Inside the PGT Innovation plant in North Venice.

PGT Innovations more than doubled its income in the third quarter of 2018, compared to the previous year.

Net income was $13.6 million, compared to $6.3 million in 2017.

Year to date, net sales were $509 million, an increase of $132 million, or 35 percent over 2017.

The third quarter and year-to-date ending Sept. 30 was the start of an exciting new chapter for PGT Innovations in announcing its financial results, said Jeff Jackson, president and CEO.

The company, headquartered in North Venice, is the largest employer in South Sarasota County and a national leader in the premium window and door category.

With net sales of $199 million, up $72 million, or 57 percent, the strong quarter was driven by continued growth in the repair and remodel sector and inclusion of the post-acquisition sales of Western Windows Systems, which were $18.7 million.

"Organically, sales increased 42 percent, driven by continued strong demand for our flagship WinGuard impact-resistant products," Jackson said. "Consistent with the second quarter of 2018, we achieved meaningful gross margin improvement versus prior year.

"The gross margin improvement of 5.4 percentage points, as compared to the third quarter of 2017, is the result of our ability to leverage fixed costs, generate manufacturing and operating efficiencies and implement price increases to offset cost inflation."

Completing its first major out-of-state acquisition, of Western Windows Systems, he said positioned PGT as a national leader in the industry.

To financing the acquisition, company entered the bond market for the first time, achieving access to capital at an attractive fixed rate.

Following the acquisition, it executed an equity offering that allowed its to more quickly "delever" the balance sheet following the acquisition by bringing in capital to reduce liabilities.

Jackson said it provided the company with more flexibility for other operational and strategic initiatives in the future.

"We believe our execution of these transactions in the third quarter has put PGT Innovations in a strong position, and well-poised for continued growth," he said.


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