Nortech Systems Incorporated reported its financial results for the third quarter ended September 30, 2024, showing a net sales figure of $31.4 million. This represents a 5.9% decrease compared to the same period in 2023, indicating a challenging market environment for the company.
The company recorded a net loss of $0.8 million for Q3 2024, a significant shift from the net income of $1.2 million reported in Q3 2023. Diluted earnings per share also fell to a loss of $0.27, compared to a profit of $0.44 in the prior year's third quarter.
Adjusted EBITDA for the quarter was $0.6 million, a substantial reduction from $2.4 million in Q3 2023. Management attributed the sales decline to customers delaying product purchases, reducing inventories, and demanding shorter fulfillment timelines, impacting the contract manufacturing industry broadly.
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