PGTI Reports 37 Percent Increase in Fourth QuarterFebruary 22nd, 2022 by Editor
PGT Innovations Inc. recently announced financial results for its fourth quarter and year ended January 1, 2022, which again included sales increases.
“We achieved fourth quarter net sales of $304 million, a 37 percent increase, including organic growth of 17 percent,” said Jeff Jackson, president and CEO. “Our fourth quarter performance was driven by actions taken throughout 2021 to increase hiring and employee training, make strategic acquisitions, implement manufacturing improvements, and secure our supply of key inputs such as glass and aluminum.”
According to the company, net income attributable to the company in the fourth quarter was $16 million, an increase of 62%.
“We also delivered improved margins in the quarter despite continued supply chain and labor challenges and higher inflation,” added Jackson. “We have been able to implement a series of pricing actions in response to rising cost pressures. I am proud of our team’s ability to excel during a period of growth and change, while maintaining our commitment to protecting the health and safety of our employees and their families, customers and communities. As a result, we are well positioned to meet strong demand across our key markets and continue our growth trajectory in 2022 and beyond.”
PGTI reports that net income attributable to common shareholders per diluted share in the fourth quarter was $0.24, an increase of 41 percent and adjusted net income per diluted share* in the fourth quarter was $0.31, an increase of 72 percent.
“In 2021, we expanded our portfolio through the acquisition of Anlin Windows & Doors and a 75 percent ownership stake in Eco Window Systems,” said Jackson. “The addition of Eco allowed us to extend our residential footprint in South Florida while gaining the capacity to produce 100% of that area’s glass needs locally. Anlin’s repair and remodel footprint on the West Coast has expanded our dealer network in this high- growth region and broadened our product portfolio to better service new construction markets. Both acquisitions are great strategic fits, expected to be year-one accretive, and together added $107 million to 2021 sales.”
The company also reports that adjusted EBITDA* in the fourth quarter totaled $48 million, an increase of 48 percent and a fiscal year Adjusted EBITDA totaled $169 million, an increase of 13%.
“We generated strong cash flow in the fourth quarter of 2021, ending the year with a cash balance of $96 million, giving us a trailing-twelve-month run-rate net debt-to-adjusted EBITDA ratio of 2.9 times,” said John Kunz, senior vice president and chief financial officer.
“Today we are providing fiscal year 2022 guidance for net sales in the range of $1.35 billion to $1.45 billion and for adjusted EBITDA in the range of $220 million to $250 million,” said Kunz.