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PGT Innovations' (PGTI) NewSouth Brand Expands in Texas
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PGT Innovations, Inc. introduced its NewSouth Window Solutions brand across five primary metro cities in Texas and expanded its portfolio to include garage doors from Martin Door.
The retail showrooms, showcasing the brand, are set to open in June 2023 in Dallas, Fort Worth, and San Antonio, and by the end of 2023 in Austin. Houston already houses a retail showroom showcasing this brand. The product portfolio under the NewSouth Window Solutions brand includes energy-efficient and impact-resistant windows, entry doors, patio doors and other similar products.
This footprint expansion allows PGTI to cater to a wide and growing pool of customers in Texas. Also, this expansion is in line with the improving housing demand courtesy of historically low mortgage rates and record levels of home equity. This will help the company gain growth momentum in the upcoming period.
Image Source: Zacks Investment Research
Shares of PGTI have gained 51.9% in the year-to-date period, outperforming the Zacks Building Products - Miscellaneous industry’s growth of 23%.
More on PGTI
Despite an uncertain macroeconomic scenario, PGT Innovations continues to grow backed by its strong operational execution and solid pricing actions. Also, strong R&R activity, accretive acquisitions and strength in brands are added positives.
In first-quarter fiscal 2023, PGTI’s total Open Order backlog was sequentially up to $236 million from $235 million. This was backed by strong repair & remodel channel. In the quarter, the company’s net sales and adjusted earnings grew 5% to $377 million and 33% to 56 cents per share, respectively, year over year.
In the fiscal first quarter, the company’s gross margin of 39.6% expanded 210 basis points (bps) year over year. Also, adjusted EBITDA margin surged 210 bps to 18.6%.
For the fiscal second quarter, the company expects net sales of $380-$400 million and adjusted EBITDA within $70-$75 million. In second-quarter fiscal 2022, net sales were $407 million and adjusted EBITDA was $78 million.
Some other top-ranked stocks that investors may consider from the Construction sector are Martin Marietta Materials, Inc. (MLM - Free Report) , Vulcan Materials Company (VMC - Free Report) and Watsco, Inc. (WSO - Free Report) .
Martin Marietta currently sports a Zacks Rank #1. MLM delivered a trailing four-quarter earnings surprise of 31%, on average. Shares of the company have rallied 26% in the year-to-date period.
The Zacks Consensus Estimate for MLM’s 2023 sales and EPS indicates growth of 19% and 33.1%, respectively, from the previous year’s reported levels.
Vulcan Materials currently sports a Zacks Rank #1. VMC has a trailing four-quarter earnings surprise of 7.1%, on average. Shares of the company have risen 18.5% in the year-to-date period.
The Zacks Consensus Estimate for VMC’s 2023 sales and EPS indicates growth of 5.9% and 27.6%, respectively, from the previous year’s reported levels.
Watsco currently carries a Zacks Rank #2 (Buy). WSO delivered a trailing four-quarter earnings surprise of 5.3%, on average. Shares of the company have rallied 44.9% in the year-to-date period.
The Zacks Consensus Estimate for WSO’s 2023 sales and EPS indicates growth of 3.1% and 2.2%, respectively, from the previous year’s reported levels.
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PGT Innovations' (PGTI) NewSouth Brand Expands in Texas
PGT Innovations, Inc. introduced its NewSouth Window Solutions brand across five primary metro cities in Texas and expanded its portfolio to include garage doors from Martin Door.
The retail showrooms, showcasing the brand, are set to open in June 2023 in Dallas, Fort Worth, and San Antonio, and by the end of 2023 in Austin. Houston already houses a retail showroom showcasing this brand. The product portfolio under the NewSouth Window Solutions brand includes energy-efficient and impact-resistant windows, entry doors, patio doors and other similar products.
This footprint expansion allows PGTI to cater to a wide and growing pool of customers in Texas. Also, this expansion is in line with the improving housing demand courtesy of historically low mortgage rates and record levels of home equity. This will help the company gain growth momentum in the upcoming period.
Image Source: Zacks Investment Research
Shares of PGTI have gained 51.9% in the year-to-date period, outperforming the Zacks Building Products - Miscellaneous industry’s growth of 23%.
More on PGTI
Despite an uncertain macroeconomic scenario, PGT Innovations continues to grow backed by its strong operational execution and solid pricing actions. Also, strong R&R activity, accretive acquisitions and strength in brands are added positives.
In first-quarter fiscal 2023, PGTI’s total Open Order backlog was sequentially up to $236 million from $235 million. This was backed by strong repair & remodel channel. In the quarter, the company’s net sales and adjusted earnings grew 5% to $377 million and 33% to 56 cents per share, respectively, year over year.
In the fiscal first quarter, the company’s gross margin of 39.6% expanded 210 basis points (bps) year over year. Also, adjusted EBITDA margin surged 210 bps to 18.6%.
For the fiscal second quarter, the company expects net sales of $380-$400 million and adjusted EBITDA within $70-$75 million. In second-quarter fiscal 2022, net sales were $407 million and adjusted EBITDA was $78 million.
Zacks Rank & Other Key Picks
PGTI currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Some other top-ranked stocks that investors may consider from the Construction sector are Martin Marietta Materials, Inc. (MLM - Free Report) , Vulcan Materials Company (VMC - Free Report) and Watsco, Inc. (WSO - Free Report) .
Martin Marietta currently sports a Zacks Rank #1. MLM delivered a trailing four-quarter earnings surprise of 31%, on average. Shares of the company have rallied 26% in the year-to-date period.
The Zacks Consensus Estimate for MLM’s 2023 sales and EPS indicates growth of 19% and 33.1%, respectively, from the previous year’s reported levels.
Vulcan Materials currently sports a Zacks Rank #1. VMC has a trailing four-quarter earnings surprise of 7.1%, on average. Shares of the company have risen 18.5% in the year-to-date period.
The Zacks Consensus Estimate for VMC’s 2023 sales and EPS indicates growth of 5.9% and 27.6%, respectively, from the previous year’s reported levels.
Watsco currently carries a Zacks Rank #2 (Buy). WSO delivered a trailing four-quarter earnings surprise of 5.3%, on average. Shares of the company have rallied 44.9% in the year-to-date period.
The Zacks Consensus Estimate for WSO’s 2023 sales and EPS indicates growth of 3.1% and 2.2%, respectively, from the previous year’s reported levels.