PGT Reports First-Quarter Earnings

May 5th, 2016 by Editor

PGT Inc. is reporting net income of $1.5 million for the first quarter of 2016 on sales of $100.2 million.

“This is a significant accomplishment given the tough comparison to the prior year period, which benefitted from approximately a $6 million revenue lift in advance of a price increase,” said PGT’s CEO, Rod Hershberger. “While there was some short-term softness in the market, our WinDoor acquisition provided $4.1 million in sales which helped deliver our first quarter growth. In addition, we remain confident in the long-term strength of our core Florida market due to several key indicators such as; increased order volume in both March and April, continued high level of quoting activity and, more importantly, the underlying demand drivers of population expansion, low interest rates and tight inventory.”

Earnings, adjusted for costs related to the acquisition of WinDoor came to 9 cents per share.

“We are actively integrating WinDoor, our recently-acquired manufacturer of high-performance doors and windows in Orlando, Fla., and its nearly 200 employees into the PGT family,” Hershberger said. “We look forward to leveraging WinDoor’s extensive product line, attractive distribution channels and high-end production capacity to continue growing our business over time.”

 

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  1. Congratulations Rod.

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