PGTI Reports Record First Quarter 2022 Results
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 first quarter ended April 2, 2022.
Financial Highlights for First Quarter 2022
(All results reflect comparisons to prior-year period)
- Net sales in the first quarter totaled $359 million, an increase of 32 percent.
- Net income attributable to the Company in the first quarter was $23 million, an increase of 87 percent.
- Net income attributable to common shareholders per diluted share in the first quarter was $0.35, an increase of 67 percent.
- Cash provided from operations was $17 million in the first quarter, an increase of $19 million.
- Adjusted net income per diluted share* in the first quarter was $0.42, an increase of 56 percent.
- Adjusted EBITDA* in the first quarter totaled $59 million, an increase of 40 percent.
Updated Fiscal Year 2022 Guidance
- Net sales in the range of $1.35 billion to $1.45 billion.
- Adjusted EBITDA in the range of $225 million to $250 million.
* 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.
“We delivered first quarter net sales of $359 million, a 32 percent increase, including organic growth of 17 percent and growth of $32 million from the newest business in our portfolio, Anlin Windows & Doors,” said Jeff Jackson, President and Chief Executive Officer. “Excluding acquisitions, organic sales in our Western region grew 39 percent year-over-year as demand remains strong for products from our Western Windows Systems brand. Organic sales in our Southeast region grew 14 percent, but were somewhat constrained by the tight labor market for installers and other supply-chain issues in the new construction market.”
“We also achieved 280 basis points of gross margin expansion despite continuing inflation for labor and other input costs,” added Jackson. “In response to inflationary pressures, we put in place a series of pricing actions that are now fully in effect, and we anticipate implementing additional price increases during the year.”
“Our intense focus on operational excellence has led to improved lead times and a significant reduction in backorders, resulting in increased ‘on-time, in-full’ order deliveries. I am extremely proud of our team’s ability to maintain our high standards for safety and quality, while achieving our goals for top-line and bottom-line growth. Our investments in people, equipment and manufacturing facilities leaves us well positioned across our key markets to maintain a robust growth trajectory through the year,” commented Jackson.
“We generated strong cash flow in the first quarter of 2022, ending the period with a cash balance of $104 million,” said John Kunz, Senior Vice President and Chief Financial Officer. “Given the strong demand across our key markets and our increased manufacturing capabilities, we are updating the adjusted EBITDA range in our fiscal year 2022 guidance we outlined last quarter,” concluded Kunz.
For the full first 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.
Source: PGT Innovations, Inc.