NTIC Q3 FY2022: net sales record $18.97M (+23%), net income $1.0M ($0.11 EPS), down 51%

NORTHERN TECHNOLOGIES INTERNATIONAL CORP

2022-Q3 EPS reported $0.59 revenue$53,906,973

Consolidated net sales $18.965M (+23.0% YoY), a quarterly record.
Net income attributable to NTIC $1.0M ($0.11 per diluted share), down from $2.054M ($0.21) in prior year.
Joint venture operating income declined 25.6% to $2.695M; NTIC China sales down 10.2% due to COVID lockdowns.
Natur-Tec product net sales increased 48.6% to $4.518M; ZERUST oil & gas up 47.0% to a record $1.505M.
Non-GAAP adjusted net income $1.106M ($0.12 per share), compared to $2.054M ($0.21) in prior year.

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