MINNEAPOLIS – Nortech Systems announced $35.6 million in revenue for the fourth quarter, up 6.4% compared to the fourth quarter of 2021.
For the full year, the company's $134.1 million in revenue marked a 16.5% increase from the $115.2 million in revenue in 2021.
“Our double-digit revenue growth last year – culminating with both a record quarter and record year in revenue – is a credit to excellent collaboration among our dedicated employees, suppliers and customers,” said Jay D. Miller, president & CEO of Nortech Systems. “Fourth quarter revenue growth is notable in light of the strong revenue level for the same period in 2021. I want to thank the entire Nortech team for their contributions to this achievement.
“Throughout 2022, we saw a gradual improvement in supply chain bottlenecks and component lead times. These improvements enabled customers to slowly reduce their inventory levels. Our operations are designed to be responsive to fluctuating demand and economic forces, facilitated by our inventory management technology and experienced supply chain personnel.”