Nortek Posts Q2 Loss On Impairment Charge - Quick Facts

(RTTNews) - Nortek, Inc. (NTK) reported a second-quarter net loss of $46.2 million, or $2.97 per share, compared to net income of $11.5 million, or $0.73 per share, last year. GAAP operating loss was $32.1 million, compared to GAAP operating earnings of $40.4 million in the second quarter of 2013. The company noted that its second-quarter 2014 GAAP operating loss includes the impact of a $80.4 million non-cash impairment charge related to the audio-video businesses.

Adjusted operating earnings were $59.2 million, compared to $50.5 million in the second quarter of 2013. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $88.6 million, from $81.5 million in the second quarter of 2013.

Net sales increased to $718.6 million, from $630.7 million in the second quarter of 2013. The company's acquisition of Thomas & Betts' HVAC business contributed $23.8 million to net sales during the second quarter of 2014.

Looking forward, Nortek said the company is on track to achieve solid growth and improved profitability in 2014.