PGTI Reports “Strong” First Quarter 2023 ResultsMay 15th, 2023 by Editor
PGT Innovations Inc. (PGTI) has announced first-quarter financial results for the period ended April 1, 2023. Among those results are net sales, which are reported to have totaled $377 million, an increase of 5% over the same time frame last year. The company’s net income reportedly was $34 million, an increase of 44% over last year, while the adjusted net income clocked in at $34 million, an increase of 34%.
Adjusted EBITDA was $70 million, an increase of 18% over last year, and total liquidity at the end of the first quarter was $211 million, including cash of $48 million and revolver availability of nearly $163 million.
“PGT Innovations delivered strong first quarter results in a challenging macro environment. The Company is executing on all cylinders, producing one of the best quarters we’ve had to-date. Our team continued to show strength and resiliency following business interruptions from Hurricane Ian and the ransomware incident impacting the second half of 2022,” said Jeff Jackson, president and CEO. “The Company’s order backlog has grown from the end of the fourth quarter, driven by strength in the repair and remodel channel outpacing softness in demand from reduced new construction activity.”
Jackson credited one particular region with setting the bar for the company’s current success.
“In our Southeast region, orders grew double digits versus prior year in the first quarter driven by strength in our PGT and ECO brands. Southwest Florida specifically showed tremendous demand growth in the first quarter fueled by an increased awareness of the benefits of impact products following Hurricane Ian last year,” Jackson explained, adding that, “For the total Company, we saw a contraction in new construction demand versus prior year but are cautiously optimistic that new construction will rebound in the coming quarters based on recent industry reports. Fortunately, the strength in our repair and remodel channel has allowed us to offset softness in new construction.”