Nortek Inc., an international designer, manufacturer and marketer of building products, announced Tuesday that its 2004 second-quarter sales were $448 million, up 15 percent over 2003. Earnings from continuing operations were $46.6 million, up 6.4 percent.
The figures exclude sales and earnings from Nortek’s formerly owned subsidiary, Ply Gem Industries, which has been sold.
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Nortek chairman and CEO Richard L. Bready said the “very strong quarter” was due to strong sales gains in residential building products and continuing benefits from Nortek’s manufacturing efficiency programs. The first quarter was also strong; for the first half of 2004, Nortek recorded net sales of $856 million, up 14 percent from 2003. Bready said overall housing activity “remains at very healthy levels” and is expected to remain so for the rest of the year.
Acquisitions accounted for about $37.3 million of Nortek’s net sales for the first half of 2004 and for about $5.9 million of operating earnings. The six-month figures also include a loss from the early retirement of debt of about $12 million.
Nortek, a wholly owned subsidiary of Nortek Holdings Inc., makes building, remodeling and indoor environmental control products for the residential and commercial markets. Its products include range hoods and other spot ventilation products, heating and air-conditioning systems, indoor air quality systems, and specialty electronics.
