the second half of the year, we expect that price increases and the benefits from increased efficiencies will enable us to improve margins in both the third and fourth quarters,” concluded Jackson.
For 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 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 www.pgtinnovations.com.
Stephanie Cz – Corporate Communications Manager – firstname.lastname@example.org – (941) 480-1600
Source: PGT Innovations, Inc.