Northern Technologies Q1 Earnings Rise In Line With Street View

(RTTNews) - Northern Technologies International Corp. (NTIC), a provider of rust and corrosion inhibiting products and services, Thursday reported a rise in first-quarter earnings that were in line with consensus estimates.

Earnings attributable to the company rose 120.4 percent to $858,586, or $0.19 per share, from $389.622, or $0.09 per share, a year ago. The company cited increases in gross profit of NTIC's North American businesses and increases in joint venture operations as primary reasons for the rise in earnings.

On average, two analysts polled by Thomson-Reuters expected the company to report earnings of $0.19 for the quarter. Analysts' estimates typically exclude one-time items.

Sales for the 3-month period rose to $6.31 million from $5.29 million a year earlier. Analysts had estimated revenues to be $6.10 million. Joint venture operations totaled $3.54 million compared with $3 million last year.

For the fiscal year ended August 31, 2014, the company expects sales of $27.5 million to $29 million, earnings of $4.1 million to $4.7 million, and EPS of $0.95 - $1.05. Analysts expect EPS of $0.97 on revenue of $27.56 million.

Wednesday, the stock closed at $18.71 on the Nasdaq.