Northern Technologies International Corporation Reports Q4 and Fiscal Year 2024 Financial Results
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Northern Technologies International Corporation Reports Q4 and Fiscal Year 2024 Financial Results
MINNEAPOLIS, November 19, 2024 — Northern Technologies International Corporation (NASDAQ: NTIC), renowned for its corrosion inhibiting products and services as well as bio-based polymer resin compounds, disclosed its financial performance for the fourth quarter and fiscal year ending August 31, 2024.
Key Financial Metrics
| Metric | Q4 2024 | Q4 2023 | YoY Change | FY 2024 | FY 2023 | YoY Change |
|---|---|---|---|---|---|---|
| Net Sales | $23,349,000 | $20,710,000 | +12.7% | $85,060,000 | $79,903,000 | +6.5% |
| Net Income | $1,836,000 | $939,000 | +95.5% | $5,409,000 | $2,912,000 | +85.7% |
| Earnings Per Share (EPS) | $0.19 | $0.10 | +90.0% | $0.55 | $0.30 | +83.3% |
NTIC has reported pronounced growth over the fiscal year and fourth quarter, highlighted by a 6.5% increase in consolidated net sales and an impressive 85.7% surge in net income. Earnings per share nearly doubled for both the quarter and the full year, showcasing robust financial performance.
Revenue by Segment
| Segment | FY 2024 Revenue | FY 2023 Revenue | YoY Change |
|---|---|---|---|
| ZERUST® Industrial | $53,863,000 | $53,918,000 | -0.1% |
| ZERUST® Oil & Gas | $9,229,000 | $7,800,000 | +18.3% |
| Natur-Tec® | $21,967,000 | $18,180,000 | +20.9% |
The ZERUST® Oil & Gas and Natur-Tec® segments have demonstrated significant revenue growth, notably driven by increased customer demand and strategic market expansions.
Operational Highlights
- Record sales in ZERUST® oil and gas and Natur-Tec® segments.
- Gross profit increased by 21.5% year-over-year.
- Sustained improvements in profitability owing to quality system enhancements.
- Strategic investments in workforce and infrastructure are contributing to growth prospects.
Comments from Company Officers
G. Patrick Lynch, President and CEO, commented, 'The fiscal 2024 results assert our resilience and the value delivered to our global customers. The noteworthy sales growth from ZERUST® oil and gas and Natur-Tec® contributed significantly to our expanded gross profit. As we diligently address European joint venture challenges, we remain optimistic about continued improvement and growth in fiscal 2025.'
Forward Guidance
NTIC expects sustained revenue growth driven by global demand for Natur-Tec® solutions and compelling growth prospects in the ZERUST® oil and gas sector through fiscal 2025.
Stock Price Movement
After the earnings release, NTIC’s stock price experienced a favorable shift with a 2.32% increase.
The strong financial results and strategic direction present NTIC as well-positioned to navigate future market challenges and opportunities effectively.
For more in-depth analysis and insights, stay tuned with our platform to stay ahead of the market.
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