Nortek (NTK) Beats on Top and Bottom Line, Comments on FY15 Outlook

Nortek (NASDAQ: NTK) reported Q4 EPS of $0.29, $0.10 better than the analyst estimate of $0.19. Revenue for the quarter came in at $636.8 million versus the consensus estimate of $605.73 million.

Management Comments on the Outlook

"Based on our current outlook, we expect 2015 to be a year of overall top-line growth for Nortek, driven by expansion in the residential and nonresidential construction markets, as well as continued strong demand in markets served by our SCS and ERG segments," said Clarke. "Operationally, we expect to see incremental savings in 2015 as we continue to execute on our transformation initiatives, and we are working diligently to address areas where we experienced inefficiencies in 2014. Looking further ahead, we are on track to realize overall savings from these initiatives by the end of 2016 as planned."

"In addition, we expect operating performance in our AVC businesses to continue to stabilize in 2015. We also expect to realize synergies in 2015 from our April 2014 acquisition of Reznor and our January 2015 acquisition of Anthro Corporation. At the same time, we will continue to execute on our top-line growth strategies and review our global operations as we work to maximize long-term value for our shareholders," Clarke concluded

For earnings history and earnings-related data on Nortek (NTK) click here.

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