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PGT Partners with PulteGroup

Zacks Equity Research

PGT Industries (PGTI) has announced a partnership with PulteGroup, Inc. (PHM). Under the collaboration, the communities of PulteGroup in South Florida will feature PGT's line of impact-resistant WinGuard products.

PulteGroup, through its subsidiaries, engages in homebuilding and financial services. Pulte Homes, Centex, DiVosta and Del Webb are in the brand portfolio of PulteGroup. As per the deal, PulteGroup will underscore impact-resistant windows and doors of PGT in some of its communities located in Sarasota, Venice, Naples, Ft. Myers, Jupiter, Stuart, Vero Beach and Palm Beach.

PGT's WinGuard Impact-Resistant products meet the most stringent requirements for hurricane-force winds and flying debris. These custom windows help in providing security against thieves and intruders, reduce outdoor noise and filter out 99% of UV (Ultraviolet) light.

The collaboration is in sync with PGT's commitment to provide better quality products, prompt delivery and superb customer service. The partnership will also assist PulteGroup in meeting product needs of various communities.

PGT, which belongs to the building and construction industry, along with Owens Corning (OC) and Aegion Corporation (AEGN), posted first-quarter 2013 adjusted earnings of 6 cents per share compared with the prior-year loss of a penny per share. The results were ahead of the Zacks Consensus Estimate of 3 cents.

Net sales also improved 30% year over year to $50 million in the first quarter, beating the Zacks Consensus Estimate of $46 million. The top-line increase was due to improved market conditions, driven by macroeconomic factors such as lower unemployment, better access to credit and improved housing prices as well as focus on promotional programs targeting the WinGuard products of the company.

PGT is optimistic about the opportunities to leverage sales and advertising campaigns, which will drive brand awareness in a growing building and construction market. The company also expects solid year-over-year sales growth of 37% in the second quarter of 2013, driven by improved marketing conditions and investments in promotions, television and radio advertising.

North Venice, Fla.-based PGT is the leading U.S. manufacturer and supplier of residential impact-resistant windows and doors. PGT's product line includes a variety of aluminum and vinyl windows and doors, which are ideal for new construction and replacement projects serving the residential, commercial, high-rise and institutional markets.

PGT currently retains a short-term Zacks Rank #2 (Buy).

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