-
- News
- Books
Featured Books
- design007 Magazine
Latest Issues
Current IssueRules of Thumb
This month, we delve into rules of thumb—which ones work, which ones should be avoided. Rules of thumb are everywhere, but there may be hundreds of rules of thumb for PCB design. How do we separate the wheat from the chaff, so to speak?
Partial HDI
Our expert contributors provide a complete, detailed view of partial HDI this month. Most experienced PCB designers can start using this approach right away, but you need to know these tips, tricks and techniques first.
Silicon to Systems: From Soup to Nuts
This month, we asked our expert contributors to weigh in on silicon to systems—what it means to PCB designers and design engineers, EDA companies, and the rest of the PCB supply chain... from soup to nuts.
- Articles
- Columns
Search Console
- Links
- Media kit
||| MENU - design007 Magazine
Nortech Systems Reports Net Sales of $31.4 Million in Q3 2024
November 8, 2024 | Nortech SystemsEstimated reading time: 1 minute
Nortech Systems Incorporated, a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, industrial and defense markets, reported financial results for the third quarter ended September 30, 2024.
2024 Q3 Highlights:
- Net sales of $31.4 million
- Net loss of ($739) thousand, or ($0.27) per diluted share
- Adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA") of $143 thousand
- 90-day backlog of $29.6 million as of September 30, 2024
Management Commentary
"Third quarter net sales were impacted by a continuing pattern of customers' delaying product purchases, as well as customers' desire to reduce their inventory and to shorten purchase order to fulfillment timelines, both of which have also negatively impacted many in the contract manufacturing industry over the last several quarters," said Jay D. Miller, President and CEO of Nortech. "We see this as an opportunity to further strengthen customer relationships which are key to achieving the Company's long-term strategic objectives. 2024 has been a difficult year with significant headwinds. However, we are meeting these challenges by consolidating facilities and moving a significant number of programs to lower-cost, higher-margin locations, while investing in important new capabilities. In general, we are continuing to position Nortech for sustained long-term health and growth in the face of short-term challenges."
"We have just completed a restructuring of our back office and plant operations to better serve our customers by delivering high-quality products and services on-time with shorter lead times," Miller noted. "We are very pleased with the progress in the third quarter of 2024 to consolidate the Company's North American footprint and to move customer programs to manufacturing locations that better fit our customers' needs. These are strategic moves to better scale the business, improve efficiency and reduce our ongoing cost structure. We are very bullish about our customer pipeline and the future of Nortech Systems."
Suggested Items
Deutsche Aircraft Selects Honeywell to Provide High Frequency Radio System for the D328eco
11/21/2024 | HoneywellHoneywell has been selected by Deutsche Aircraft, a German aircraft manufacturer, to supply its Primus HF-1050 high-frequency (HF) radio system for the recently debuted 40-seater D328eco turboprop.
RTX's Pratt & Whitney and WZL2 Sign Letter of Intent for F100 Sustainment Work in Poland
11/21/2024 | RTXPratt & Whitney, an RTX business, signed a letter of intent with Wojskowe Zaklady Lotnicze Nr. 2 S.A., also known as WZL2, to explore expanded maintenance repair and overhaul capabilities for increased Polish Air Force needs.
Nano Dimension Posts Revenue of Revenue $14.9M in Q3 2024; Up 22% YoY
11/20/2024 | Nano DimensionNano Dimension Ltd., a leading supplier of Additively Manufactured Electronics (AME) and multi-dimensional polymer, metal & ceramic Additive Manufacturing (AM) 3D printing solutions, today announced financial results for the third quarter ended September 30th , 2024 and shared a letter from Yoav Stern, the Company’s Chief Executive Officer and member of the Board of Directors.
Global Semiconductor Manufacturing Industry Records Strong Growth in Q3 2024
11/20/2024 | SEMIThe global semiconductor manufacturing industry in the third quarter of 2024 showed strong momentum with all key industry indicators performing positive quarter-on-quarter (QoQ) increases for the first time in two years.
Eltek Reports Q3 2024 Financial Results
11/20/2024 | PRNewswireEltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), today announced its financial results for the quarter ended September 30, 2024.