Business Excellence Awards
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By PBN Staff
PROVIDENCE - Residential and commercial ventilation maker Nortek Inc.’s net loss for 2011 totaled $55.9 million, or $3.70 per share, compared with a net loss of $13.4 million, or 89 cents per share, in 2010.
The company rebounded slightly from a difficult third quarter in the year’s final three months, with net income of $535.2 million, a 15.6 percent increase from the $462.8 it reported for the same period in 2010.
For the full year, Nortek’s net revenue increased 12.7 percent to $2.14 billion from $1.89 billion in 2010. Acquisitions contributed roughly $226.5 million to the Providence-based company’s 2011 net sales.
“Our forecast for 2012 is for the residential and nonresidential construction environment to be similar to what we experienced in 2011,” Nortek President and CEO Michael J. Clarke said in a prepared statement.
“Although there was a modest improvement in housing starts during the fourth quarter of 2011, which appears to have continued into the first quarter of 2012, we believe that it is premature to conclude that a sustainable housing rebound is under way,” added Clark.
As of Dec. 31, Nortek’s balance sheet included $58.2 million in unrestricted cash, investments and marketable securities, compared with $57.7 million at the end of 2010.
Nortek had $42 million outstanding debt under its revolving credit facility at year end, and elected to pay down an additional $25 million during the first quarter of 2012.