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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."
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