Nortek Sales Dip in Q2 of Fiscal 2016

Net Sales dropped 2.7% year-over-year to $685.1 million.

PROVIDENCE, R.I. — Nortek released its financial report for the second quarter of fiscal 2016 ending July 2.

Here are some of the highlights:

  • Net sales decreased 2.7% to $685.1 million; that number was $703.9 million this time last year.
  • GAAP operating earnings were $52.8 million, compared to $34.7 million in the second quarter of 2015.
  • Adjusted operating earnings were $58.0 million, up from $53.4 million last year.
  • Adjusted earnings before interest, taxes, depreciation and amortization was $89.9 million, up from $83.2 million last year.
  • GAAP net earnings were $18.4 million ($1.14 per diluted share), compared to a GAAP net loss of $2.3 million ($0.14 loss per diluted share).
  • Free cash flow was $50.3 million; last year, it was negative $35.5 million.
  • As of July 2, Nortek had $39.6 million of unrestricted cash and cash equivalents on its balance sheet, compared with $24.6 million on Dec. 31.

SSI will have comments from Nortek followings its conference call.

Read Next: Nortek Acquired for $2.8B by Melrose Industries

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