Northern Technologies International Corporation (NASDAQ:NTIC): Northern Technologies shares hit its all-time high of $41 after generating substantial growth in its third-quarter financial numbers. The improving outlook for its products from several industries has also been adding to its share price momentum.
Northern Technologies shares jumped more than 50% in the last three months; the NTIC stock is up almost 100% in the previous twelve months. Its shares have a 52-week trading range of $15.75 to $41.03 – with the market cap of $180 million.
Why are Northern Technologies Shares Rising?
Northern Technologies shares are up due to improving demand for its ZERUST products.
Northern Technologies’ revenue growth in the third quarter rose 26% year-over-year to $12.9 million, thanks to growth from all business segments. The increase in oil & gas production and supply activities all over the globe, along with the boom in the industrial sector, is likely to expand its sales in the following quarters.
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On top of the company’s double-digit revenue growth, it has also successfully declined its operating costs. Consequently, its net income grew 58% in the third quarter compared to the same period last year.
Northern Technologies CEO Patrick Lynch is optimistic about future fundamentals, saying, “Oil and gas sales demonstrated continued year-over-year improvement, and fourth quarter oil and gas sales are expected to ramp up considerably due to a significant order for new pipeline corrosion control products.”
The micro-cap tech company has also raised its sales forecast for the full year; the company now expects fiscal 2018 sales to hover around $50.5 million, as opposed to its earlier forecast for net sales of $49.0 million. The CEO says the company is set to generate $60 million in net sales and $2 in earnings per share next year. On the whole, Northern Technologies International Corporation’s share price momentum is backed by sustainable growth in financial numbers and improving demand from end markets.
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