US Market News
4週前
Nordson Corporation Reports Record Second Quarter Fiscal 2026 Results and Increases Full Year GuidanceMay 20, 2026 4:30 PM
Business Wire Second Quarter Highlights: Sales were a second quarter record of $741 million, an increase of 8% year-over-year Earnings per diluted share were $2.09, up 6% year-over-year Adjusted earnings per diluted share were $2.86, a second quarter record and up 18% year-over-year Continued strength in demand with backlog up 18% compared to prior year Increasing full year guidance for sales and earnings Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal second quarter ended April 30, 2026. Sales were a second quarter record of $741 million compared to the prior year’s second quarter sales of $683 million. The second quarter 2026 sales included an organic sales increase of 7% driven by growth in all segments, as well as a favorable currency translation impact of 3%. This sales result was slightly offset by the previously announced divestiture and the contribution of a small acquisition that was completed during the quarter. Net income was $117 million, or $2.09 of earnings per diluted share, compared to prior year’s second quarter net income of $112 million, or $1.97 of earnings per diluted share. Second quarter 2026 earnings included a one-time, non-cash settlement charge to annuitize about 30% of the U.S. pension obligation and a non-cash loss on minority investments recognized during the quarter. Excluding these items and acquisition-related amortization and costs, second quarter adjusted earnings per diluted share were a record $2.86, an 18% increase from the prior year adjusted earnings per diluted share of $2.42. EBITDA was also a second quarter record of $235 million, or 32% of sales, an increase of 8% compared to prior year EBITDA of $217 million, or 32% of sales. Commenting on the Company’s fiscal 2026 second quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “Our solid execution of the Ascend Strategy resulted in second quarter records for sales, adjusted earnings and EBITDA. Our free cash flow conversion also continues to be a strength, enabling a healthy mix of shareholder returns and reinvestment in growth. Thank you to our teams for delivering another strong quarter.” On March 16, 2026, the Company acquired CapstanAG Systems, a precision agriculture company in North America that is a complementary bolt-on to our existing footprint. This small, but strategic, acquisition provides the Company with an established and synergistic platform to grow its precision agriculture portfolio with mid-tier OEMs in North America. Second Quarter Segment Results Record second quarter Industrial Precision Solutions sales of $350 million increased 10% from the prior year, inclusive of an organic sales increase of 5%, favorable currency translation of 4%, and an acquisition contribution of 1%. The organic sales increase was driven by improving industrial coating and polymer processing systems demand, ongoing growth in precision agriculture end markets and stable demand in broader consumer and industrial end markets. EBITDA in the quarter was $124 million, or 35% of sales, up 9% from the prior year second quarter EBITDA of $114 million. Medical and Fluid Solutions sales of $213 million, also a second quarter record, increased 5% compared to the prior year second quarter. This increase was inclusive of an organic sales increase of 8% and a favorable currency impact of 1%. Sales growth was partially offset by 4% related to the previously divested medical contract manufacturing business. The organic sales increase was driven by growth in engineered fluid solutions and medical product lines. EBITDA in the quarter was $79 million, or 37% of sales, up 3% from the prior year second quarter EBITDA of $77 million. Record quarterly Advanced Technology Solutions sales of $178 million increased 10% compared to the prior year second quarter, inclusive of an organic sales increase of 8% and favorable currency translation of 2%. The organic sales increase was driven by ongoing growth in electronics dispense systems. EBITDA in the quarter was $48 million, or 27% of sales, up 22% from the prior year second quarter EBITDA of $40 million. Outlook The Company enters the third quarter with increased backlog, up 18% over the prior year. Order entry momentum was broad-based in the quarter across all segments. These trends position the Company to deliver third quarter fiscal 2026 sales in the range of $760 to $790 million. Third quarter adjusted earnings are forecasted to be in the range of $2.95 to $3.15 per diluted share. Based on the continuing momentum of our end markets as evidenced by our backlog and order entry, the Company is increasing its full year guidance. Sales are now expected to be in the range of $2,930 to $3,010 million and adjusted earnings to be in the range of $11.30 to $11.80 per diluted share. Reflecting on the full year outlook, Mr. Nagarajan said, “We delivered a strong first half of fiscal 2026, highlighted by record performance and ongoing momentum across our end markets. Supported by robust order entry and backlog, we expect this momentum to continue and are increasing our full year sales and earnings guidance. Our NBS Next growth framework, close-to-the-customer business model, and differentiated precision technologies position us well to compound profitable growth.” Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, May 21, 2026, at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com. Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic and political conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions and the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements, including changes in tariffs by the U.S. or other nations; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflicts in Europe and the Middle East, acts of terror, natural disasters and pandemics and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release. Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serve global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, linkedin/Nordson, or www.facebook.com/nordson. NORDSON CORPORATION SEGMENT INFORMATION (Unaudited) (Dollars in thousands) Three Months Ended Six Months Ended April 30, 2026 April 30, 2025 April 30, 2026 April 30, 2025 SALES Industrial Precision Solutions $ 350,466 $ 318,847 $ 677,327 $ 619,295 Medical and Fluid Solutions 212,850 202,809 406,033 396,418 Advanced Technology Solutions 177,531 161,282 326,948 282,645 Total sales $ 740,847 $ 682,938 $ 1,410,308 $ 1,298,358 EBITDA Industrial Precision Solutions $ 123,578 35% $ 113,548 36% $ 233,889 35% $ 226,324 37% Medical and Fluid Solutions 79,193 37% 76,538 38% 149,399 37% 140,870 36% Advanced Technology Solutions 48,327 27% 39,516 25% 80,927 25% 62,287 22% Corporate expenses (15,911 ) (12,448 ) (26,038 ) (24,224 ) Total EBITDA (non-GAAP) (1) $ 235,187 32% $ 217,154 32% $ 438,177 31% $ 405,257 31% (1) Total company EBITDA is a non-GAAP measure. Refer to the reconciliation of non-GAAP measures – net income to EBITDA. NORDSON CORPORATION CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands except for per-share amounts) Three Months Ended Six Months Ended April 30, 2026 April 30, 2025 April 30, 2026 April 30, 2025 Sales $ 740,847 $ 682,938 $ 1,410,308 $ 1,298,358 Cost of sales 336,770 309,034 640,109 588,558 Gross profit 404,077 373,904 770,199 709,800 Gross margin % 54.5 % 54.7 % 54.6 % 54.7 % Selling and administrative expenses 206,874 205,154 406,591 400,103 Operating profit 197,203 168,750 363,608 309,697 Interest expense - net (21,580 ) (26,019 ) (44,321 ) (51,637 ) Pension settlement charge (24,049 ) — (24,049 ) — Other income (expense) - net (10,400 ) (3,961 ) 10,437 (2,435 ) Income before income taxes 141,174 138,770 305,675 255,625 Income taxes 23,858 26,366 54,977 48,569 Net income $ 117,316 $ 112,404 $ 250,698 $ 207,056 Weighted-average common shares outstanding: Basic 55,798 56,785 55,793 56,960 Diluted 56,100 57,038 56,113 57,265 Earnings per share: Basic earnings $ 2.10 $ 1.98 $ 4.49 $ 3.64 Diluted earnings $ 2.09 $ 1.97 $ 4.47 $ 3.62 NORDSON CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) April 30, 2026 October 31, 2025 Cash and cash equivalents $ 102,017 $ 108,442 Receivables - net 606,689 587,843 Inventories - net 467,757 444,814 Other current assets 100,893 101,752 Total current assets 1,277,356 1,242,851 Property, plant and equipment - net 521,390 516,914 Goodwill 3,332,927 3,304,685 Other assets 832,745 853,231 $ 5,964,418 $ 5,917,681 Notes payable and debt due within one year $ 50,000 $ 315,000 Accounts payable and accrued liabilities 441,875 443,260 Total current liabilities 491,875 758,260 Long-term debt 1,836,356 1,681,254 Other liabilities 433,952 434,596 Total shareholders' equity 3,202,235 3,043,571 $ 5,964,418 $ 5,917,681 NORDSON CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (Dollars in thousands) Six Months Ended April 30, 2026 April 30, 2025 Cash flows from operating activities: Net income $ 250,698 $ 207,056 Depreciation and amortization 72,900 74,608 Pension settlement charge 24,049 — Other non-cash items (4,813 ) 7,021 Changes in operating assets and liabilities and other (21,733 ) (10,393 ) Net cash provided by operating activities 321,101 278,292 Cash flows from investing activities: Additions to property, plant and equipment (27,693 ) (37,439 ) Acquisition of business, net of cash acquired (11,643 ) — Other - net (688 ) 10,339 Net cash used in investing activities (40,024 ) (27,100 ) Cash flows from financing activities: Repayment of long-term debt (107,105 ) (5,800 ) Repayment of finance lease obligations (3,753 ) (2,627 ) Dividends paid (91,642 ) (88,937 ) Issuance of common shares 43,008 2,803 Purchase of treasury shares (129,303 ) (146,252 ) Net cash used in financing activities (288,795 ) (240,813 ) Effect of exchange rate change on cash: 1,293 3,826 Net change in cash and cash equivalents (6,425 ) 14,205 Cash and cash equivalents: Beginning of period 108,442 115,952 End of period $ 102,017 $ 130,157 NORDSON CORPORATION SALES BY GEOGRAPHIC SEGMENT (Unaudited) (Dollars in thousands) Three Months Ended Sales Variance April 30, 2026 April 30, 2025 Organic Acquisitions /
Divestitures Currency Total SALES BY SEGMENT Industrial Precision Solutions $ 350,466 $ 318,847 5.0 % 0.8 % 4.1 % 9.9 % Medical and Fluid Solutions 212,850 202,809 7.8 % (3.9 )% 1.1 % 5.0 % Advanced Technology Solutions 177,531 161,282 8.5 % — % 1.6 % 10.1 % Total sales $ 740,847 $ 682,938 6.6 % (0.8 )% 2.7 % 8.5 % SALES BY GEOGRAPHIC REGION Americas $ 308,253 $ 292,463 5.9 % (1.7 )% 1.2 % 5.4 % Europe 194,459 172,496 6.4 % (0.3 )% 6.6 % 12.7 % Asia Pacific 238,135 217,979 7.8 % (0.1 )% 1.5 % 9.2 % Total sales $ 740,847 $ 682,938 6.6 % (0.8 )% 2.7 % 8.5 % Six Months Ended Sales Variance April 30, 2026 April 30, 2025 Organic Acquisitions / Divestitures Currency Total SALES BY SEGMENT Industrial Precision Solutions $ 677,327 $ 619,295 4.1 % 0.4 % 4.9 % 9.4 % Medical and Fluid Solutions 406,033 396,418 5.3 % (4.2 )% 1.3 % 2.4 % Advanced Technology Solutions 326,948 282,645 13.8 % — % 1.9 % 15.7 % Total sales $ 1,410,308 $ 1,298,358 6.6 % (1.1 )% 3.1 % 8.6 % SALES BY GEOGRAPHIC REGION Americas $ 570,183 $ 560,300 2.9 % (2.2 )% 1.1 % 1.8 % Europe 376,920 340,259 3.0 % (0.2 )% 8.0 % 10.8 % Asia Pacific 463,205 397,799 14.8 % (0.1 )% 1.7 % 16.4 % Total sales $ 1,410,308 $ 1,298,358 6.6 % (1.1 )% 3.1 % 8.6 % NORDSON CORPORATION RECONCILIATION OF NON-GAAP MEASURES - NET INCOME TO EBITDA (Unaudited) (Dollars in thousands) Three Months Ended Six Months Ended April 30, 2026 April 30, 2025 April 30, 2026 April 30, 2025 Net income $ 117,316 $ 112,404 $ 250,698 $ 207,056 Income taxes 23,858 26,366 54,977 48,569 Interest expense - net 21,580 26,019 44,321 51,637 Pension settlement charge 24,049 — 24,049 — Other expense (income) - net 10,400 3,961 (10,437 ) 2,435 Inventory step-up amortization (1) 1,135 — 1,135 3,135 Severance and other (1) — 10,313 — 16,274 Acquisition-related costs (1) 534 513 534 1,543 Adjusted operating profit 198,872 179,576 365,277 330,649 Depreciation and amortization 36,315 37,578 72,900 74,608 EBITDA (non-GAAP) (2) $ 235,187 $ 217,154 $ 438,177 $ 405,257 (1) Represents non-recurring cost reduction actions as well as fees and non-cash inventory charges associated with