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Glenn Wilkin - Tuesday, February 20, 2024
PGT Flat on Q4, Full-Year Figures
PGT Innovations, Inc. (NYSE: PGTI) shares barely moved Tuesday. The company, purporting to be a national leader in premium windows and doors, including impact-resistant products, garage doors, and products designed to unify indoor/outdoor living spaces, today announced financial results for its fourth quarter ended December 30, 2023. Net sales totaled $343 million, an increase of less than one percent. Net income was $5 million, a decrease of 38%.
Adjusted net income was $14 million, a decrease of 17%. Adjusted EBITDA was $46 million, a decrease of 5%Net income per common share attributable to common shareholders, diluted, was $0.08, a decrease of 56%.
In 2023, net sales totaled $1.50 billion, an increase of 1% Net income was $110 million, a decrease of 12%. Adjusted net income was $120 million, an increase of 4%. Adjusted EBITDA was $268 million, an increase of 6%. What's more, net income per common share attributable to common shareholders, diluted, was $1.83, an increase of 12%.
Adjusted net income per diluted share was $2.05, an increase of 7%. Cash flow from operations was $197 million, an increase of $1 million.
Said CEO Jeff Jackson,“The performance is a testament to the power of our product lines, our geographic footprint, and the best team in the industry. We believe these foundations provide a strong basis for future profitable growth,”
PGTI shares inched higher 3.5 cents to $41.44.
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