Nortek, the parent of multiple residential- and commercial-system suppliers, posted its second consecutive quarterly net profit in its fiscal third quarter and cited strength in its residential markets for a quarterly sales gain of almost 10 percent.
Companywide sales grew by 9.9 percent to $496.6 million in the quarter ending Oct. 2, compared with the year-ago period, and by 4.2 percent for the nine-month period to $1.44 billion.
Third-quarter net earnings hit $9.8 million compared with a year-ago loss of $12.4 million, although for the nine-month period, the company posted a net loss of $3.3 million because of a first-quarter $13.4 million loss. The $3.3 million net loss, however, paled in comparison to the year-ago loss of $290.5 million.
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