acquisitions. (2) EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as non-recurring cost reduction actions, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization. NORDSON CORPORATION RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED NET INCOME AND EARNINGS PER SHARE (Unaudited) (Dollars in thousands) Three Months Ended Six Months Ended April 30, 2026 April 30, 2025 April 30, 2026 April 30, 2025 GAAP AS REPORTED Net income $ 117,316 $ 112,404 $ 250,698 $ 207,056 Diluted earnings per share $ 2.09 $ 1.97 $ 4.47 $ 3.62 Shares outstanding - diluted 56,100 57,038 56,113 57,265 ADJUSTMENTS Inventory step-up amortization (1) $ 1,135 $ — $ 1,135 $ 3,135 Acquisition costs (1) 534 513 534 1,543 Severance and other (1) — 10,313 — 16,274 Acquisition amortization of intangibles 19,406 19,696 38,975 39,007 Entity liquidation — 988 — 988 Non-cash loss (gain) on minority investments (2) 9,827 — (12,411 ) — Pension settlement charge 24,049 — 24,049 — Total adjustments $ 54,951 $ 31,510 $ 52,282 $ 60,947 Adjustments net of tax $ 43,342 $ 25,523 $ 42,711 $ 49,367 EPS effect of adjustments $ 0.77 $ 0.45 $ 0.76 $ 0.86 NON-GAAP Adjusted net income (3) $ 160,658 $ 137,927 $ 293,409 $ 256,423 Adjusted earnings per share (4) $ 2.86 $ 2.42 $ 5.23 $ 4.48 (1) Represents non-recurring cost reduction actions as well as fees and non-cash inventory charges associated with acquisitions. (2) Represents non-cash loss (gain) on minority investments accounted for at fair value. (3) Adjusted net income is a non-GAAP measure defined as net income plus tax effected adjustments and other discrete tax items. (4) Adjusted earnings per share is a non-GAAP measure defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items. NORDSON CORPORATION RECONCILIATION OF NON-GAAP MEASURES - OPERATING CASH FLOW TO FREE CASH FLOW (Unaudited) (Dollars in thousands) Year to Date April 30, 2026 January 31, 2026 Net cash provided by operating activities $ 321,101 $ 140,428 Additions to property, plant and equipment (27,693 ) (17,513 ) Free cash flow (1) $ 293,408 $ 122,915 Free cash flow - quarter to date (1) $ 170,493 Net income $ 250,698 $ 133,382 Non-cash loss (gain) on minority investments and pension charge - after-tax 9,383 (16,679 ) Net income excluding non-cash loss (gain) on minority investments and pension loss (2) $ 260,081 $ 116,703 Free cash flow conversion (3) 113 % 105 % Net income excluding non-cash loss (gain) on minority investments and pension charge - quarter to date (2) $ 143,378 Free cash flow conversion - quarter to date (2) 119 % Year to Date April 30, 2025 January 31, 2025 Net cash provided by operating activities $ 278,292 $ 159,122 Additions to property, plant and equipment (37,439 ) (21,399 ) Free cash flow (1) $ 240,853 $ 137,723 Free cash flow - quarter to date (1) $ 103,130 Net income $ 207,056 $ 94,652 Free cash flow conversion (3) 116 % 146 % Net income - quarter to date (2) $ 112,404 Free cash flow conversion - quarter to date (2) 92 % (1) Free cash flow is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Net cash provided by operating activities minus Additions to property, plant and equipment. (2) Net income excluding non-cash loss (gain) on minority investments and pension charge is a non-GAAP measure used by management as an input to the calculation of Free cash flow conversion and is defined as Net income excluding non-cash losses (gains) on minority investments and pension settlement charge. (3) Free cash flow conversion is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Free cash flow divided by Net income excluding non-cash losses (gains) on minority investments and pension settlement charge. Management uses certain non-GAAP measures, such as adjusted net income, adjusted EPS, EBITDA, free cash flow, and free cash flow conversion, internally to make strategic decisions, forecast future results, and evaluate the Company's current performance. Given management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in the Company's core business across different time periods. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to other companies' non-GAAP financial measures, even if they have similar names. Amounts may not add due to rounding. View source version on businesswire.com: https://www.businesswire.com/news/home/20260520739745/en/ Lara Mahoney
Vice President
Investor Relations & Corporate Communications
440.204.9985
Lara.Mahoney@nordson.com Original: Nordson Corporation Reports Record Second Quarter Fiscal 2026 Results and Increases Full Year Guidance
US Market News
4月前
Nordson Corporation Reports Record First Quarter Fiscal 2026 Results and Increases Full Year GuidanceFebruary 18, 2026 4:30 PM
Business Wire
First Quarter Highlights:
Sales were a first quarter record of $669 million, an increase of 9% year-over-year
Earnings per diluted share were $2.38, up 44% year-over-year
Adjusted earnings per diluted share were $2.37, a first quarter record and up 15% year-over-year
Backlog grew approximately 4% year-over-year
Increasing full year guidance for sales and earnings
Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal first quarter ended January 31, 2026. Sales were a first quarter record of $669 million compared to the prior year’s first quarter sales of $615 million. The first quarter 2026 sales included an organic sales increase of 7% and a favorable currency translation impact of 4%, which was slightly offset by the medical contract manufacturing divestiture completed in the fourth quarter of last year.
Net income was $133 million, or $2.38 of earnings per diluted share, compared to prior year’s first quarter net income of $95 million, or $1.65 of earnings per diluted share. First quarter 2026 earnings benefited from a non-cash gain on a minority technology investment recognized during the quarter. Excluding the non-cash gain and acquisition-related amortization, first quarter adjusted earnings per diluted share were a record $2.37, a 15% increase from the prior year adjusted earnings per diluted share of $2.06.
EBITDA was also a first quarter record of $203 million or 30% of sales, an increase of 8% compared to prior year EBITDA of $188 million, or 31% of sales.
