Projo Biz Blog

Providence-based NTK Holdings, Inc., parent of Nortek Holdings, Inc. and Nortek, Inc., reported 2007 net sales of $2.4 billion, an increase of 6.8 percent from the $2.2 billion recorded in 2006.

Operating earnings were $185.3 million compared to $264.5 million in 2006. The company said acquisitions contributed approximately $145.4 million in net sales and $16.7 million to operating earnings for the year.

For the fourth quarter, Nortek said net sales were $569 million, an increase of 5.2 percent, compared to the $541 million recorded in the fourth quarter of 2006. Operating earnings were $38.2 million compared to $35.5 million in the fourth quarter of 2006. Acquisitions contributed approximately $25.6 million in net sales and $(0.6) million to operating earnings in the fourth quarter of 2007.

Richard L. Bready, Chairman and Chief Executive Officer, said, "Our outlook for 2008 is for the challenging market conditions to continue. Additionally, the instability in the mortgage market is expected to continue to impact consumer confidence and their spending on home remodeling and repair expenditures…Balance sheet management is an extremely important priority for all of our businesses so we can maximize our cash flow from operating activities. During this challenging environment, we will only fund necessary capital investments that will improve our business operations…."

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