PGT Sees Strong Sales Ahead of Hurricane SeasonMay 2nd, 2018 by Trey Barrineau
The demand for impact-resistant windows appears to be growing in Florida as the state prepares for what could be another active hurricane season.
PGT Innovations, based in Venice, Fla., announced this week that sales hit $140.3 million in the first quarter of 2018, a 24-percent increase over the first quarter of 2017.
“PGT Innovations delivered a solid top-line performance in our first quarter of 2018,” said Jeff Jackson, CEO of PGT Innovations. “Our strategy of investing in marketing and advertising, combined with the heightened awareness of the benefits of impact-resistant products from an active 2017 hurricane season, continued to benefit our sales during the first quarter of 2018.”
He added that PGT’s sales in the repair and remodeling market increased 32 percent compared to last year’s first quarter, and represented 63 percent of all sales.
“Homeowners are preparing for what experts are forecasting to be another active hurricane season in 2018, and, we believe they are selecting our products at an increasing rate for their impact protection needs, and to comply with Florida’s building codes, which are the strongest, safest building codes in the country,” said Jackson.
In 2017, Florida was hit by Hurricane Irma, which caused $6.55 billion in property damage claims, $2.5 billion in losses to agriculture and forced 6.5 million people to evacuate. (PGT officials played a crucial role in the state’s post-storm evaluation of Irma’s impact.) It was the first major hurricane to hit the state and cause significant damage since Hurricane Wilma in 2005.
In April, Colorado State University issued its preliminary forecast for the 2018 Atlantic hurricane season, which begins on June 1. It predicts that 14 named storms will develop. Seven could become hurricanes, and three of those are expected to be major hurricanes.
The company says it should finish its 2018 fiscal year with higher sales than were predicted at the end of 2017. Net sales are expected to hit $550 million to $575 million, an increase of 8 percent to 13 percent.
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