PGT Reports Positive Third Quarter Results

October 31st, 2014 by Editor

PGT Inc. has good news for its investors in its third quarter 2014 financial results.

“This is an exciting time for PGT,” says CEO Rod Hershberger. “During the past quarter we completed the acquisition of CGI Windows and Doors Inc., adding another market leading brand to our portfolio, a manufacturing facility in Miami, and approximately 200 employees to the PGT family. We also began production in our new glass facility, refinanced our debt, and delivered double-digit growth, with sales up 19.2 percent, or $12.5 million over the third quarter of 2013.”

Highlights from the results include:

  • A net sales of $77.3 million, an increase of $12.5 million, or 19.2 percent;
  • Gross margin, adjusted for costs related to the start up of its new glass facility, increased $2.6 million or 12.4 percent, to $23.5 million;
  • Selling, general and administrative costs, adjusted for costs related to the acquisition, of $12.8 million, or 16.5 percent of sales, compared to $13.4 million, or 20.7 percent of sales;
  • Adjusted EBITDA of $12.1 million compared to $10.2 million;
  • Adjusted net income of $6.2 million compared to $6.4 million (reflecting tax expense of $3.7 million in 2014, compared to $5 thousand in 2013);
  • Adjusted net income per diluted share of $0.12 compared to $0.13; and
  • CGI net sales and EBITDA included above are $552 thousand and $123 thousand (or 22.3 percent of sales), respectively.

PGT’s president and chief operating officer, Jeff Jackson, expects the growth to continue into the fourth quarter.

“In the fourth quarter, we anticipate our year over year growth to continue, both organically and through the contribution of CGI. Sales from PGT products will range between $70 and $72 million, which represents an increase of 13 percent to 16 percent over prior year sales of $62.0 million. CGI sales will range between $11 and $12 million. This will result in consolidated sales between $81 and $84 million,” he says.

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