Benzinga | Jul 8, 2021 12:28PM EDT

Northern Technologies Q3 Results Tops Consensus; Expects Growth in Q4

* Northern Technologies International Corp (NASDAQ:NTIC) reported third-quarter FY21 sales of $15.42 million, a 58.22% growth year-on-year, beating the consensus of $14.10 million.

* ZERUST industrial sales increased 61.4% Y/Y to $10.1 million.

* The company recorded a gross profit of $5.27 million with a margin of 34.2%.

* Operating expenses for the quarter were 40.9% of net sales, a decrease of 17.1% Y/Y.

* The operating margin for the period was 16.7%.

* EPS of $0.21 topped the consensus of $0.13.

* Cash and equivalents totaled $5.88 million as of May 31, 2021.

* Outlook: Northern Technologies expects to see continued year-over-year sales and earnings growth during the fourth quarter of fiscal 2021.

* Price action: NTIC shares traded higher by 2.23% at $17.84 on the last check Thursday.