Nortek has released its financial report for the second quarter of fiscal 2016 ending July 2, its first report since the company was acquired by investment firm Melrose Industries in July. Here are some of the highlights.
Net sales decreased 2.7 percent to $685.1 million; that number was $703.9 million this time last year.
Adjusted operating earnings were $58.0 million, up from $53.4 million last year. Adjusted earnings before interest, taxes, depreciation and amortization was $89.9 million, up from $83.2 million last year.
GAAP operating earnings were $52.8 million, compared to $34.7 million in the second quarter of 2015. GAAP net earnings were $18.4 million ($1.14 per diluted share), compared to a GAAP net loss of $2.3 million ($0.14 loss per diluted share).
Free cash flow was $50.3 million; last year, it was negative $35.5 million.
As of July 2, Nortek had $39.6 million of unrestricted cash and cash equivalents on its balance sheet, compared with $24.6 million on Dec. 31.
