- Northern Technologies International Corp NTIC reported revenue of $18.27 million for the second quarter of FY23, a year-over-year growth of 9.1%, missing the estimate of $20.40 million.
- ZERUST revenue increased 10.1% year over year to $14.46 million. The company reported gross profit of $6.40 million, up 28.5% Y/Y, with a margin of 35.0%.
- Operating expenses for the quarter were 41.0% of net sales, up from 40.1% a year ago. Operating margin for the period was 7.0%.
- Adjusted earnings per share were $0.102 compared to $0.041 reported a year earlier.
- Cash and cash equivalents as of February 28, 2023 totaled $5.45 million.
- “We expect NTIC China sales to improve in the third quarter and beyond as the Chinese economy finally has an opportunity to recover from its exceptionally long, self-imposed pandemic shutdown. In addition, Natur-Tec’s sales in the third quarter are expected to benefit from new customer relationships and additional orders. As such, we believe we are well positioned for a strong close to fiscal 2023,” said G. Patrick Lynch, President and CEO.
- Price promotion: NTIC shares traded 5.17% higher to $12.40 on the last check Thursday.
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