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

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