Nortech Systems Q3 revenue down 5.4% to $33.4M; EPS $0.42 vs $0.53 prior; backlog $102M

NORTECH SYSTEMS INC

2023-Q3 EPS reported $0.87 revenue$103,278,000

Revenue $33.4M, down 5.4% YoY; GAAP net income $1.2M ($0.42 diluted EPS) vs $1.5M ($0.53) in Q3 2022.
Gross margin 15.9%, up 30 bps from Q2 2023; EBITDA $1.6M flat with Q2 2023.
Backlog $102M at Sept 30, up slightly; YTD revenue $103.3M, up 4.8% from prior year.
Management cites two large customers pushing out orders; expects resolution near term.
Suzhou China facility earned Class II Medical Device certification from China NMPA, boosting medical sales in Asia.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

NORTECH SYSTEMS INC reported third quarter ended September 30, 2023 results: revenue $33,369, net income $1,207, EPS $0.42 per diluted share.

Period: third quarter ended September 30, 2023
Revenue: $33,369
Net income: $1,207
EPS: $0.42 per diluted share
Result: reported results

Exact text from the filing

across our medical, industrial and defense markets.” 2023 Third Quarter Results In $000, except EBITDA Q3 23 Q3 22 % Favorable YTD 2023 YTD 2022 % Favorable Revenue $33,369 $35,276 (5.4) % $103,278 $98,505 4.8% Gross Profit $5,319 $6,328 (16.0) % $16,277 $15,376 5.9% Operating Expenses $4,195 $4,383 4.3% $13,000 $12,237 (6.2) % Net Income $1,207

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Source: SEC EDGAR

accession 0001437749-23-030952

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