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PGTI Reports Third Quarter 2022 Results

PGT Innovations Inc. announced its financial results for its third quarter ending Oct. 1.

"PGT Innovations delivered a strong third quarter. Net sales increased 28 percent to $386 million, year-over-year despite the impact of Hurricane Ian, which made landfall on September 28 near our headquarters in Venice, Florida,” says Jeff Jackson, president and chief executive officer. “While our facilities were not damaged, storm-related disruptions caused approximately $12 million of third-quarter sales to be deferred.”

Financial Highlights for Third Quarter 2022

Net sales in the third quarter totaled $386 million, an increase of 28 percent, which includes organic growth of 17 percent. Net income in the third quarter was $30 million, compared to a net loss of $5 million. Adjusted net income in the third quarter was $33 million, an increase of 111 percent. Adjusted EBITDA in the third quarter was $68 million, an increase of 58 percent.

Net income attributable to common shareholders per diluted share in the third quarter was $0.50, compared to a net loss of $0.11. Adjusted net income per diluted share in the third quarter was $0.55, compared to $0.26. Cash at the end of the third quarter was $219 million, an increase of 128 percent.

PGTI also updated its fiscal year 2022 guidance. Net sales are in the range of $1.460 billion to $1.490 billion. Adjusted EBITDA is in the range of $245 million to $255 million.

Read the full report