Finance
PGT Innovations Reports Second Quarter Results
PGTI leadership says they expect third quarter consolidated net sales to increase in the range of 14 to 19 percent as compared to the prior year.

PGT Innovations' Venice headquarters
Image: Courtesy Photo
PGT Innovations, Inc. (NYSE: PGTI), the Venice-based manufacturer of windows and doors, announced financial results for its second quarter, which ended July 4, 2020. PGTI reported that net sales increased 2 percent, to $203 million, including $23 million from its NewSouth acquisition; gross profit increased 2 percent, to $74 million; net income decreased 87 percent, to $2 million, negatively impacted by an $8 million non-cash impairment charge and $4 million in costs and charges relating to its Florida facilities consolidation, both before tax-effect; net income per diluted share decreased 86 percent, to $0.04, and adjusted net income per diluted share decreased 34 percent, to $0.21; and adjusted EBITDA decreased 15 percent, to $35 million.