Commenting on the Company’s fiscal 2026 first quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “Our proprietary technology portfolio, close to the customer business model and Ascend strategy have positioned us well to win in our inflecting end markets, particularly in the semiconductor space. We delivered organic growth in all our segments, as well as solid margin and cash flow. This strong first quarter performance has set the stage well for fiscal 2026.”
First Quarter Segment Results
Industrial Precision Solutions sales of $327 million increased 9% from the prior year, inclusive of an organic sales increase of 3% and favorable currency translation of 6%. The organic sales increase was driven by balanced growth across most product lines, with particular strength in Asia Pacific markets. EBITDA in the quarter was $110 million, or 34% of sales, compared to prior year first quarter EBITDA of $113 million.
Medical and Fluid Solutions sales of $193 million were flat compared to the prior year first quarter, inclusive of an organic sales increase of 3% and a favorable currency impact of 1%, which was offset by 4% related to the previously divested medical contract manufacturing business. The organic sales increase was driven by growth in engineered fluid solution product lines. EBITDA in the quarter was $70 million, or 36% of sales, up 9% versus the prior year first quarter EBITDA of $64 million.
Advanced Technology Solutions sales of $149 million increased 23% compared to the prior year first quarter, inclusive of an organic sales increase of 21% and favorable currency translation of 2%. The organic sales increase compared to prior year was driven by ongoing growth in electronics dispense systems and recovering demand for x-ray systems. EBITDA in the quarter was $33 million, or 22% of sales, up 43% from the prior year first quarter EBITDA of $23 million.
Outlook
The Company enters the second quarter with increased backlog, up approximately 4% over the prior year. Order entry momentum was broad-based in the quarter with particular strength in our ATS segment. These trends position the Company to deliver second quarter fiscal 2026 sales in the range of $710 to $740 million. Second quarter adjusted earnings are forecasted to be in the range of $2.70 to $2.90 per diluted share.
Based on the strong start to the year, the second quarter outlook and the current foreign exchange rate environment, the Company is increasing its full year guidance. Sales are now expected to be in the range of $2,860 to $2,980 million and adjusted earnings to be in the range of $11.00 to $11.60 per diluted share.
Reflecting on the full year outlook, Mr. Nagarajan said, “At the start of the year, we indicated that several of our key end markets had begun to inflect, and I am proud of our teams for delivering such a strong first quarter. We have growing confidence in our full year based on strengthening backlog and order entry, which is reflected in our increased annual guidance range. We remain focused on serving our customers and returning value to our shareholders.”
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, February 19, 2026, at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com.
Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic and political conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions and the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements, including changes in tariffs by the U.S. or other nations; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflicts in Europe and the Middle East, acts of terror, natural disasters and pandemics and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.
Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serve global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, linkedin/Nordson, or www.facebook.com/nordson.
NORDSON CORPORATION
SEGMENT INFORMATION (Unaudited)
(Dollars in thousands)
Three Months Ended
January 31, 2026
January 31, 2025
SALES
Industrial Precision Solutions
$
326,861
$
300,448
Medical and Fluid Solutions
193,183
193,609
Advanced Technology Solutions
149,417
121,363
Total sales
$
669,461
$
615,420
EBITDA
Industrial Precision Solutions
$
110,311
34
%
$
112,776
38
%
Medical and Fluid Solutions
70,206
36
%
64,332
33
%
Advanced Technology Solutions
32,600
22
%
22,771
19
%
Corporate expenses
(10,127
)
(11,776
)
Total EBITDA (non-GAAP) (1)
$
202,990
30
%
$
188,103
31
%
(1)
Total company EBITDA is a non-GAAP measure. Refer to the reconciliation of non-GAAP measures – net income to EBITDA.
NORDSON CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands except for per-share amounts)
Three Months Ended
January 31, 2026
January 31, 2025
Sales
$
669,461
$
615,420
Cost of sales
303,339
279,524
Gross profit
366,122
335,896
Gross margin %
54.7
%
54.6
%
Selling and administrative expenses
199,717
194,949
Operating profit
166,405
140,947
Interest expense — net
(22,741
)
(25,618
)
Other income — net
20,837
1,526
Income before income taxes
164,501
116,855
Income taxes
31,119
22,203
Net income
$
133,382
$
94,652
Weighted-average common shares outstanding:
Basic
55,789
57,129
Diluted
56,127
57,486
Earnings per share:
Basic earnings
$
2.39
$
1.66
Diluted earnings
$
2.38
$
1.65
NORDSON CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
January 31, 2026
October 31, 2025
Cash and cash equivalents
$
120,392
$
108,442
Receivables — net
571,583
587,843
Inventories — net
451,138
444,814
Other current assets
108,558
101,752
Total current assets
1,251,671
1,242,851
Property, plant and equipment - net
521,508
516,914
Goodwill
3,332,244
3,304,685
Other assets
855,499
853,231
$
5,960,922
$
5,917,681
Notes payable and debt due within one year
$
54,312
$
315,000
Accounts payable and accrued liabilities
405,737
443,260
Total current liabilities
460,049
758,260
Long-term debt
1,943,182
1,681,254
Other liabilities
445,585
434,596
Total shareholders' equity
3,112,106
3,043,571
$
5,960,922
$
5,917,681
NORDSON CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(Dollars in thousands)
Three Months Ended
January 31, 2026
January 31, 2025
Cash flows from operating activities:
Net income
$
133,382
$
94,652
Depreciation and amortization
36,585
37,031
Other non-cash items
(11,675
)
3,160
Changes in operating assets and liabilities and other
(17,864
)
24,279
Net cash provided by operating activities
140,428
159,122
Cash flows from investing activities:
Additions to property, plant and equipment
(17,513
)
(21,399
)
Other — net
(158
)
7,123
Net cash used in investing activities
