PGT Innovations, Inc. PGTI provided a preliminary update on its operations following Hurricane Irma and reported that its facilities and inventories remained unaffected. The company is also offering assistance to its employees, customers and communities, providing them immediate aid to cope with damages inflicted by the storm.
Hurricane Irma was an extremely powerful tropical storm which followed cyclone Harvey. The storm caused catastrophic damage in many parts of the United States as a Category 5 hurricane.
To recover from these damages, PGT Innovations has undertaken a number of initiatives. In line with this, the company has created an assistance center in the Naples area to provide essential supplies, including generators, chain saws and water. It has also provided online hurricane relief resources to gather requests from people across affected Florida communities. PGT Innovations has partnered with WorldVision to coordinate collecting required supplies and area volunteers.
Its CGI facility in Miami, WinDoor facility in Orlando, and PGT facility in Venice has resumed production. The company is in the process of assessing the financial impact of the storm and will provide an update once completed.
PGT Innovations belongs to the Building Products industry. Though many industries have felt the impact of Irma, home-improvement companies are poised to benefit. As home owners face damaged properties, the likelihood of rebuilding efforts will gain momentum. This, in turn, will drive demand for home-improvement equipment and materials.
Home building and furnishing retailer Home Depot Inc HD is one such stock that is expected to benefit from repair activity. Several Home Depot stores throughout Florida will receive additional inventory to help those preparing for Irma. The company also has long been on a solid growth trajectory, backed by its spectacular surprise history and robust growth strategies. The stock has surpassed earnings expectations in each of the last four quarters, with an average surprise of 3.77%.
Owens Corning OC, the OH-based company develops, manufactures and markets insulation, roofing, and fiberglass composites, will also benefit from rebuilding activity. The company has a strong earnings track record, having surpassed expectations in each of the last four quarters, with an average surprise of 20.17%. TopBuild Corp. BLD, Daytona Beach, FL-based company, is the leading purchaser, installer and distributor of insulation products to the U.S. construction industry. The stock has surpassed earnings expectations in each of the last four quarters with an average surprise of 10.42%.
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