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By PBN Staff
By PBN Staff
PROVIDENCE – Nortek Inc., maker of home and office security solutions, ventilation and air management products, and heating and cooling systems, posted a first-quarter net loss of $8.6 million, or 55 cents per diluted share, a reduction from the loss of $15.1 million, or 98 cent per diluted share, reported for the same period last year.
Revenue also improved during the quarter, rising 6 percent to $550.1 million compared with $519.1 million during the first quarter of 2013. Operating earnings before interest, taxes, depreciation and amortization were $12.5 million, an increase on the $4.6 million recorded the year before.
“Nortek’s first quarter was a solid start to 2014, driven by higher sales of our residential HVAC, security and home automation products, as well as our air management solutions for semiconductor cleanrooms,” said Michael J. Clarke, Nortek president and CEO, in a release announcing the results. “Despite the prolonged winter season in many parts of the country, our businesses performed well in the quarter.”
Clarke pointed to the company’s acquisition last year of 2Gig Technologies Inc. for $135 million as a primary driver of improved security and access control product sales, while the recent $260 million acquisition of Thomas & Betts Corp.’s HVAC business will allow the business to extend into new markets in the United States and Europe, he said.
Looking ahead, Clarke cited “cautious optimism” for the full year of 2014 on expected growth in major end markets, increased sales under the Thomas & Betts Reznor brand, and a healthy backlog of demand for Nortek’s custom engineered HVAC systems.