Nortek Back In Black In Q2

Nortek, parent of multiple residential and commercial system suppliers, returned to profitability in its second quarter but still posted a net loss in its first half. The company’s residential brands include Niles Audio, Xantech, ELAN Home Systems, Gefen, Omnimount, Panamax, SpeakerCraft, and others. For the second
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Nortek, parent of multiple residential and commercial system suppliers, returned to profitability in its second quarter but still posted a net loss in its first half.

The company’s residential brands include Niles Audio, Xantech, ELAN Home Systems, Gefen, Omnimount, Panamax, SpeakerCraft, and others.

For the second quarter ended July 3, sales rose 4.3 percent from the year-ago period to $509 million, with first-half sales rising 1.4 percent to $940 million. Net earnings for the quarter hit $300,000 compared to a year-ago net loss of $245.4 million. For the half, the company posted a net loss of $13.1 million compared to a year-ago net loss of $278.1 million.

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