- PGT Innovations Inc (NYSE:PGTI) reported first-quarter sales growth of 32% year-over-year to $358.66 million, +17% organic growth, beating the consensus of $338.24 million.
- Adjusted EPS was $0.42, above the consensus of $0.37.
- The gross margin expanded by 287 bps to 37.5%. The operating income improved 60% Y/Y to $38.71 million, and the margin expanded by 187 bps to 10.8%.
- Adjusted EBITDA improved by 40% Y/Y to $59.11 million, and margin expanded by 90 bps to 16.5%.
- PTGI net cash provided by operating activities totaled $17.32 million, compared to cash used of $(1.45) million in 1Q21.
- CEO Jeff Jackson said, "In response to inflationary pressures, we put in place a series of pricing actions that are now fully in effect, and we anticipate implementing additional price increases during the year."
- FY22 Outlook: PGT Innovations' net sales outlook of $1.35 billion - $1.45 billion remains unchanged (consensus $1.41 billion).
- It sees Adjusted EBITDA of $225 million - $250 million versus the prior view of $220 million - $250 million.
- Price Action: PGTI shares traded higher by 6.27% at $17.79 on the last check Thursday.
