PGT’s Financial Report Shows Highest Q2 Sales Since 2006August 6th, 2015 by Casey Flores
Residential door and window supplier PGT Industries is touting its latest financial report as a significant one.
In the second quarter of 2015, the company generated sales of $100.8 million, up 23.5 percent from last year.
“This represents our highest sales level since the second quarter of 2006 and the second time in our history that we achieved quarterly sales in excess of $100 million,” says CEO Rod Hershberger.
Other highlights include:
- A gross margin of 32.7 percent, up from 32.0 percent;
- The selling, general and administrative expense as a percentage of net sales was 16.6 percent, compared to 15.9 percent;
- Company net income was $6.8 million, compared to $7.8 million;
- Company net income, adjusted for the costs related to the launch of new vinyl product lines and the start-up of manufacturing lines, plus the effect of a non-recurring charge to income tax expense, was $8.6 million, compared to $7.8 million;
- Adjusted net income per diluted share of $0.17, compared to $0.16; and
- EBITDA, adjusted for the costs related to new product launch and manufacturing lines start-up, of $18.9 million, compared to $14.5 million.
“Our new WinGuard and EnergyVue vinyl lines are taking hold in the market as demand for these products has been solid and they have been widely accepted by our customer base,” Hershberger says. “With single-family housing starts in Florida on the rise, increasing 24 percent in the second quarter of 2015 compared to last year, and the addition of CGI, we are well positioned to take advantage of gains in new construction throughout our core markets.”