PROVIDENCE – Nortek Inc. saw its profit decrease year over year in the second quarter of 2013 despite increased sales, the company reported Thursday.
The diversified technology company posted $630.7 million in sales in the second quarter, an increase of 2.4 percent from $615.7 million in the same period last year.
At the same time, profit fell 37.84 percent to $11.5 million, or 73 cents per diluted share, from $18.5 million, or $1.19 per diluted share, in the second quarter of 2012.
The company attributed much of the drop in profit on higher expenses relating to the acquisition of home security technology company 2GIG, which closed April 1, as well as consulting and restructuring costs.
“Although these investments have lowered our operating margins in recent quarters, we believe they will begin generating savings as planned before the end of 2013,” said Nortek President and CEO Michael J. Clarke in a statement.
Clarke also credited the 2GIG acquisition with the improvement in sales.
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