Northern Technologies International Corporation (NASDAQ:NTIC) Q1 2024 Earnings Conference Call July 11, 2024 9:00 AM ET
Company Participants
Patrick Lynch - President and CEO
Matt Wolsfeld - CFO
Conference Call Participants
Timothy Clarkson - Van Clemens & Co.
Gus Richard - Northland
Operator
Good day, and welcome to the Third Quarter 2024 Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded.
As part of the discussion today, the representatives from NTIC will be making certain forward-looking statements regarding NTIC's future financial and operating results, as well as their business plans, objectives and expectations. Please be advised that these forward-looking statements are covered under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and that NTIC desires to avail itself of the protections of the Safe Harbor for these statements.
Please also be advised that actual results could differ materially from those stated or implied by the forward-looking statements due to certain risks and uncertainties, including those described in NTIC's most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q and recent press releases. Please read these reports and other future filings that NTIC will make with the SEC. NTIC disclaims any duty to update or revise these forward-looking statements.
I will now turn the call over to Patrick Lynch. Please go ahead.
Patrick Lynch
Good morning. I'm Patrick Lynch, NTIC's CEO, and I'm here with Matt Wolsfeld, NTIC's CFO. A press release regarding our fiscal 2024 third quarter financial results was issued earlier this morning, and is available at ntic.com.
During today's call, we will review various key aspects of our fiscal 2024 third quarter financial results, provide a brief business update and then conclude with a question-and-answer session. Please note that, when we discuss year-over-year performance, we are referring to the third quarter from our current fiscal year in comparison to the third quarter from our previous fiscal year.
Our third quarter results reflect the progress we're making, navigating a fluid macroenvironment, while capitalizing on growing demand within our Natur-Tec and ZERUST Oil & Gas markets. We achieved record quarterly Natur-Tec sales driven by continued growth in North America and India for our compostable plastic products and specialty resins.
While shipping delays caused the timing of approximately $600,000 in orders to be moved from the third quarter to the fourth quarter negatively impacting our third quarter results, demand for our oil and gas solutions is expanding. As a result, we expect a significant rebound in oil and gas sales in the fourth quarter.