(17,671
)
(14,276
)
Cash flows from financing activities:
Issuance (repayment) of long-term debt
2,367
(22,563
)
Repayment of finance lease obligations
(1,616
)
(1,320
)
Dividends paid
(45,786
)
(44,602
)
Issuance of common shares
18,795
1,001
Purchase of treasury shares
(86,001
)
(60,098
)
Net cash used in financing activities
(112,241
)
(127,582
)
Effect of exchange rate change on cash:
1,434
(2,792
)
Net change in cash and cash equivalents
11,950
14,472
Cash and cash equivalents:
Beginning of period
108,442
115,952
End of period
$
120,392
$
130,424
NORDSON CORPORATION
SALES BY GEOGRAPHIC SEGMENT (Unaudited)
(Dollars in thousands)
Three Months Ended
Sales Variance
January 31,
2026
January 31,
2025
Organic
Acquisitions /
Divestitures
Currency
Total
SALES BY SEGMENT
Industrial Precision Solutions
$
326,861
$
300,448
3.2
%
—
%
5.6
%
8.8
%
Medical and Fluid Solutions
193,183
193,609
2.7
%
(4.3
)%
1.4
%
(0.2
)%
Advanced Technology Solutions
149,417
121,363
20.7
%
—
%
2.4
%
23.1
%
Total sales
$
669,461
$
615,420
6.5
%
(1.4
)%
3.7
%
8.8
%
SALES BY GEOGRAPHIC REGION
Americas
$
261,930
$
267,836
(0.4
)%
(2.9
)%
1.1
%
(2.2
)%
Europe
182,461
167,762
(0.3
)%
(0.2
)%
9.3
%
8.8
%
Asia Pacific
225,070
179,822
23.2
%
—
%
2.0
%
25.2
%
Total sales
$
669,461
$
615,420
6.5
%
(1.4
)%
3.7
%
8.8
%
NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - NET INCOME TO EBITDA (Unaudited)
(Dollars in thousands)
Three Months Ended
January 31, 2026
January 31, 2025
Net income
$
133,382
$
94,652
Income taxes
31,119
22,203
Interest expense — net
22,741
25,618
Other income — net
(20,837
)
(1,526
)
Inventory step-up amortization (1)
—
3,135
Severance and other (1)
—
5,961
Acquisition-related costs (1)
—
1,030
Adjusted operating profit
166,405
151,073
Depreciation and amortization
36,585
37,030
EBITDA (non-GAAP) (2)
$
202,990
$
188,103
(1)
Represents non-recurring cost reduction actions as well as fees and non-cash inventory charges associated with acquisitions.
(2)
EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as non-recurring cost reduction actions, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization.
NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED NET INCOME AND EARNINGS PER SHARE (Unaudited)
(Dollars in thousands)
Three Months Ended
January 31, 2026
January 31, 2025
GAAP AS REPORTED
Net income
$
133,382
$
94,652
Diluted earnings per share
$
2.38
$
1.65
Shares outstanding — diluted
56,127
57,486
ADJUSTMENTS
Inventory step-up amortization (1)
$
—
$
3,135
Acquisition costs (1)
—
1,030
Severance and other (1)
—
5,961
Acquisition amortization of intangibles
19,569
19,311
Non-cash gain on minority investment (2)
(22,238
)
—
Total adjustments
$
(2,669
)
$
29,437
Adjustments net of tax
$
(632
)
$
23,844
EPS effect of adjustments
$
(0.01
)
$
0.41
NON-GAAP
Adjusted net income (3)
132,750
$
118,496
Adjusted earnings per share (4)
$
2.37
$
2.06
(1)
Represents non-recurring cost reduction actions as well as fees and non-cash inventory charges associated with acquisitions.
(2)
Represents non-cash gain on minority investment accounted for at fair value.
(3)
Adjusted net income is a non-GAAP measure defined as net income plus tax effected adjustments and other discrete tax items.
(4)
Adjusted earnings per share is a non-GAAP measure defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items.
NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - OPERATING CASH FLOW TO FREE CASH FLOW (Unaudited)
(Dollars in thousands)
Year to Date
January 31, 2026
January 31, 2025
Net cash provided by operating activities
$
140,428
$
159,122
Additions to property, plant and equipment
(17,513
)
(21,399
)
Free cash flow — year to date (1)
$
122,915
$
137,723
Net income — year to date
$
133,382
$
94,652
Non-cash gain on minority investment — after-tax
(16,679
)
—
Net income excluding non-cash gain on minority investment — year to date (2)
$
116,703
$
94,652
Free cash flow conversion — year to date (3)
105
%
146
%
(1)
Free cash flow is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Net cash provided by operating activities minus Additions to property, plant and equipment.
(2)
Net income excluding non-cash gain on minority investment is a non-GAAP measure used by management as an input to the calculation of Free cash flow conversion and is defined as Net income excluding non-cash gains/losses on minority investment.
(3)
Free cash flow conversion is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Free cash flow divided by Net income excluding non-cash gain on minority investment.
Management uses certain non-GAAP measures, such as adjusted net income, adjusted EPS and EBITDA, internally to make strategic decisions, forecast future results, and evaluate the Company's current performance. Given management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in the Company's core business across different time periods. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to other companies' non-GAAP financial measures, even if they have similar names. Amounts may not add due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260218403558/en/
Lara Mahoney
Vice President
Investor Relations & Corporate Communications
440.204.9985
Lara.Mahoney@nordson.com
Original: Nordson Corporation Reports Record First Quarter Fiscal 2026 Results and Increases Full Year Guidance
abrooklyn
2年前
Nordson Corporation Reports Third Quarter Fiscal 2024 Results and Updates Annual Guidance
Source: Business Wire
Third Quarter Highlights:
Sales were $662 million, an increase of 2% year-over-year and in-line with mid-point of guidance
Earnings per diluted share were $2.04
Adjusted earnings per diluted share were $2.41, $0.08 above the mid-point of guidance
Updated Full-Year Guidance:
Increasing full fiscal year 2024 revenue guidance to reflect the addition of Atrion acquisition
Maintaining full fiscal year 2024 adjusted earnings per diluted share guidance, inclusive of the slightly dilutive fourth quarter Atrion acquisition impact
Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal third quarter ended July 31, 2024. Sales were $662 million, compared to the prior year’s third quarter sales of $649 million. The third quarter 2024 sales included a favorable acquisition impact of 4%, partially offset by an organic sales decrease of 1% and unfavorable currency translation of 1%. The organic sales decrease was driven by lower demand in electronics and medical product lines, partially offset by growth in packaging, nonwovens, and optical sensors product lines.
