PGT Innovations, Inc. (PGTI) has reported 9.22 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $4.12 million, or $0.08 a share in the quarter, compared with $3.77 million, or $0.07 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $5.02 million, or $0.10 a share compared with $5.82 million or $0.12 a share, a year ago.
Revenue during the quarter grew 17.74 percent to $109.50 million from $93.01 million in the previous year period. Gross margin for the quarter expanded 116 basis points over the previous year period to 28.82 percent. Total expenses were 90.16 percent of quarterly revenues, down from 91.03 percent for the same period last year. This has led to an improvement of 87 basis points in operating margin to 9.84 percent.
Operating income for the quarter was $10.77 million, compared with $8.34 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $16.35 million compared with $14.35 million in the prior year period. At the same time, adjusted EBITDA margin contracted 50 basis points in the quarter to 14.93 percent from 15.43 percent in the last year period.
"PGT Innovations had an exciting year of growth and change in 2016. Our team delivered record sales of $459 million for the year, with 18 percent growth," commented PGT Innovations' chairman of the board and chief executive officer, Rod Hershberger.
For financial year 2017, Pgt expects revenue to be in the range of $490 million to $500 million.
Working capital declines
PGT Innovations, Inc. has witnessed a decline in the working capital over the last year. It stood at $99.57 million as at Dec. 31, 2016, down 5.57 percent or $5.87 million from $105.45 million on Jan. 02, 2016. Current ratio was at 5.37 as on Dec. 31, 2016, down from 5.89 on Jan. 02, 2016.
Days sales outstanding went up to 17 days for the quarter compared with 16 days for the same period last year.
Days inventory outstanding has increased to 18 days for the quarter compared with 16 days for the previous year period.
Debt increases substantially
PGT Innovations, Inc. has witnessed an increase in total debt over the last one year. It stood at $247.87 million as on Dec. 31, 2016, up 29.93 percent or $57.11 million from $190.77 million on Jan. 02, 2016. Total debt was 56.77 percent of total assets as on Dec. 31, 2016, compared with 55.18 percent on Jan. 02, 2016. Debt to equity ratio was at 1.87 as on Dec. 31, 2016, up from 1.78 as on Jan. 02, 2016.
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