PGT Innovations Reports Sales Surged in First Quarter

May 4th, 2017 by Editor

PGT Innovations Inc. has announced record sales numbers for the first quarter of 2017.

“We delivered a company record for sales in a first quarter at $113 million, up 12 percent compared to last year,” said Rod Hershberger, PGT Innovations’ chair and CEO. “This compares to a 5 percent increase in single-family housing starts in Florida, an indication that we continued to take share in our core market.”

Hershberger said the company has focused on strengthening its position in Florida, one of its best markets over the past four years.

“During this period, we have greatly expanded operations of our flagship PGT product, and acquired CGI and WinDoor, the latter of which focuses on the high-end market,” he said. “While we are pleased with WinDoor’s first quarter 2017 sales amount, its seasonally low first quarter sales makes it too early to gauge the degree of any recovery from the softness in the luxury market we experienced in 2016. However, we remain confident WinDoor is well-positioned to capitalize on this recovery.”

Sales growth in the first quarter of 2017 was led by a 24 percent increase in PGT Innovations’ vinyl impact products, driven by an increase in sales of its mass-custom vinyl WinGuard product. Additionally, as expected, the company’s margins compared to the first quarter of 2016 were unfavorably impacted by a full quarter of WinDoor’s fixed costs in the first quarter of 2017.

Tags: ,

Leave Comment