Apr 4 2005
Nortek, Inc, a leading international designer, manufacturer and marketer of high-quality branded building products, today announced record sales from continuing operations for 2004 and the fourth quarter in strong housing and home improvement markets.
Nortek 2004 combined financial results were based on record sales from continuing operations totaling $1,679 million, an increase of 11.5 percent over 2003. Sales increased in every quarter throughout the year. Despite higher costs for raw materials and shipping, Nortek achieved combined operating earnings for 2004 totaling $74.7 million, down $2.9 million from 2003.
Richard L. Bready, Chairman and Chief Executive Officer, said, "Our operating groups delivered a solid fourth quarter and 2004 as we increased sales to record levels." Bready said, "Nortek's core residential housing and home improvement markets remained vigorous as we entered 2005. During 2004, Nortek initiated some price increases and continued aggressive cost savings to partially offset higher raw materials and shipping costs."