PGT Innovations Inc. announced financial results for its third quarter ended Sept. 30. The company reported record results, with a 4% increase in net sales and a 29% rise in net income compared to the prior-year period.
Key takeaways
- PGTI reported a 4% increase in net sales, totaling $400 million for Q3 2023.
- The company's net income rose by 29% to reach $39 million.
- Adjusted EBITDA increased by 15% to $78 million.
- PGTI also reported a record operating cash flow of $80 million for the third quarter.
Financial performance highlights
PGTI reported net sales of $400 million, marking a 4% increase from the prior-year period. The company's net income rose by 29% to $39 million, while adjusted net income also saw a 16% increase to $39 million. Adjusted EBITDA for the third quarter was $78 million, a 15% increase from the prior-year period. The company's net income per common share attributable to common shareholders, diluted, was $0.67, marking a 34% increase.
Jeff Jackson, president and CEO, commented on the company's performance, stating, "PGT Innovations delivered a record third quarter in spite of a continuing dynamic macro environment. Net sales were $400 million, 4% above the prior year quarter. The company is executing on all cylinders, resulting in an adjusted EBITDA margin of 19.6%."
Financial outlook
For the fourth quarter of 2023, PGTI expects net sales to be in the range of $325 million to $350 million, and adjusted EBITDA to be in the range of $51 million to $57 million.
