HVAC Breaking News

Nov. 29, 2002: Nortek Announces Third Quarter Results

PROVIDENCE, RI — Nortek Inc. has announced financial results for the third quarter of 2002. Key financial highlights from continuing operations included:

  • Net sales of $507 million compared to $469 million for last year's third quarter.

  • Operating earnings of $53.1 million compared to last year's $38.8 million.

  • EBITDA of $63.9 million compared to $53.1 million for the prior year.

  • Earnings of $16.7 million, compared to $7.0 million for the comparable period last year.

  • Diluted earnings per share of $1.43, compared to $0.62 for the third quarter of last year.

    For the first nine months of 2002, Nortek's results from continuing operations included net sales of $1.46 billion, up from last year's $1.36 billion; EBITDA of $186 million versus $160 million last year; operating earnings totaled $153 million compared to $117 million last year; and diluted per-share earnings for the first nine months of 2002 were $4.30 per share compared to $2.18 per share for 2001.

    Richard L. Bready, chairman and chief executive officer, said, "All three of the company's groups had solid sales and earnings growth in the quarter reflecting the continued strength of the residential building products markets."

    He added, "Going forward, we believe the overall residential construction and remodeling markets will remain strong for the seasonally slow fourth quarter. The softness in the market for commercial HVAC products is expected to continue into the first half of 2003."

    For more information, go to the company’s website at www.nortek-inc.com.

    Publication date: 11/25/2002

  • Did you enjoy this article? Click here to subscribe to The NEWS Magazine

    Recent Articles by Greg Mazurkiewicz

    You must login or register in order to post a comment.

    Multimedia

    Videos

    Image Galleries

    2015 HARDI Fly-In

    Highlights from HARDI's Congressional Fly-In in Washington, D.C.

    Podcasts

    NEWSMakers: Clint Schreck

    Clint Schreck, general manager, Columbus Worthington Air, Columbus, Ohio, discusses winning Angie’s List Super Service Award, how to handle online reviews, and much more.

    More Podcasts

    ACHRNEWS

    NEWS 05-25-15 cover

    2015 May 25

    Check out the weekly edition of The NEWS today!

    Table Of Contents Subscribe

    HYDROCARBON REFRIGERANTS

    The EPA has approved several hydrocarbon (HC) refrigerants for HVACR applications. Do you support the use of HCs?
    View Results Poll Archive

    HVACR INDUSTRY STORE

    2015.jpg
    2015 National Plumbing & HVAC Estimator

    Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

    More Products

    Clear Seas Research

     

    Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

    DON'T MISS A THING

    Magazine image
     
    Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

    STAY CONNECTED

    facebook icontwitter iconyoutube iconLinkedIn i con