Net income was $117 million, or $2.04 of earnings per diluted share, compared to prior year’s third quarter net income of $128 million, or $2.22 of earnings per diluted share. Adjusted net income was $138 million, a decrease from the prior year adjusted net income of $147 million. Third quarter 2024 adjusted earnings per diluted share were $2.41, a 6% decrease from the prior year adjusted earnings per diluted share of $2.55. The decrease reflects increased interest expense from prior year acquisitions and slightly lower overall operating margins.
EBITDA in the third quarter was $208 million, or 31% of sales, compared to prior year EBITDA of $208 million, or 32% of sales. EBITDA was flat as improved gross margins were offset by higher selling and administrative expenses, including the first-year effect of the ARAG acquisition.
Commenting on the Company’s fiscal 2024 third quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “We delivered third quarter revenue in line with our expectations, driven by strong organic growth in our industrial product lines. Our Advanced Technology Solutions segment sequentially grew compared to second quarter, as order entry steadily improves in electronics end markets. Across the company, the teams executed another solid operating performance delivering strong gross margins and 31% EBITDA margin. Overall, I am pleased with our focus on the customer while managing profitability well against headwinds in select businesses.”
Third Quarter Segment Results
Industrial Precision Solutions sales of $371 million increased 10% from the prior year, inclusive of a favorable acquisition impact of 7%, an organic sales increase of 4% and unfavorable currency translation of 1%. The organic sales increase was driven primarily by packaging and nonwovens product lines. Operating profit was $118 million, an increase of $3 million from the prior year. EBITDA in the quarter was $135 million, or 36% of sales, a 10% increase from the prior year third quarter EBITDA of $122 million, or 36% of sales. The year-over-year increase was driven by the ARAG acquisition, and higher organic sales and gross profit.
Medical and Fluid Solutions sales of $167 million decreased 2% compared to the prior year third quarter. The decrease was driven by lower demand in interventional solutions and fluid components product lines. Operating profit was $48 million, a decrease of $6 million from the prior year. EBITDA in the quarter was $62 million, or 37% of sales, down versus the prior year third quarter EBITDA of $68 million, or 40% of sales.
Advanced Technology Solutions sales of $124 million decreased 11% compared to the prior year third quarter, driven by lower organic sales and unfavorable currency translation of 1%. While sequentially higher, the organic sales decrease compared to prior year was driven by softness in electronics processing and x-ray and test product lines, offset by growth in optical sensors product lines. Operating profit was $23 million, a decrease of $4 million from the prior year. EBITDA in the quarter was $26 million, or 21% of sales, a decrease from the prior year third quarter EBITDA of $33 million, or 24% of sales.
Outlook
The Company is entering the fourth quarter of fiscal 2024 with approximately $650 million in backlog, which continues to normalize and remain concentrated in systems businesses. Based on current visibility and order entry trends, the Company is increasing its full-year revenue guidance range to $2,665 million - $2,705 million, inclusive of revenue from the Atrion acquisition in the fiscal fourth quarter. The Company is tightening full-year adjusted earnings per diluted share to the range of $9.45 - $9.65, unchanged at the midpoint, though now inclusive of the slightly dilutive Atrion impact in the fiscal fourth quarter.
Reflecting on the outlook, Nagarajan continued, “Throughout 2024, we have remained focused on delivering high quality operating performance in a dynamic environment. The diversification of our product portfolio, geographic exposure, mix of recurring revenue, in addition to the NBS Next growth framework and the contributions of our recent acquisitions, are positioning us well to end the year in line with record fiscal 2023 revenue. I remain pleased with our ability to manage profitability during this period, while remaining invested in the long-term objectives of the business.”
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, August 22, 2024 at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com.
The Company’s definition of adjusted earnings excludes acquisition related amortization for both current and historical periods. It is not possible for the Company to identify the amount or significance of future adjustments associated with acquisition and integration costs, restructuring costs, acquisition-related amortization, certain non-operating or income tax items, or other non-routine costs that the Company adjusts in the presentation of adjusted earnings guidance. These items are dependent on future events that are not reasonably estimable at this time. Accordingly, the Company is unable to reconcile without unreasonable effort the forecasted range of adjusted earnings guidance to a comparable GAAP range.
Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions, including the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflict between Russia and Ukraine, acts of terror, natural disasters and pandemics, including the recent coronavirus (COVID-19) pandemic and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.
Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serves global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, linkedin/Nordson, or www.facebook.com/nordson.
abrooklyn
2年前
Nordson Corporation Reports Fourth Quarter and Record Fiscal Year 2023 Results
Source: Business Wire
Fourth Quarter:
Sales were $719 million, a 5% increase over prior year
Operating profit was $185 million
EBITDA was a quarterly record of $227 million, 32% of sales
Earnings per diluted share were $2.22
Adjusted earnings per diluted share were $2.46
Full Year:
Record sales of $2.6 billion, reflecting 2% growth over last year’s record sales
EBITDA was a record $819 million, 31% of sales
Earnings per diluted share were $8.46
Adjusted earnings per diluted share were $9.03
2024 Guidance:
Fiscal 2024 forecasted sales growth of 4% to 9% and adjusted earnings in the range of 1% to 8% growth over fiscal 2023
Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal fourth quarter ended October 31, 2023. Sales were $719 million, a 5% increase compared to the prior year’s fourth quarter sales of $684 million. The increase in fourth quarter 2023 sales included the favorable 7% impact of acquisitions and favorable currency translation of 1%, offset by an organic decrease of 3%. The organic sales decrease was driven by electronics dispense and biopharma product lines, offset by strong growth in medical interventional solutions, industrial coatings and polymer processing product lines.
Operating profit in the quarter was $185 million, or 26% of sales. Adjusted operating profit, excluding $11 million in non-recurring acquisition costs, totaled $196 million, or 27% of sales. This was a 10% increase compared to prior year adjusted operating profit of $178 million. EBITDA in the quarter totaled a record $227 million, or 32% of sales, and represents an increase of 12% from the prior year EBITDA of $202 million.
