PGT Inc., a Florida-based manufacturer and supplier of impact-resistant doors and windows, announced financial results for the fourth quarter of 2015 that exceeded expectations.

The company saw net sales of $93 million in the fourth quarter of 2015, an increase of 10 percent. Earnings per share were 12 cents, compared to 8 cents a year ago. For the year, net sales reached $389.8 million. The adjusted gross margin was 31.9 percent vs. 30.8 percent in 2014.

“The revenue achieved in fiscal 2015 is a company record, and a level we have not seen since 2006, the peak of the housing market before the downturn,” said PGT chairman and CEO Rod Hershberger said in a statement. “We continued to outgrow the housing market in Florida as our sales increased $83.4 million, or 27 percent, for 2015, compared to single-family housing starts, which grew 16 percent for the year, to more than 65,000, a very substantial improvement over the 4 percent growth recorded in 2014. The underlying drivers of population expansion, rational pricing, low interest rates and tight inventory is leading to a steady market recovery for both new construction and repair and remodeling activities. Entering 2016, we expect to continue the solid execution of our long-term strategy to drive organic growth and augment it with selective and accretive acquisitions.”

“As we previously announced, our Board of Directors approved a $20 million share repurchase program,” Hershberger continued. “In January, we began to repurchase shares of our common stock in open market transactions which, to-date, have aggregated 238,756 shares for a total cost of $2.3 million. Our share repurchase program demonstrates our confidence in the strength of our business and our markets.”

 

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