PGT Innovations, Inc. - PGTI STOCK NEWS

PGT Innovations, Inc. (NYSE: PGTI) announced plans to offer $515 million in additional senior notes due 2029, subject to market conditions. The proceeds will fund the Anlin Acquisition, set to close in Q4 2021, and redeem $425 million of existing senior notes due 2026, along with repaying $54 million in loans. The notes will be offered to qualified institutional buyers, exempt from registration under the Securities Act. PGTI also highlights potential risks, including market conditions and integration challenges following acquisitions.

PGT Innovations has appointed Eric Kowalewski as the new Executive Vice President of Florida Operations. He brings over 20 years of operational experience, including eight years in the building products sector. Kowalewski most recently served as Senior Vice President of Operations at Cornerstone Building Brands Residential Group, managing 23 manufacturing plants. His expertise includes developing teams and enhancing supply chains. Kowalewski holds an MBA from Baldwin-Wallace College and a BS in Chemical Engineering from Ohio University.

PGT Innovations (NYSE: PGTI) has announced the acquisition of Anlin Windows & Doors for approximately $126 million. Anlin, located in Clovis, CA, is renowned in the vinyl replacement market and generated about $106 million in sales with a mid-teen adjusted EBITDA over the last twelve months. This acquisition is expected to diversify PGTI's market presence on the West Coast, allowing better service to both remodeling and new home construction markets. The transaction is anticipated to be accretive to PGTI's earnings and is set to close in early Q4 2021.

PGT Innovations (NYSE: PGTI) reported substantial financial growth for Q2 2021, with net sales up 41% to $286 million, aided by a $24 million contribution from Eco Enterprises. Gross profit surged 30% to $97 million, although gross margin declined by 270 basis points due to increased operational costs and inefficiencies. Net income was reported at $0.11 per diluted share, with adjusted EBITDA at $36 million. The company revised its full-year sales guidance to $1.1-$1.2 billion and EBITDA guidance to $160-$190 million.

PGT Innovations, Inc. (NYSE:PGTI) is set to announce its Q2 2021 financial results on August 12, 2021. The conference call will begin at 10:30 a.m. ET, featuring President Jeff Jackson and CFO Brad West. A press release will be issued at 7:30 a.m. ET the same day. Participants can join by calling 833-316-0547 (U.S.) or 412-317-5728 (International). The call will also be available online, with a replay offered until August 19, 2021. PGT Innovations specializes in premium windows and doors, leading the market in impact-resistant products.

PGT Innovations has appointed Ryan S. Quinn as the new in-house General Counsel. With over 12 years of legal experience, Quinn previously served as Senior Vice President and Co-General Counsel at LendingTree, where he managed a team of 15 attorneys and oversaw major corporate transactions. His role will include managing legal issues across departments, negotiating contracts, and advising the board of directors. This strategic hiring aims to support PGT Innovations' growth and enhance its corporate governance.

PGT Innovations (NYSE: PGTI) is expanding with a new production facility in Fort Myers, Florida, to support its growth. The 130,000-square-foot facility will operate 24/7, creating 240 new jobs in the region. Expected to commence operations in early June 2021, this expansion reflects PGT's ongoing success, with 2020 sales reaching $883 million. The company's manufacturing footprint now spans several Florida locations and Phoenix, Arizona. Hiring is underway with competitive wages and a $2,000 bonus for employees after their first year.

CGI Windows & Doors, part of PGT Innovations, has awarded four individuals in Florida with $1,000 each through its annual "CGI Heroes: Celebrating Strength" contest. This initiative recognizes residents who have made significant contributions to their communities. Additionally, a grand prize winner will be chosen from the finalists, receiving an extra $5,000. This expansion reflects CGI's commitment to community support, with the contest launching in 2020.