PGTI Implements Strategies That are Paying OffNovember 15th, 2021 by Tara Taffera
PGT Innovations Inc., announced financial results for its third quarter ended October 2, 2021, and president and CEO Jeff Jackson reports that measures put into place are having an impact.
Net sales increased 26 percent, to $300 million and gross profit increased 20 percent, to $104 million.
“Our ongoing efforts to increase manufacturing capacity have enabled us to meet strong demand across our key markets,” said Jackson. “With organic growth of 14 percent combined with the contribution of Eco Enterprises, we achieved a 26 percent growth in sales for the third quarter compared to last year’s third quarter,” said Jackson. “In response to the continued strength in the housing market, over the past year we have taken steps to increase hiring and employee training, implement manufacturing improvements, and secure our supply of key inputs such as glass and aluminum. We expect these investments to enable further growth as U.S. economic strength continues.”
Jackson reports that to offset the increased costs for raw materials and labor, the company took a number of pricing actions earlier in the year which are beginning to take hold, and announced an additional price increase in October.
“Sales and margins improved sequentially from the second quarter, and with more realized pricing we anticipate further margin improvement in the fourth quarter and heading into 2022,” he said.
“With our positive outlook for the fourth quarter, we are maintaining our full-year guidance for 2021, including net sales in the range of $1.10 billion to $1.20 billion, and adjusted EBITDA in the range of $160 million to $190 million,” added Brad West, senior vice president and interim chief financial officer.