Financial Flash

PGT Sees Strong Sales Ahead of Hurricane Season

The demand for impact-resistant windows appears to be growing in Florida as the state prepares for what could be another active hurricane season.

PGT Innovations, based in Venice, Fla., announced that sales hit $140.3 million in the first quarter of 2018, a 24-percent increase over the first-quarter of 2017.

“PGT Innovations delivered a solid top-line performance in our first quarter of 2018,” said CEO Jeff Jackson. “Our strategy of investing in marketing and advertising, combined with the heightened awareness of the benefits of impact-resistant products from an active 2017 hurricane season, continued to benefit our sales during the first quarter of 2018.”

He added that the company’s sales in the repair and remodeling market increased 32 percent compared to last year’s first quarter, and represented 63 percent of all sales.

In 2017, Florida was hit by Hurricane Irma, which caused $6.55 billion in property damage claims, $2.5 billion in losses to agriculture and forced 6.5 million people to evacuate. (PGT officials helped evaluate Irma’s impact in a study sponsored by the Florida Building Commission and led by David Prevatt of the University of Florida’s Department of Civil and Coastal Engineering.) It was the first major storm to hit the state and cause major damage since Hurricane Wilma in 2005.

In April, Colorado State University issued its preliminary forecast for the 2018 Atlantic hurricane season, which began on June 1. It predicts that 14 named storms will develop. Seven could become hurricanes and three are expected to be major hurricanes.

The company says it expects to finish its 2018 fiscal year with higher sales than predicted at the end of 2017. Net sales are expected to hit $550 million to $575 million, an increase of 8 percent to 13 percent.

Glaston Orders Grow in First Quarter Year-Over-Year

Glaston’s orders received grew by 23 percent to $32.4 million (EUR 26.5 million) from last year’s first quarter to the same period this year. The company recently published its quarterly financial report for the period between January 1 and March 31, 2018, which showed net sales totaled $30.3 million (EUR 24.8 million), down 7 percent compared to the same period in 2017. Its comparable operating profit was $1.2 million (EUR 1 million), similar to last year’s level.

“Glaston made an upbeat start to the year. The first quarter orders grew by 23 percent to EUR 26.5 million, which is a good level for the generally quiet beginning of the year. There was a lot of activity in the EMEA area and strong development was seen in the Asia region. North American orders fell short of last year’s level,” says CEO/president Arto Metsänen. “Last year’s sale of the preprocessing business as well as the weakness of the U.S. dollar contributed to the decline in net sales.”

Metsänen says Glaston invested in product development, particularly in the digitalization of the company’s products and services, as well as in emerging glass technologies.

“In the emerging technologies unit, the Heliotrope nanotechnology project advanced according to plan. A prototype line was approved in March and progress made on the testing of an electrolyte material. If the final stages of the project are implemented according to plan, the first pilot line may be ordered this year,” he says. “Smart glass has enormous potential and the smart glass market is expected to grow significantly in the next few years … we are actively involved with our emerging technologies unit in developing new glass technologies and their practical application. In addition to the Heliotrope project.”

̧Şişecam Reports Net Sales Growth of 17.7 Percent in First Quarter

Şişecam Group reported consolidated net sales of $700 million (Turkish Lira 3.1 billion) and a net profit of $128.5 million (TL 569 million) in the first quarter ended March 31, 2018. The groups consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) reached $204.8 million (TL 907 million) for the same period.

The company increased its total consolidated net sales by 17.7 percent year-over-year in the first three months of 2018.

“In the first quarter, our consolidated net sales have reached [$700 million] (TL 3.1 billion). The share of our international sales representing the total amount of exports from Turkey and sales from overseas production is 58 percent in our consolidated sales. During the same period, international sales volume reached [$406.5 million] (TL 1.8 billion). Thanks to ongoing efforts to optimize the cost structure and the geographical distribution of production activities, consolidated EBITDA reached [$204.8 million] (TL 907 million) in the same period,” said Ahmet Kirman, vice chairman and CEO.

Şişecam Group reported total investments of $67.7 million (TL 300 million) and continued to support the national economy with an export volume of $190 million in the first quarter of 2018.

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