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Michael Botelho

Wall Street Reacts to Negative Nortek Q3 Numbers; AVC Sales Drop 36.8%

November 5, 2015 by Ted 3 Comments

Company Blames Declines on ‘Negative Impact’ of United Technologies Unsuccessful Acquisition Bid

Nortek's HeadquartersNortek, Inc. stock dropped more than 9.3% in early afternoon trading Wednesday in the wake of a report released by the company after the close of business Tuesday showing results for their fiscal third quarter. With sales and profit declines in key business segments – as well as for the company overall – it appears that Wall Street analysts are growing tired of waiting for the promised benefits of the company’s multi-year restructuring program, begun four years ago.

The company reported overall sales for the quarter of $618.5 million or 3.8% below the $642 million booked in the third quarter last year. The profit picture was even bleaker with a net loss of $14.4 million in the quarter this year as compared with a net profit in the quarter last year of $4.6 million.

Surprisingly, the AVC division saw sales drop an astonishing 36.8% to $30.1 million – well off the $47.6 million in the quarter last year – in the wake of the spin-off of TV One and the company’s exit from commercial AV businesses.

See more on this report and its troubling revelations… [Read more…] about Wall Street Reacts to Negative Nortek Q3 Numbers; AVC Sales Drop 36.8%

Filed Under: Financial, Management, News, Strategy Tagged With: Almon Hall, Core Brands, Michael Botelho, Michael J. Clarke, Nortek

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A former dealer, manufacturer, distributor & more. Focusing on business strategy, my goal is to help you make better decisions for greater success.

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