Nortek Reports Q1 2009 Results Amid Housing Market Downturn

Nortek, a diversified manufacturer of HVAC and home technology products, reported a decline in net sales and operating earnings for Q1 2009. The CEO cited the meltdown in the new housing market, financial crisis impact on refinancings and foreclosures, and reduced renovation spending as key headwinds, expecting difficult conditions to persist throughout 2009.

“Nortek continues to manage its business well considering the meltdown in the new housing market, the financial crisis impact on refinancings and foreclosures on existing homes and the reduced level of renovation and remodeling spending.”

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