Financial Flash

PGT Innovations Reports Strong Growth in the Fourth Quarter

PGT Innovations reported a profit of $20.3 million for the fourth quarter of 2017, significantly higher than the $4.1 million the company earned in the same period in 2016.

The company posted those solid numbers in the months after Hurricane Irma hit Florida and caused about $65 billion in damages.

“During 2017, we grew our market share and captured increased demand for impact-resistant products in one of America’s strongest markets,” says CEO Jeff Jackson. “Hurricane Irma was a real-world test of our industry-leading products. Reports we have received from homeowners and our customers confirm that PGTI’s impact-resistant products perform as promised, protecting life and property against this powerful storm.”

The company generated revenue of $134.1 million, getting a boost from the new tax law passed at the end of 2017.

The company predicts that net sales will climb to a range of 8 to 13 percent in 2018, up $550 million to $575 million.

Glaston’s 2017 Comparable Operating Profit Nearly Doubles to $6.6 Million

Although Glaston’s order book at the end of 2017 was lower than the previous year, the favorable order intake of the second half of the year and positive market development have created good conditions for profitable growth.

The company expects the full-year comparable operating profit to improve over 2017. The full-year 2017 comparable operating profit was $6.6 million (EUR 5.4 million).

From January to December 2017, orders received equaled $127.4 million (EUR 103.7 million). Operating profit was $6.1 million (EUR 5 million). Earning per share were $0.02. The Glaston board of directors proposes that a return of capital of $0.01 per share be distributed for 2017.

”After a quiet first quarter, Glaston’s markets continued t pick up. The positive note was maintained through-out the year and order intake grew steadily,” says Arto Metsänen, president and CEO. “Despite the good market activity, customers’ decision-making remained slow in certain areas and some deals were also delayed. Full-year net sales rose by 3 percent compared with 2016 and totaled $135.6 million (EUR 110.4 million). A particular bright spot was the strongly increased operating profit. Compared with the previous year, the comparable operating profit nearly double to EUR 5.4 million.”

Glaston has invested heavily in both digitalization and emerging technologies. Development projects in bending-tempering and in bent glass technology have continued.

In the field of digitization, Glaston launched a number of development projects related to cloud services, utilization of analytics, raising the degree of automation and preventative maintenance.

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