PGT Reports a Strong Second QuarterAugust 4th, 2016 by Editor
PGT Inc. announced on Thursday that it made a profit of $7.4 million in the second quarter of 2016 on sales that were 18 percent higher than the same period in 2015.
“I am pleased with our team’s strong second quarter financial and operating performance,” said PGT CEO Rod Hershberger. “The quarter had record-breaking sales of $119 million and $20.8 million in EBITDA. The acquisitions of CGI and WinDoor were key factors in executing on our stated strategy, and we are already starting to see the combined power of our three brands as they are performing well, strengthening our capabilities and furthering our market reach. Our focus on delivering an unparalleled customer experience, combined with optimizing our three brands and operational capabilities, has us well positioned to take advantage of the growth in our core markets and execute against our long-term strategies.”
The maker of impact-resistant fenestration products reported earnings of 15 cents per share, which met most Wall Street estimates.
“We are encouraged by market conditions and continue to see demand increase across all of our brands and market segments. Our backlog is a reflection of this demand and has grown to nearly $60 million,” commented Brad West, PGTI’s Chief Financial Officer. “This dynamic environment sets us up for a strong second half as we continue to increase capacity to meet growing demand.”
For the first six months of the year, PGT reports net sales of $219.2 million, an increase of $23.1 million, or 12 percent.