Stock Alert: PGT Innovations Jumps 21% As Q1 Results Beat Estimates
Shares of are PGT Innovations, Inc. (PGTI), a manufacturer of impact-resistant residential windows and doors, are gaining more than 21 percent or $2.10 in Wednesday’s morning trade at $11.87 after the company’s financial results for the first quarter beat analysts’ estimates. The stock has traded in a range of $6.88 to $18.48 in the past 52 weeks.
Wednesday, PGT Innovations said its first-quarter net income surged to $15.60 million or $0.26 per share from $8.26 million or $0.14 per share in the year-ago period. Adjusted earnings were $0.28 per share, compared to $0.16 per share in the prior-year period.
Net sales grew 27 percent to $220.20 million from $173.74 million in the same period last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share for the quarter on revenues of $191.92 million. Analysts’ estimates typically exclude special items.
PGT Innovations has withdrawn its 2020 annual guidance, but projects its second-quarter consolidated net sales, inclusive of NewSouth, to decline in the range of 7 to 10 percent as compared to the prior year.
PGT Innovations noted that it quickly adjusted its operations to meet the changes in demand amid the coronavirus pandemic. However, after seeing a building pipeline of orders in its Florida markets in May, it is starting to build back its capacity to meet the recovering demand.
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