Nortech Systems, Inc. (NSYS) Reports Q3 EPS of $0.14

Nortech Systems, Inc. (NASDAQ: NSYS) reported Q3 EPS of $0.14.

“We’re encouraged by our quarterly performance and continued profit improvement,” said Rich Wasielewski, Nortech Systems’ president and CEO. “Our customers remain optimistic and confident, influenced by a strong economy, an increase in defense spending and higher medtech investing.”

Nortech continues to face challenges related to electronic component shortages, which are expected to continue into next year. The company estimates these shortages had a negative revenue impact of approximately five percent in the third quarter, with profitability also affected by related inefficiencies in production and increased inventory levels. Nortech is working with its customers and supply chain partners to reduce this impact.

Two facility-related developments expected to provide long-term benefits are scheduled to conclude by year-end: the move of Nortech’s Monterrey, Mexico, operations into a new larger and more efficient facility and the relocation of the Devicix by Nortech medical device product development group to an expanded corporate headquarters building in Maple Grove, Minn.

“These improvements to our infrastructure and operations support our ongoing strategy of equipping the company for future growth and profitability,” concluded Wasielewski. He added that the company’s backlog position of $27.7 million – up double digits both sequentially and year-over-year – should help absorb investment-related costs and provide momentum to finish out the year.

For earnings history and earnings-related data on Nortech Systems, Inc. (NSYS) click here.

You May Also Be Interested In

• Blackhawk Network (HAWK) Reports Q2 Loss of $0.07; Offers Guidance
• Cineverse Corp (CNVS) Misses Q1 EPS by 20c; Offers Guidance
• Kodiak Sciences Inc. (KOD) Misses Q2 EPS by 7c