Northern Technologies International Corp (NTIC) fell more than 5% on Friday after the company lowered its FY19 financial outlook.
The maker of biodegradable polymer resins and anti-corrosion products is now projecting net income in a range of $1.70 to $1.80 per share for the 12 months ending August 31, down from its prior forecast looking for a $2.00- to $2.10-per-share profit. It also sees FY19 revenue coming in $1 million either side of $59 million compared its earlier guidance expecting between $60 million to $61.5 million in revenue this year.
Analyst estimates were not available.
The reduced outlook upstaged improved fiscal Q2 net income and revenue. The company earned $0.30 per share during the three months ended Feb. 2, up from 3.9% over the same quarter last year, while total revenue grew 9% year-over-year to $13.3 million.