AFG Industries Reports Record Quarter Profit
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AFG Industries Inc., the Irvine-based glass maker, Wednesday reported that third quarter profits jumped 18% to a record $5.7 million.
For the period ended Sept. 30, the company had sales of $88.2 million, up 18% from the $74.7 million recorded in the year-ago period. Net income in the year-earlier quarter was $4.9 million.
R.D. Hubbard, chairman, attributed the gains to across-the-board strong demand for all of the company’s glass products. Hubbard also said the company, which has enjoyed 19 consecutive record-setting quarters, will continue to benefit from strong demand for glass in the foreseeable future. “Housing starts are strong and so is remodeling activity,” he said in a prepared statement.
For the nine months ended Sept. 30, profits were $14.7 million, up 14% from the $12.9 million recorded last year.
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