PGT Posts Big Third-Quarter ProfitNovember 6th, 2015 by Editor
PGT reports that its third-quarter profits were 27 percent higher than the same period a year ago.
The Florida-based manufacturer of hurricane-resistant fenestration products reported profits of $7.9 million, or 16 cents per share. In the third quarter of 2014, the company posted a profit of $6.2 million, or 12 cents per share,.
Revenues totaled $100.7 million, an increase of 30.2 percent from the same quarter a year ago.
“Our core repair-and-remodeling and new-construction markets continue to be strong, as single-family housing starts in Florida increased 22 percent in the third quarter of 2015 compared to last year, and the repair-and-remodeling market continues to show positive growth,” PGT CEO Rod Hershberger said in a statement. “Through nine months, new construction and repair and remodeling sales of our PGT-branded products grew 24.4 percent and 6.3 percent, respectively. We anticipate this demand to continue into our fourth quarter which, combined with CGI’s fourth quarter sales, we estimate will result in consolidated sales of $88 million to $92 million. This represents a growth range of 4 percent to 9 percent over last year.”