|Over a quarter ago|
Northern Technologies suspends quarterly cash dividend » 08:1404/2304/23/20
Northern Technologies announced the temporary suspension of its quarterly cash dividend pending clarity on the COVID-19 crisis.
Northern Technologies withdraws FY20 guidance 08:3604/0704/07/20
Northern Technologies reports Q2 EPS 2c, one est. 10c » 08:3604/0704/07/20
Reports Q2 revenue…
Reports Q2 revenue $13.23M, one est. $13M. "As the COVID-19 pandemic began impacting global supply chains this past February, demand for ZERUST industrial products slowed substantially in North America, as well as at NTIC China. Sales across our joint venture network also weakened, causing a 12.5% decline in joint venture sales for second quarter, along with a 17.0% decrease in joint venture operating income compared to the prior fiscal year second quarter. Demand for Natur-Tec's compostable bioplastics, however, remained comparable to the prior fiscal year quarter. ZERUST oil and gas sales increased significantly during the second quarter, as the result of several customers having delayed product shipments from our first quarter." said G. Patrick Lynch, President and CEO of NTIC. "Aside from this, NTIC currently continues to receive and deliver customer orders, even with almost all of our employees currently working from home, since we're considered to be in the 'Critical Sector' with respect to state and local governmental 'Stay at Home' orders issued due to the ongoing COVID-19 pandemic. "With many of our global customers currently running at a fraction of their regular capacity or locked down altogether, we anticipate sales for our third quarter to be down significantly. Consequently, we are withdrawing and suspending specific full-year fiscal 2020 guidance at this time. It is our intent to continue providing uninterrupted order fulfillment, while also safeguarding and supporting both our employees and our customers. Overall, we are entering this period of uncertainty from a position of strength. During the second quarter, we experienced a significant increase in cash provided by operating activities, primarily due to the timing of dividend payments from our joint ventures, which further bolstered our balance sheet. We believe that our asset-light and highly profitable business model, combined with our experienced leadership team, and excellent capital structure will help NTIC successfully navigate the current crisis. Additionally, NTIC is evaluating the availability of government support from the various stimulus packages that have been put in place in the past weeks."
Northern Technologies sees FY20 EPS 60c-80c, one est. 65c » 08:1301/0701/07/20
Sees FY20 revenue…
Sees FY20 revenue $62M-$66M, one est. $63.3M.
Northern Technologies reports Q1 EPS 13c, one est. 13c » 08:1101/0701/07/20
Reports net sales $14.6M,…
Reports net sales $14.6M, one est. $15M. "Consolidated net sales set a new first quarter record, despite continued challenges for our ZERUST industrial products across our global joint venture network," said G. Patrick Lynch, President and CEO of NTIC. "Over the past three months, demand appears to have stabilized in both North America and China, allowing ZERUST industrial net sales to increase 9.0% and 18.0% in North America and China, respectively, compared to fiscal 2019 fourth quarter. In addition, we continued to benefit from year-over-year sales growth for Natur-Tec. The timing of several ZERUST oil & gas projects impacted first quarter performance. However, based on expected shipments and installations for the second quarter, we believe we will see a year-over-year increase in ZERUST oil & gas net sales for both the second quarter and first half of fiscal 2020."
Northern Technologies increased board to nine with two appointments » 09:0810/2310/23/19
Northern Technologies International Corporation announced that the size of its Board had been expanded from seven to nine directors and that Nancy Calderon and Sarah Kemp had been elected to fill the vacancies created by this increase. Nancy Calderon, CPA, retired from KPMG LLP in September 2019 after a 33-year career. Sarah Kemp is an Executive Director for Merck, a global biopharmaceutical company.
Northern Technologies raises quarterly cash dividend 8.3% to 6.5c per share » 08:0810/2310/23/19
Northern Technologies International Corporation announced that the Board of Directors declared a quarterly cash dividend of 6.5c per common share, an 8.3% increase from the prior quarter payment. The cash dividend will be payable on November 20, 2019, to shareholders of record at the close of business on November 6, 2019.
Northern Technologies initiated with an Outperform at Northland » 08:4809/1209/12/19
Northland analyst Gus…
Northland analyst Gus Richard initiated Northern Technologies with an Outperform and $16 price target. Richard expects regulatory changes in Europe and potential passage of CA AB1080 to drive demand for Northern's compostable plastic,