Net income was $128 million, or earnings per diluted share of $2.22. Adjusted net income was $142 million, excluding $7 million of non-recurring financing costs related to the ARAG acquisition. Fourth quarter 2023 adjusted earnings per diluted share were $2.46 compared to prior year adjusted earnings per diluted share of $2.44. The increase was driven by higher sales, offset by higher interest expense.
Commenting on the Company’s fiscal 2023 fourth quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “The diversification of Nordson’s precision technology portfolio and the progress of the Ascend strategy shined through again this quarter. Our medical interventional solutions and several industrial precision product lines delivered double-digit growth in the quarter, while demand weakness in electronics and biopharma end markets persisted as expected. Throughout this dynamic year, our winning teams have remained focused on meeting the needs of our customers. They demonstrated an owner mindset and responded rapidly over the course of the year to changing market conditions. This led to total company performance exceeding our incremental profit targets. I am also very pleased with the integration progress of our recent ARAG acquisition, which contributed favorably to the fourth quarter results.”
Fourth Quarter Segment Results
Industrial Precision Solutions sales of $405 million increased 14% compared to the prior year fourth quarter, driven by a 4% organic sales increase, a favorable acquisition impact of 7%, and a favorable currency impact of 2%. The organic sales increase was driven by record sales in our packaging, industrial coating and polymer processing product lines, largely driven by strong system sales in the Americas and Asia Pacific. Adjusted operating profit, which excludes non-recurring charges related to the ARAG acquisition, totaled $136 million in the quarter, or 34% of sales, an increase of 23% compared to the prior year operating profit. The increase in operating profit was driven by higher sales and improved sales mix.
Medical and Fluid Solutions sales of $169 million decreased 7% compared to the prior year fourth quarter, driven by an organic sales decrease of 8% that was partially offset by a favorable currency impact of 1%. The organic sales decrease was driven by continued softness in medical fluid components and fluid solutions product lines, partially offset by double-digit growth in our medical interventional solutions product lines. Operating profit totaled $48 million in the quarter, or 28% of sales, a decrease of 7% compared to the prior year operating profit due to lower sales volumes.
Advanced Technology Solutions sales of $145 million decreased 1% compared to the prior year fourth quarter, driven by an organic sales decrease of 16% that was principally offset by a favorable acquisition impact of 15% and a favorable currency impact of 1%. The organic sales decline was primarily driven by continued softness in our electronic dispense product lines, which serves the cyclical semiconductor end markets. Operating profit totaled $32 million in the quarter, or 22% of sales, a decrease of 16% compared to the prior year operating profit due to lower organic sales volume.
Fiscal 2023 Full Year Results
Sales for the fiscal year ended October 31, 2023, were a record $2.6 billion, an increase of 2% compared to the prior year. This sales growth was driven by a favorable acquisition impact of 4%, partially offset by a 1% decrease in organic volume and an unfavorable currency impact of 1%. Full year operating profit was $673 million. Net income was $487 million and diluted earnings per share were $8.46.
Adjusted operating profit, excluding $34 million in non-recurring costs, was $707 million, or 27% of sales, comparable to prior year adjusted operating profit of $707 million. EBITDA totaled a record $819 million, or 31% of sales. Adjusted diluted earnings per share were $9.03, a 4% decrease from the prior year earnings per diluted share of $9.43, primarily due to higher interest expense.
Reflecting on fiscal 2023, Mr. Nagarajan continued, “In 2021, we launched our Ascend strategy with the milestone of achieving $3 billion in annual sales and greater than 30% EBITDA margins by 2025. As we complete the third year of our strategy, we are on track toward achieving this objective. This is our third consecutive year of record sales, demonstrating the execution of the NBS Next growth framework, exciting acquisitions reflecting our strategic capital deployment, entrepreneurial owner mindset and the continued development of winning teams at every level of our organization. In fiscal 2024, we are well positioned for the recovery of select end markets and the related incremental earnings power that will come with that growth. The Ascend strategy is creating a scalable, high quality earnings growth engine. I want to thank Nordson’s employees and customers for all of their continued support.”
Outlook
Following three consecutive years of record setting performance and a strong finish to fiscal 2023, we enter fiscal 2024 with approximately $800 million in backlog. The book-to-bill in the fourth quarter and the majority of 2023 was unfavorable as over $200 million in backlog was consumed.
Based on the combination of order entry, backlog and current exchange rates, we anticipate delivering sales growth in the range of 4% to 9% in fiscal 2024 when compared to fiscal 2023. Full year fiscal 2024 adjusted earnings are forecasted in the range of 1% to 8% growth per diluted share.
First quarter fiscal 2024 sales are forecasted in the range of $615 to $640 million with adjusted earnings in the range of $2.00 to $2.10 per diluted share. Starting in fiscal 2024, the Company’s definition of adjusted earnings will exclude acquisition related amortization for both current and historical periods (see the appendix for historical amounts).
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, December 14, 2023 at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. For persons unable to listen to the live broadcast, a replay will be available for 14 days after the event. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com.
Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions, including the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including conflicts in Europe and the Middle East, acts of terror, natural disasters and pandemics, including the recent coronavirus (COVID-19) pandemic and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.
Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serves global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, www.twitter.com/Nordson_Corp or www.facebook.com/nordson.
abrooklyn
3年前
Nordson Corporation Reports First Quarter Fiscal 2023 Results and Updates Annual Guidance
Source: Business Wire
First Quarter:
Sales were $610 million, a 1% organic increase over the prior year
Operating profit was $144 million
Adjusted operating profit was $155 million, 25% of sales
Earnings per share were $1.81
Adjusted earnings per share were $1.95 compared to $2.07 in the prior year
Guidance:
Updating previously issued full-year fiscal 2023 guidance: revenue growth of 0% to 3% over record fiscal 2022 and adjusted earnings per diluted share in the range of $8.75 to $9.50 per share
Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal first quarter ended January 31, 2023. Sales were $610 million, comparable to the prior year’s first quarter sales of $609 million. The increase in first quarter 2023 sales includes an organic increase of 1% and a favorable acquisition impact of 3%, offset by unfavorable currency translation of 4%. The organic sales increase was driven by strong 9% combined growth in Europe and the Americas, partially offset by weakness in Asia Pacific, predominantly China.
