Dan’s Biz Bookshelf: ‘Citizen Marketers: When People Are the Message’
It’s Only Common Sense: What To Do When They Won’t Answer the Phone
The Right Approach: ‘Twas the Night Before Christmas (Harley-style)
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."
Share on:
Suggested Items
The Path Ahead: SMT007 Magazine—January 2025
01/02/2025 | I-Connect007 Editorial TeamJanuary is a traditional time to mark changes in our lives. A new year can signal new beginnings. But change is constant. So, as we flip over the calendar into 2025, we look at what’s ahead for the EMS supplier industry. What are your concerns and challenges? What trends are emerging? What can we expect from a new administration?
Laser Photonics and Fonon Technologies Deliver Training at Pearl Harbor Naval Shipyard & IMF for Effective Use of Laser Technology
01/02/2025 | BUSINESS WIRELaser Photonics Corporation (LPC), a leading global developer of industrial laser systems for cleaning and other material processing applications, in partnership with its sister company Fonon Technologies, announced the completion of training on the safe and optimal use of a DefenseTech laser system earlier purchased by the Pearl Harbor Naval Shipyard and Intermediate Maintenance Facility (PHNSY & IMF).
IPC Announces UK Regional Qualification for Hand Soldering Competition
01/02/2025 | IPCIPC invites skilled soldering experts to participate in the UK Regional Qualification for the IPC Hand Soldering Competition (HSC) on February 4-6, 2025, at the Farnborough International Exhibition Centre.
TRI to Exhibit Advanced Test and Inspection at IPC APEX Expo 2025
01/01/2025 | TRITest Research, Inc. (TRI) will join the IPC APEX EXPO 2025 held at Anaheim Convention Center on March 18 – 20, 2025. Visit TRI at booth #2905 to experience TRI's latest test and inspection solutions for the electronics manufacturing Industry.
Happy New Year From I-Connect007
01/01/2025 | Nolan Johnson, I-Connect007As I-Connect007 observes the New Year’s Day holiday, we also wish you and yours a prosperous new year. We will be back covering the news of the industry tomorrow, January 2, 2025, according to the Gregorian calendar.