By Kimberley Donoghue PBN Web Editor Twitter: @kdonog
PROVIDENCE – Nortek Inc., manufacturer of residential and commercial building products, reported its second quarter results on Tuesday, with a net loss of $31.9 million.
The loss per diluted share totaled $2.11 for the three months ended July 2. A year earlier, the company had a profit of $300,000, or earnings of 2 cents per diluted share.
“Nortek has performed well given that conditions in our end markets remain at historically low levels and remodeling and replacement spending has continued to stagnate,” said J. David Smith, who was appointed interim CEO as of July 1 when Richard L. Bready retired.
Revenue for the second quarter increased to $564.9 million, compared with $509 million a year earlier.
For the first six months of 2011, Nortek said its net loss widened to $53 million, or $3.51 per diluted share, from a loss of $13.1 million in the first six months of 2010, or 87 cents per diluted share. Revenue for the period was $1.05 billion, up from $939.9 million.
“Despite the continued expectations of consumer weakness, lack of job creation and high levels of foreclosures in the second half of 2011 and into 2012, we remain confident about the long-term fundamentals for the residential and commercial construction markets,” Smith said.
As of July 2, Nortek had about $42 million in unrestricted cash, cash equivalents and marketable securities and $117 million in outstanding debt under its revolving credit facility.
The company also noted that it is in the process of recruiting a new CEO.