PGT Inc. (PGTI, Financial) filed Quarterly Report for the period ended 2010-10-02.
Pgt Inc. has a market cap of $121.3 million; its shares were traded at around $2.26 with and P/S ratio of 0.7. PGTI is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates.
Sales into the repair and remodeling market were up 19% compared to the third quarter of 2009 and represented 75% of total sales for the quarter. Sales into the repair and remodeling market represented 73% of total sales for the third quarter of 2009.
Sales into the new construction market were essentially flat compared to the third quarter of 2009 and represented only 25% of total sales for the quarter, compared to 27% of total sales for the third quarter of 2009.
Housing starts in Florida increased 15% compared to the third quarter of 2009, driven by an increase in multi-family starts. However, single family starts were essentially flat with starts from a year ago and lower than the second quarter of 2010 by 17%, due in part to expiring tax incentives and continued economic uncertainty.
Net sales of WinGuard branded products were $29.9 million for the third quarter of 2010, an increase of $3.7 million, or 14.1%, from $26.2 million in net sales for the 2009 third quarter. The increase in sales of our WinGuard products was driven mainly by the success of our new door launched last fall and an increase in our vinyl WinGuard sales. Sales of WinGuard branded products into the repair and remodeling market and the new home market have increased 17% and 5%, respectively, over the prior year.
Gross margin was $14.6 million, or 30.9% of sales, for the third quarter of 2010, an increase of $3.7 million, or 34.3%, from $10.9 million, or 26.1% of sales, for the third quarter of 2009. The 2009 third quarter margin includes $0.5 million in restructuring costs. Adjusting for these charges, gross margin was 27.4% in the third quarter of 2009. The 3.5% increase in adjusted gross margin as a percent of sales is largely due to the increase in sales allowing us to increase our leverage on fixed costs (2.8%), savings generated from cost savings initiatives (2.0%), and a decrease in aluminum cost of (0.2%). Partially offsetting these increases in gross margin was a shift to non-impact products (1.7%) which carry a contribution margin of approximately 21%. In comparison, our various impact products, both aluminum and vinyl, have contribution margins that range from 40% to 55%.
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Pgt Inc. has a market cap of $121.3 million; its shares were traded at around $2.26 with and P/S ratio of 0.7. PGTI is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Our growth was driven by our core market of Florida, whose sales were up 18.5% compared to the third quarter of 2009. We saw increases in Florida in both our aluminum and vinyl product categories, and in both impact and non-impact products. This increase was partially offset by a decrease in out of state sales of 5.8% or $0.4 million. Our international markets sales were flat with prior year.Sales into the repair and remodeling market were up 19% compared to the third quarter of 2009 and represented 75% of total sales for the quarter. Sales into the repair and remodeling market represented 73% of total sales for the third quarter of 2009.
Sales into the new construction market were essentially flat compared to the third quarter of 2009 and represented only 25% of total sales for the quarter, compared to 27% of total sales for the third quarter of 2009.
Housing starts in Florida increased 15% compared to the third quarter of 2009, driven by an increase in multi-family starts. However, single family starts were essentially flat with starts from a year ago and lower than the second quarter of 2010 by 17%, due in part to expiring tax incentives and continued economic uncertainty.
Net sales of WinGuard branded products were $29.9 million for the third quarter of 2010, an increase of $3.7 million, or 14.1%, from $26.2 million in net sales for the 2009 third quarter. The increase in sales of our WinGuard products was driven mainly by the success of our new door launched last fall and an increase in our vinyl WinGuard sales. Sales of WinGuard branded products into the repair and remodeling market and the new home market have increased 17% and 5%, respectively, over the prior year.
Gross margin was $14.6 million, or 30.9% of sales, for the third quarter of 2010, an increase of $3.7 million, or 34.3%, from $10.9 million, or 26.1% of sales, for the third quarter of 2009. The 2009 third quarter margin includes $0.5 million in restructuring costs. Adjusting for these charges, gross margin was 27.4% in the third quarter of 2009. The 3.5% increase in adjusted gross margin as a percent of sales is largely due to the increase in sales allowing us to increase our leverage on fixed costs (2.8%), savings generated from cost savings initiatives (2.0%), and a decrease in aluminum cost of (0.2%). Partially offsetting these increases in gross margin was a shift to non-impact products (1.7%) which carry a contribution margin of approximately 21%. In comparison, our various impact products, both aluminum and vinyl, have contribution margins that range from 40% to 55%.
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