MINNEAPOLIS – Nortech Systems' $193.3 million in full-year sales represented a 3.9% growth from the previous year.

For the fourth quarter, the company's sales of $36.1 million were a 1.2% growth from the same quarter in 2022.

“As expected, we ended 2023 strong, including record revenue both in the fourth quarter and the year, continued expense management and solid margins,” said Jay D. Miller, president and CEO, Nortech. “We saw encouraging normalization trends in supply chain and customer ordering practices, approaching pre-Covid levels. These factors had inflated our backlog levels in 2022 and early 2023, but we believe the situation has returned to a steady state.

“Our overall financial results are a credit to the nearly 800 dedicated Nortech employees worldwide who embody our corporate values, including teamwork, excellence, commitment, integrity and innovation,” Miller said. “I am proud of Nortech’s collaborative culture and the important role it plays in successfully retaining our people; they truly are our most valuable asset in delivering mission-critical products and solutions to our customers.

“For example, our highly skilled engineering services team is essential to providing our customers with Nortech’s full-system solution by helping them to improve manufacturability of products and reduce costs,” said Miller. “Nortech’s ability to quickly and flexibly adapt our global resources to fit our customers’ changing needs is a key competitive advantage.”

• Prev
• Next