PGT Innovations Reports Modest Sales Growth and Income Decline

By Bobby Samwell • Tuesday, February 20 10:47 • Permanent Link

PGT Innovations, Inc. (NYSE: PGTI), a leading provider of premium windows and doors, impact-resistant products, garage doors, and indoor/outdoor living space solutions, has released its financial results for the fourth quarter and fiscal year 2023. The company reported a net sales increase of less than 1 percent, totaling $343 million for the fourth quarter of 2023 compared to the prior-year period. However, net income saw a decrease of 38 percent, amounting to $5 million, while adjusted net income decreased by 17 percent to $14 million.

For the fiscal year 2023, PGT Innovations reported net sales of $1.50 billion, marking a 1 percent increase compared to the previous year. Net income for the fiscal year was $110 million, reflecting a 12 percent decrease, while adjusted net income increased by 4 percent to $120 million. Adjusted EBITDA for the fiscal year rose by 6 percent to $268 million.

Total liquidity at the end of the fourth quarter was $229 million, comprising cash of $33 million and revolver availability of $196 million. Additionally, cash flow from operations for the fiscal year amounted to $197 million, indicating a $1 million increase.

Jeff Jackson, President and CEO of PGT Innovations, commented on the results, saying, "We are pleased to have delivered record net sales for the fiscal year 2023. Despite the challenging market conditions, we remain focused on driving operational efficiencies and capturing market share through our innovative product offerings."

Regarding the market outlook, Jackson stated, "Looking ahead, we are cautiously optimistic about the continued demand for our products. We believe that our strategic initiatives and strong financial position will position us for long-term success and sustained growth."

The market shrugged off these financial results, as PGTI's shares experienced a marginal 0.1% movement and are currently trading at a price of $41.42.

The company's full 8-K submission is available here.

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