PGT Innovations Inc. announced financial results for its second quarter ended July 1, 2023.
Financial Highlights for Second Quarter 2023
All results reflect a comparison to the prior-year period; Cash on hand is compared to the prior-year end.
- Net sales totaled $385 million, a decrease of 5%.
- Net income was $32 million, a decrease of 13%.
- Adjusted net income was $34 million, a decrease of 16%.
- Adjusted EBITDA was $74 million, a decrease of 6%.
- Net income per common share attributable to common shareholders, diluted, was $0.53, a decrease of 13%.
- Adjusted net income per diluted share was $0.58, a decrease of 13%.
- Total liquidity at the end of the second quarter was $177 million, including cash of $39 million and revolver availability of nearly $138 million.
Third Quarter 2023 Guidance
- Net sales in the range of $385 million to $405 million.
- Adjusted EBITDA in the range of $71 million to $77 million.
What PGT says
“PGT Innovations delivered sequential growth in net sales and profitability for the second quarter in a dynamic macro environment. The company continues to execute on operational performance targets, maintaining good cost controls, and our team continues to excel in this challenging environment,” says Jeff Jackson, president and CEO. “The company delivered 2% sequential sales growth, with continued strength in the repair and remodeling channel driving the increase.”
“Our organic second-quarter net sales were down 8% from the prior-year quarter, driven by a low double-digit unit volume decline partially offset by the impact of price increases,” adds Jackson. “New construction market activity suggests a solid recovery in the second half of 2023 based on the recent recovery in permits and starts trends.”
“During the quarter, we completed the acquisition of the remaining 25% of ECO Enterprises, invested in capacity and automation initiatives and continued to repurchase shares. In the second quarter, we executed $19.8 million of share repurchases, for total year-to-date purchases of $45.4 million,” says Craig Henderson, interim chief financial officer and vice president of corporate finance.
“Our second-quarter performance was driven by operational execution, continued cost containment measures and the impacts of pricing actions taken to offset materials and wage inflation. We expect third-quarter 2023 performance for net sales in the range of $385 million to $405 million, and adjusted EBITDA in the range of $71 million to $77 million,” concludes Henderson.
