PGT Innovations Inc (PGTI) Reports 4% Increase in Net Sales and 29% Rise in Net Income for Q3 2023
PGT Innovations Inc (NYSE: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.
PGT Innovations Inc (NYSE:PGTI) also reported a record operating cash flow of $80 million for the third quarter.
On November 2, 2023, PGT Innovations Inc (NYSE:PGTI), a leading manufacturer of premium windows and doors, released its financial results for the third quarter ending September 30, 2023. 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.
Financial Performance Highlights
PGT Innovations Inc (NYSE: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 Chief Executive Officer, 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, four percent above the prior year quarter. The Company is executing on all cylinders, resulting in an Adjusted EBITDA margin of 19.6 percent."
Financial Outlook
For the fourth quarter of 2023, PGT Innovations Inc (NYSE: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.
Financial Statements Summary
The company's condensed consolidated statement of operations revealed a net income attributable to PGT Innovations, Inc. common shareholders of $39,207 for the third quarter of 2023, compared to $30,312 for the same period in 2022. The diluted net income per common share attributable to PGT Innovations, Inc. common shareholders was $0.67 for Q3 2023, compared to $0.50 for Q3 2022.
The condensed consolidated balance sheets showed total assets of $1,608,662 as of September 30, 2023, compared to $1,640,249 as of December 31, 2022. The company's total liabilities, redeemable non-controlling interest, and shareholders' equity also totaled $1,608,662 as of September 30, 2023.
The condensed consolidated statement of cash flows revealed a net cash provided by operating activities of $139,831 for the nine months ended September 30, 2023, compared to $152,141 for the same period in 2022.
Explore the complete 8-K earnings release (here) from PGT Innovations Inc for further details.
This article first appeared on GuruFocus.
