Fourth Quarter Report Shows End-of-Year Slump for PGT, Overall Company GrowthFebruary 26th, 2020 by Brigid O'Leary
Window and door manufacturer PGT Innovations released its fourth quarter financials for 2019, and the numbers are lower than for the same time period in 2018, though the company’s overall net sales were higher than the previous year.
The company reports fourth quarter 2019 net sales were $175 million, compared to $190 million in sales for the fourth quarter of 2018. PGT’s net sales for the full year 2019 totaled $745 million, up from 2018’s $698 million, though the former number includes a net increase of $89 million from Western Window Systems.
Net income, both adjusted and not, was down for the company at the end of 2019: net income was down $7 million (from $10 million in 2018 to $3 million in 2019), while adjusted net income had a difference of $6 million, down from $12 million to $6 million in a year’s time.
“Sales in the quarter were down by 8 percent compared to the prior-year quarter, in which we experienced record-setting growth, partially driven by the demand and overall consumer brand awareness generated by two major hurricanes,” said Jeff Jackson, president and CEO. “We are focused on driving growth and delivered better-than-expected sales in the fourth quarter of 2019 across our legacy repair and remodel business.”
“We are seeing strong new order entries for our legacy business in the first quarter of 2020 compared to the prior-year quarter and expect this positive momentum to continue in 2020,” said Jackson.
There’s a lot of promise for this fiscal year, in part due to PGT’s acquisition of NewSouth Window Solutions.
“Completion of the acquisition of NewSouth Window Solutions was another step toward fulfilling our strategy to become a national leader of premium windows and doors,” said Jackson. “Last year we completed the acquisition of Western Window Systems, which extended our footprint to include growing markets outside of Florida. NewSouth further increases our diversification by adding a direct-to-consumer distribution channel. We will continue to pursue our strategy that we believe will drive long-term organic growth and expand our sales through the addition of incremental channels.”