PGT Innovations Inc. announced financial results for its fourth quarter and fiscal year ending Dec. 31, 2022.
"We finished our fiscal year with another strong quarter, " says Jeff Jackson, president and CEO. "Our fourth quarter financial results, with year-over-year net sales growth of 12%, showed recovery from impacts of Hurricane Ian and the ransomware incident and was driven by continued operational improvement across our portfolio of brands. We were able to offset new construction demand weakness from macro-economic headwinds, including higher inflation and interest rates through solid execution across the enterprise."
Financial Highlights for Fourth Quarter 2022
All results reflect a comparison to the prior-year period; cash on hand is compared to the prior-year end.
- Net sales totaled $341 million, an increase of 12%, including organic growth of 5%.
- Net income was $8 million, a decrease of 54%.
- Adjusted net income was $16 million, a decrease of 14%.
- Adjusted EBITDA was $48 million, on par with last year.
- Net income per common share attributable to common shareholders, diluted, was $0.18, a decrease of 25%.
- Adjusted net income per diluted share was $0.27, a decrease of 13%.
- Total liquidity at the end of the fourth quarter was $235 million, including cash of $67 million and revolver availability of $168 million.
Financial Highlights for Fiscal Year 2022
All results reflect a comparison to the prior-year period.
- Net sales totaled $1.49 billion, an increase of 28%, including organic growth of 16%.
- Net income was $98 million, an increase of 180%.
- Adjusted net income was $116 million, an increase of 88%.
- Adjusted EBITDA was $254 million, an increase of 50%.
- Net income per common share attributable to common shareholders, diluted, was $1.64, an increase of 264%.
- Adjusted net income per diluted share was $1.92, an increase of 86%.
- Cash flow from operations was $196 million, an increase of 208%.
First Quarter 2023 Guidance
- Net sales were in the range of $370 million to $390 million.
- Adjusted EBITDA in the range of $60 million to $64 million.
