PGTI Reports Strong First Quarter 2023 Results Driven by Strength in Repair and Remodel Channel

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 first quarter for the period ended April 1, 2023.

Financial Highlights for First Quarter 2023

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

• Net sales totaled $377 million, an increase of 5 percent (includes organic growth of 3 percent).
• Net income was $34 million, an increase of 44 percent.
• Adjusted net income* was $34 million, an increase of 34 percent.
• Adjusted EBITDA* was $70 million, an increase of 18 percent.
• Net income per common share attributable to common shareholders, diluted, was $0.54, an increase of 54 percent.
• Adjusted net income per diluted share* was $0.56, an increase of 33 percent.
• Total liquidity at the end of the first quarter was $211 million, including cash of $48 million and revolver availability of nearly $163 million.

Second Quarter 2023 Guidance

• Net sales in the range of $380 million to $400 million.
• Adjusted EBITDA* in the range of $70 million to $75 million.

* Adjusted net income, 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.

“PGT Innovations delivered strong first quarter results in a challenging macro environment. The Company is executing on all cylinders, producing one of the best quarters we’ve had to-date. Our team continued to show strength and resiliency following business interruptions from Hurricane Ian and the ransomware incident impacting the second half of 2022,” said Jeff Jackson, President and Chief Executive Officer. “The Company’s order backlog has grown from the end of the fourth quarter, driven by strength in the repair & remodel channel outpacing softness in demand from reduced new construction activity.”

“In our Southeast region, orders grew double digits versus prior year in the first quarter driven by strength in our PGT and ECO brands. Southwest Florida specifically showed tremendous demand growth in the first quarter fueled by an increased awareness of the benefits of impact products following Hurricane Ian last year,” added Jackson. “For the total Company, we saw a contraction in new construction demand versus prior year but are cautiously optimistic that new construction will rebound in the coming quarters based on recent industry reports. Fortunately, the strength in our repair and remodel channel has allowed us to offset softness in new construction.”

“In February 2023, we announced a $250.0 million share repurchase plan. In the first quarter, we executed $25.9 million of share repurchases,” said Craig Henderson, Interim Chief Financial Officer and Vice President of Corporate Finance.

“Our strong first quarter performance was driven by operational execution, the impacts of pricing actions taken to offset materials and wage inflation, and cost containment measures. Our strong first quarter performance in conjunction with a growing order backlog gives us confidence in guiding to a similarly strong second quarter. We expect second quarter 2023 performance for net sales in the range of $380 million to $400 million, and Adjusted EBITDA in the range of $70 million to $75 million,” concluded Henderson.

For the complete press release, click here.

About PGT Innovations, Inc.

PGT Innovations (NYSE: PGTI) 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.

Contact:

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

Source: PGT Innovations, Inc.