Northern Technologies International Corp (NASDAQ:NTIC) reported third-quarter FY23 sales of $20.97 million, a 10.6% growth year-on-year, missing the estimate of $20.60 million.
Adjusted EPS stood at $0.17, missing the consensus of $0.19.
Solid performance across ZERUST Industrial, ZERUST oil and gas, and Natur-Tec segments aided sales growth.
Total ZERUST net sales increased 11.4% to $16.10 million in the quarter under review.
Natur-Tec product net sales increased 7.8% to a quarterly record of $4.87 million.
Gross profit increased 23.2% to $7.69 million in the third quarter.
The company exited the quarter with $6.20 million in cash and equivalents.
“Our third quarter results also reflect the success of the countermeasures we’ve put in place against supply chain issues, significant raw material cost increases, and challenges across our European and Asian markets,” said G. Patrick Lynch, President and CEO of NTIC.
“We believe we remain well positioned for a strong finish to fiscal 2023 and we are excited by the direction our business is headed as a result of the successful long-term growth strategies we are pursuing,” concluded Lynch.
Price Action: NTIC shares traded higher by 5.37% at $11.47 on the last check Thursday.
