PGT Innovations Inc. announced financial results for its first quarter for the period ended April 1, 2023.
Financial Q1 highlights
- 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.
Q2 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.
PGTI’s response
“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,” says Jeff Jackson, president and CEO. “The company’s order backlog has grown from the end of the fourth quarter, driven by strength in the repair and remodel channel outpacing softness in demand from reduced new construction activity.”
“In February 2023, we announced a $250 million share repurchase plan. In the first quarter, we executed $25.9 million of share repurchases,” says 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.”
