PGTI Reports 2020 First Quarter Results

Business

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, today announced financial results for its first quarter ended April 4, 2020.
Financial Highlights for First Quarter 2020 compared to First Quarter 2019

— Net sales increased 27 percent, to $220 million, including $16 million from our NewSouth acquisition
— Net income increased 89 percent, to $16 million
— Net income per diluted share increased 86 percent, to $0.26, and adjusted net income per diluted share increased 75 percent, to $0.28
—Adjusted EBITDA increased 39 percent, to $39 million

“We started the year by achieving significant sales growth, reflecting the overall strength of our brands in the housing market going into 2020,” said Jeff Jackson, President and Chief Executive Officer. “We saw strong organic growth of 18% in our Southeast business unit, and 14% for our Western business unit, inclusive of an extra selling week within the first quarter of 2020, as compared to the prior year. Additionally, the newest addition to our Company, NewSouth Window Solutions, which we acquired on February 1, 2020, has started off strong, growing orders more than 50 percent compared to the prior year quarter.”

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