PGT Reports Third Quarter ResultsNovember 1st, 2013 by DWM Magazine
PGT Inc. announces financial results for its third quarter and the company says it delivered its highest quarterly sales since the first quarter of 2007 coming in at $64.9 million, up 45 percent over the third quarter of 2012.
“A combination of improving market conditions and marketing programs focused on both consumers and dealers targeting our WinGuard products continues to drive both sales growth and share gains,” said PGT’s president and CEO Rod Hershberger. “During the quarter, impact sales grew 47 percent over prior year and represented 78 percent of total sales, compared to 77 percent a year ago. In addition, sales of non-impact products grew 38 perent. Sales increased in both our repair and remodel and new construction markets, up 40 percent and 58 percent, respectively.”
Net income was $6.3 million, and adjusted net income was $6.4 million compared to net income of $2.7 million a year ago.
“I am thankful for the hard work of our employees, both new and tenured, who delivered on our value proposition and drove the positive financial results in our third quarter,” said Hershberger. “I also know we have the talent and drive to improve our operational performance as we drive top line sales.”