13.05.2020 15:25:59
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Stock Alert: PGT Innovations Stock Up 15% In Premarket
(RTTNews) - Shares of PGT Innovations Inc. (PGTI) are rising over 15% in pre-market today, following the company's upbeat Q1 results.
The company reported Q1 net income of $15.6 million or $0.26 per share compared to $8.26 million or $0.14 per share last year.
On an adjusted basis, net income was $16.4 million or $0.28 per share versus $9.22 million or $0.16 per share a year ago.
Net sales increased to $220.2 million from $173.7 million in the prior year period.
Wall Street analysts expected earnings of $0.13 per share and revenue of $191.92 million for the quarter.
Jeff Jackson, President and Chief Executive Officer, said, "We saw strong organic growth of 18% in our Southeast business unit, and 14% for our Western business unit, inclusive of an extra selling week within the first quarter of 2020, as compared to the prior year. Additionally, the newest addition to our Company, NewSouth Window Solutions, which we acquired on February 1, 2020, has started off strong, growing orders more than 50 percent compared to the prior year quarter."
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