Company notches quarterly sales record

Venice-based impact-resistant window and door manufacturer PGT set a new quarterly high in sales for the third quarter, with $129.8 million.

The figure is up 29% from the third quarter of 2015, when it posted $100.7 million in sales, according to an earnings report posted today. The quarter also continues a streak of positive earnings for the company, one of the largest employers in the Sarasota-Bradenton region, with about 2,600 employees.

“We delivered another period of solid financial and operating performance in the third quarter,” PGT Chairman and CEO Rod Hershberger says in the release. “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.”

Other highlights of the quarter compared to the third quarter of 2015 include:
• Gross margin of 31.7%, up from 29.2%;
• Gross margin, as adjusted, of 32.3%, compared to 31.2%;
• Net income of $10.8 million, up from $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; and
• EBITDA, as adjusted, of $24.0 million, compared to $17.9 million.