PROVIDENCE, R.I. – Nortek (NASDAQ: NTK) reported a fourth-quarter profit of $3.9 million on Monday. The company reported 24 cents earnings per share (EPS) for the quarter, topping the consensus estimate of 19 cents.
CHECK OUT NEXT: Nortek Security & Control to Host National Dealer Roadshow
Revenue for the quarter came in at $631 million versus the consensus estimate of $615.1 million. For the year, the company reported that its loss narrowed to $26.7 million, or $1.68 per share. Revenue was reported as $2.53 billion.
Nortek shares have decreased 5.5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $41.23, a decline of 47% in the last 12 months.
The stock’s 50-day moving average is $37.74 and its 200-day moving average is $54.75. The company’s market cap is $670.56 million. Nortek has a 52-week low of $33.85 and a 52-week high of $92.96.
Nortek is a diversified company with segments including, air quality and home solutions; security and control solutions; ergonomic and productivity solutions; residential and commercial HVAC; custom and commercial air solutions (CAS); and A/V and control solutions.
The company reported:
- Net sales in the custom & commercial air solutions segment decreased 4.6% (decreased 4.1% on a constant currency basis) compared with the fourth quarter of 2014. The decrease was mainly driven by the impact of discontinuing certain unprofitable product lines as part of the company’s restructuring, partially offset by strong demand for air handler solutions.
- In the security & control solutions (SCS) segment, net sales increased 7.1% (6.4% on a constant currency basis, excluding acquisitions) from the fourth quarter of 2014. The increase was mainly due to solid demand across channels for the company’s security and home automation products.
- Net sales in the A/V and control solutions segment decreased 27.1% (17.2% excluding divestitures) compared with the fourth quarter of 2014. The organic decrease was primarily driven by lower sales of commercial A/V products, which is a product category the Company is rationalizing.
“Looking ahead to 2016, we are encouraged by the underlying fundamentals of our business segments, which we believe sets us up for improved financial performance,” says Nortek President and CEO Michael J. Clarke. “We have a strong slate of new product introductions and favorable tailwinds in our end markets, which contribute to our positive outlook.”
