VENICE, Fla.–(BUSINESS WIRE)– PGT Innovations, Inc. (NYSE: PGTI), a national leader in premium windows and doors, including impact-resistant products and products designed to unify indoor/outdoor living spaces, announced financial results for its first quarter ended March 30, 2019.
Financial Highlights for First Quarter 2019 versus First Quarter 2018
- Net sales for the first quarter increased 24 percent, to $174 million, including $32 million from Western Window Systems
- Gross profit grew 37 percent, to $61.3 million
- Net income for the quarter grew 13 percent, to $8.3 million
- Net income per diluted share was flat at $0.14, and adjusted net income per diluted share of $0.16, decreased $0.03 from the prior year; both affected by the higher number of shares outstanding, resulting from the 2018 equity offering
- Adjusted EBITDA grew 30 percent, to $28.3 million
“In the first quarter, PGT Innovations’ significant growth in sales and EBITDA was driven by the inclusion of Western Window Systems and the strength in our new construction channel. In our legacy markets, our corporate builder program grew significantly versus the prior year quarter as adoption of our impact products continues to accelerate,” stated Jeff Jackson, President and Chief Executive Officer of PGT Innovations.
“First quarter sales for Western Window Systems grew versus the prior-year quarter as its penetration continued to increase in the indoor/outdoor living market. Integration continues to remain on track, as expected cost synergies began to be realized in the first quarter and meaningful progress was achieved in building the infrastructure to begin selling Western products in our legacy markets,” added Jackson.
“Despite the slight decline in the repair and remodel market overlapping significant growth in the prior year period, we were able to deliver solid results in the first quarter of 2019, including the growth of Western Window Systems’ sales and EBITDA compared to its pre-acquisition prior year period. As we enter hurricane season, we are reaffirming full year guidance for 2019,” stated Sherri Baker, Senior Vice President and Chief Financial Officer of PGT Innovations.
“Our balance sheet remained strong at the end of the first quarter, with cash of $45 million and a net debt-to-adjusted EBITDA ratio, adjusted for the Western Window Systems acquisition, of 2.2 times,” concluded Baker.