PGTI Reports 2016 Strong Third Quarter Results

Third Quarter 2016 Financial Highlights versus the Prior Year Period
  • Net sales of $129.8 million, an increase of $29.1 million, or 29 percent;
  • Gross margin of 31.7 percent, compared to 29.2 percent;
  • Gross margin, as adjusted, of 32.3 percent, compared to 31.2 percent;
  • Net income of $10.8 million, compared to $6.3 million;
  • Net income, as adjusted, of $9.7 million, compared to $7.9 million;
  • Net income per diluted share of $0.21, compared to $0.13;
  • Adjusted net income per diluted share of $0.19, compared to $0.16;
  • EBITDA, as adjusted, of $24.0 million, compared to $17.9 million.

VENICE, Fla., Nov. 03, 2016 (GLOBE NEWSWIRE) -- PGT, Inc. (NASDAQ:PGTI), the leading U.S. manufacturer and supplier of impact-resistant windows and doors, announced financial results for its third quarter and nine months ended October 1, 2016.

"We delivered another period of solid financial and operating performance in the third quarter," commented PGTI's Chairman of the Board and Chief Executive Officer, Rod Hershberger. "We grew revenue, gross margin and net income on both a sequential and year-over-year basis, which was the result of sales and profitability from both of our acquired businesses, CGI and WinDoor, as well as from our legacy business, PGT Custom Windows & Doors."

"Our strategic priorities remain focused on our three brand go-to-market strategy, continuing to drive product innovation and accretive acquisitions," Hershberger continued. "Our consistent strong performance is a direct result of our team's ability to effectively execute these strategies."

"Hurricane Matthew was the first hurricane of its magnitude to hit the East Coast of the U.S. in over a decade," Hershberger continued. "Thankfully, the destruction was much more limited than originally predicted. However, many of our East Coast customers experienced approximately a two-week disruption to their businesses in October, which may have a slight impact on our sales for the fourth quarter. In 2017, however, we expect some heightened consumer awareness and additional sales related to that awareness."

If you liked this article you might like

Investing Your Tax Refund Now Delivers Greater Returns

Under Armour, Home Depot Close Lower as Consumer Goods Sell Off

Weak On High Volume: PGT (PGTI)

Today's Weak On High Volume Stock: PGT (PGTI)

PGT (PGTI) Strong On High Relative Volume Today