PGTI Reports 2021 Fourth Quarter and Fiscal Year Results and Provides Fiscal 2022 Guidance

PGT Innovations, Inc., 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 fourth quarter and year ended January 1, 2022.

Financial Highlights for Fourth Quarter and Fiscal Year 2021

(All results reflect comparisons to prior-year period)

• Net sales in the fourth quarter totaled $304 million, an increase of 37 percent
• Net income attributable to the Company in the fourth quarter was $16 million, an increase of 62 percent
• Net income attributable to common shareholders per diluted share in the fourth quarter was $0.24, an increase of 41 percent;
• Adjusted net income per diluted share* in the fourth quarter was $0.31, an increase of 72 percent
• Adjusted EBITDA* in the fourth quarter totaled $48 million, an increase of 48 percent
• Fiscal year net sales totaled $1.16 billion, including sales of $107 million from Eco and Anlin acquisitions, an increase of 32 percent
• Fiscal year Adjusted EBITDA totaled $169 million, an increase of 13 percent

Fiscal Year 2022 Guidance

• Net sales in the range of $1.35 billion to $1.45 billion
• Adjusted EBITDA in the range of $220 million to $250 million

* Adjusted net income, adjusted net income per share, and adjusted EBITDA are non-GAAP measures. Please see “Use of Non-GAAP Financial Measures” below for more information.

“We achieved fourth quarter net sales of $304 million, a 37 percent increase, including organic growth of 17 percent,” said Jeff Jackson, President and Chief Executive Officer. “Our fourth quarter performance was driven by actions taken throughout 2021 to increase hiring and employee training, make strategic acquisitions, implement manufacturing improvements, and secure our supply of key inputs such as glass and aluminum.”

“We also delivered improved margins in the quarter despite continued supply chain and labor challenges and higher inflation,” added Jackson. “We have been able to implement a series of pricing actions in response to rising cost pressures. I am proud of our team’s ability to excel during a period of growth and change, while maintaining our commitment to protecting the health and safety of our employees and their families, customers and communities. As a result, we are well positioned to meet strong demand across our key markets and continue our growth trajectory in 2022 and beyond.”

“In 2021, we expanded our portfolio through the acquisition of Anlin Windows & Doors and a 75 percent ownership stake in Eco Window Systems,” commented Jackson. “The addition of Eco allowed us to extend our residential footprint in South Florida while gaining the capacity to produce 100% of that area’s glass needs locally. Anlin’s repair and remodel footprint on the West Coast has expanded our dealer network in this high- growth region and broadened our product portfolio to better service new construction markets. Both acquisitions are great strategic fits, expected to be year-one accretive, and together added $107 million to 2021 sales.”

“We generated strong cash flow in the fourth quarter of 2021, ending the year with a cash balance of $96 million, giving us a trailing-twelve-month run-rate net debt-to-adjusted EBITDA ratio of 2.9 times,” said John Kunz, Senior Vice President and Chief Financial Officer.

“Today we are providing fiscal year 2022 guidance for net sales in the range of $1.35 billion to $1.45 billion and for adjusted EBITDA in the range of $220 million to $250 million,” concluded Kunz.

For the complete press release, click here.

About PGT Innovations, Inc.

PGT Innovations manufactures and supplies premium windows and doors. Its highly-engineered and technically-advanced products can withstand some of the toughest weather conditions on earth and unify indoor/outdoor living spaces. PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves and a drive to develop category-defining products. PGT Innovations is also the nation’s largest manufacturer of impact-resistant windows and doors, holds the leadership position in its primary markets, and is part of the S&P SmallCap 400 Index. The PGT Innovations’ family of brands include CGI®, PGT® Custom Windows & Doors, WinDoor®, Western Window Systems®, CGI Commercial®, Eze-Breeze®, NewSouth Window Solutions®, and Eco Enterprises®. The Company’s brands, in their respective markets, are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. The Company’s high-quality products are available in custom and standard sizes with multiple dimensions that allow for greater design possibilities in residential, multi-family, and commercial projects. For additional information, visit www.pgtinnovations.com.

Contact:

Stephanie Cz – Corporate Communications Manager – scz@pgtinnovations.com – (941) 480-1600

Source: PGT Innovations, Inc.