From GlobeNewswire: 2024-07-11 08:00:00

Northern Technologies International Corporation (NASDAQ: NTIC) reported financial results for Q3 of fiscal 2024. Consolidated net sales decreased 1.4% to $20,686,000, but Natur-Tec® product net sales hit a quarterly record of $5,849,000. Gross profit increased 210 basis points to 38.2%. CEO G. Patrick Lynch is optimistic about growth and strategic investments. Joint venture operating income decreased 3.6% to $2,609,000 during the quarter.

NTIC’s consolidated net sales decreased 1.4% to $20,686,000 in Q3 fiscal 2024 due to decreases in ZERUST products. Year-to-date net sales increased 4.3% to $61,710,000, driven by Natur-Tec growth. Joint venture operating income decreased 3.6% to $2,609,000, but net sales of joint ventures declined by 2.7% to $25,602,000 for the quarter.

Operating expenses as a percent of net sales were 43.4% for the quarter compared to 40.0% last year. Net income was $977,000 for the quarter compared to $1,060,000 last year. CEO Lynch remains confident in fiscal 2024 growth and profitability. NTIC’s consolidated balance sheet remains strong with cash and cash equivalents of $5,795,000.

NTIC will host a conference call today at 8:00 a.m. Central Time to discuss Q3 results and outlook. Interested parties can register for the webcast. NTIC develops and markets corrosion inhibiting products under the ZERUST brand. They also offer bio-based and biodegradable polymer resin compounds and finished products in over 65 countries. NTIC provides technical consulting for rust and corrosion prevention across various industries.



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