Pgt Innovations Stock Price, News & Analysis

PGT Innovations, Inc. (PGTI) has priced a private offering of $60 million in additional 6.75% senior notes due 2026, which will close on January 26, 2021. The proceeds will finance the acquisition of 75% of New ECO Windows Holding, LLC, announced earlier. If the acquisition doesn’t close, the funds will be used for repaying existing debts and corporate purposes. The additional notes will rank equally with existing notes and are offered to qualified institutional buyers.

PGT Innovations (NYSE: PGTI) plans to offer an additional $60 million in senior notes due 2026, exempt from Securities Act registration, to finance the cash portion of its acquisition of 75% equity in New Eco Windows Holding, LLC. This follows a previous announcement regarding the ECO Acquisition, expected to close in Q1 2021. If it does not close, PGTI will use proceeds to repay its existing term loan. The new notes will form a single series with existing notes, ensuring equal ranking. The offering targets qualified institutional buyers and non-U.S. persons.

PGT Innovations (NYSE: PGTI) announced the acquisition of a 75% stake in Eco Window Systems for $108 million. This move is aimed at enhancing PGT's supply chain by integrating glass production capabilities and expanding its aluminum product offerings. The acquisition will strengthen its presence in the growing South Florida market, particularly in the multifamily and commercial sectors. Integration is expected to be smooth due to shared company values, and the transaction is anticipated to close by January 31, 2021.

PGT Innovations' CGI Windows & Doors recently honored four local heroes in the Miami-Dade and Broward County areas through its "CGI Heroes: Celebrating Strength" contest. Each winner received a $2,000 cash prize for their outstanding community contributions. Nominees include dedicated individuals like Joan Saint-Hilaire, who supports her students, and Katie Lizana, who creates ear-saving mask attachments for healthcare workers. The contest aimed to recognize those who exemplify strength and generosity, reinforcing CGI's commitment to community engagement.

PGT Innovations' CEO, Jeff Jackson, has been appointed by Florida Governor Ron DeSantis to the Sarasota Manatee Airport Authority Board, where he will serve a four-year term. Jackson expressed his honor in joining the board and aims to enhance air transportation services in the region. With over 3,000 employees, PGT Innovations is the largest private employer in Sarasota County and a leader in manufacturing premium windows and doors. The company specializes in impact-resistant products and has a robust presence across North America.

PGT Innovations reported its Q3 2020 financial results, showing significant growth compared to Q3 2019. Net sales rose 20% to $238 million, boosted by a $27 million contribution from the NewSouth acquisition. Gross profit increased 24% to $87 million, while net income climbed 15% to $17 million, with earnings per diluted share at $0.29. Looking forward, the company expects Q4 consolidated net sales between $200 million and $210 million, reflecting strong order demand.

CGI Windows & Doors, a part of PGT Innovations, has launched a contest called “CGI Heroes: Celebrating Strength” to honor local residents in Miami-Dade and Broward County who have made significant contributions during the COVID-19 pandemic. Starting on October 22, individuals can nominate community heroes for a chance to win a $2,000 cash prize. Nominations will be accepted until November 18, 2020. This initiative aims to recognize individuals who demonstrate exceptional support and compassion in their communities.

PGT Innovations, Inc. (NYSE:PGTI) will announce its third quarter 2020 financial results on November 5, 2020, at 7:30 a.m. ET. A conference call will follow at 10:30 a.m. ET, hosted by CEO Jeff Jackson and CFO Sherri Baker. Investors can access the press release and conference details via the company’s website. A replay will be available shortly after the call concludes until November 10, 2020. PGT Innovations is known for its impact-resistant windows and doors, focusing on customer relationships and innovative products.