Operating profit in the first quarter was $144 million. Adjusted operating profit, excluding transaction fees, severance and non-cash inventory charges associated with the CyberOptics acquisition, totaled $155 million, or 25% of sales, compared to prior year adjusted operating profit of $157 million. The operating profit, similar to sales, was comparable to the prior year as favorable organic and acquisitive growth was offset by an unfavorable 6% headwind from currency translation. EBITDA for the first quarter of 2023 totaled $181 million, or 30% of sales.
Net income was $104 million, or $1.81 earnings per diluted share. Adjusted net income was $112 million, a $9 million decrease from the prior year earnings of $122 million. The decrease was driven by increased interest expense and foreign currency losses. First quarter 2023 adjusted earnings per diluted share were $1.95, a 6% decrease over the prior year adjusted earnings per diluted share of $2.07.
“First quarter results were in line with our expectations. Our team delivered sales growth comparable to a record fiscal first quarter 2022 despite unfavorable currency headwinds, the timing of the Chinese New Year, and the unexpected negative impact from the spread of COVID-19 in China. Growth was driven by the benefits of our CyberOptics acquisition, as well as solid demand in industrial and medical interventional solutions product lines. The diversity of our geographies and product lines in Europe and Americas, as well as our steadfast dedication to advancing the NBS Next growth framework and responding to the needs of our customers, continues to deliver high quality business performance in dynamic market conditions,” said Sundaram Nagarajan, president and chief executive officer.
First Quarter Segment Results
Industrial Precision Solutions sales of $312 million represents a constant currency growth of 1% over the prior year, offset by unfavorable currency translation impacts. The organic growth of 1% was driven primarily by steady demand across most product lines and regions, offset by softness in the Asia Pacific region due to labor shortages from the spread of COVID-19, as well as the timing of Chinese New Year. Operating profit in the quarter was $102 million, or 33% of sales, comparable to the prior year first quarter.
Medical and Fluid Solutions sales of $154 million decreased 3% compared to the prior year first quarter. Organic sales decreased 1% and currency had an unfavorable impact of 2%. The organic sales decrease was driven by significant softness in the medical fluid components product lines and fluid solutions product lines in China, offset by strong demand for medical interventional solutions product lines. Operating profit totaled $39 million, or 26% of sales, a decrease of 20% compared to the prior year first quarter operating profit. The decreased segment profitability resulted from meaningful sales mix changes within medical product lines and related individual factory inefficiencies due to reduced volumes.
Advanced Technology Solutions sales of $145 million increased 14% compared to the prior year first quarter. Sales benefited from the acquisition impact of 14% and an increase in organic sales of 5%, partially offset by an unfavorable currency impact of 4%. The organic sales increase was driven by test and inspection product lines. Operating profit totaled $17 million. Adjusted operating profit, excluding non-cash inventory and other acquisition-related charges, totaled $27 million, or 19% of sales, which was comparable to the prior year first quarter operating profit. Improvements in profit from the acquisition were offset by unfavorable changes in sales mix and a 5% currency translation headwind.
Outlook
While the backlog remains robust at approximately $1 billion, the backlog is not consistent across the different businesses and is heavily weighted toward systems and medical interventional solutions. Order entry in recent weeks has decreased from the previous run rate and several customers have been pushing delivery dates out into the second half of fiscal 2023. Based on our current visibility, the Company is updating its previously issued full-year revenue growth guidance to 0% to 3% over record fiscal 2022 and narrowing its adjusted earnings guidance to the range of $8.75 to $9.50.
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Tuesday, February 21, 2023, at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. For persons unable to listen to the live broadcast, a replay will be available for 14 days after the event. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com.
Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions, including the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflict between Russia and Ukraine, acts of terror, natural disasters and pandemics, including the coronavirus (COVID-19) pandemic and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.
Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serves global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, www.twitter.com/Nordson_Corp or www.facebook.com/nordson.
NORDSON CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands except for per-share amounts)
Three Months Ended
January 31,
2023
January 31,
2022
Sales
$
610,477
$
609,166
Cost of sales
281,610
269,032
Gross profit
328,867
340,134
Gross margin %
53.9
%
55.8
%
Selling & administrative expenses
184,648
184,274
Operating profit
144,219
155,860
Interest expense - net
(9,943
)
(5,185
)
Other income (expense) - net
(3,196
)
1,292
Income before income taxes
131,080
151,967
Income taxes
26,819
31,558
Net income
$
104,261
$
120,409
Weighted-average common shares outstanding:
Basic
57,170
58,152
Diluted
57,762
58,819
Earnings per share:
Basic earnings
$
1.82
$
2.07
Diluted earnings
$
1.81
$
2.05
NORDSON CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
January 31, 2023
October 31, 2022
Cash and cash equivalents
$
121,994
$
163,457
Receivables - net
546,649
537,313
Inventories - net
447,727
383,398
Other current assets
62,046
48,803
Total current assets
1,178,416
1,132,971
Property, plant & equipment - net
361,447
353,442
Goodwill
2,107,113
1,804,693
Other assets
590,447
529,269
$
4,237,423
$
3,820,375
Current maturities of long-term debt and notes payable
$
420,947
$
392,537
Accounts payable and accrued liabilities
404,514
441,666
Total current liabilities
825,461
834,203
Long-term debt
595,166
345,320
Other liabilities
370,111
346,477
Total shareholders' equity
2,446,685
2,294,375
$
4,237,423
$
3,820,375
NORDSON CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(Dollars in thousands)
Three Months Ended
January 31,
2023
January 31,
2022
Cash flows from operating activities:
Net income
$
104,261
$
120,409
Depreciation and amortization
26,434
25,390
Other non-cash items
6,224
11,023
Changes in working capital
(58,371
)
(29,217
)
Other
44,789
(9,518
)
Net cash provided by operating activities
123,337
118,087
Cash flows from investing activities:
Additions to property, plant and equipment
(9,302
)
(12,491
)
Acquisition of businesses, net of cash acquired
(377,843
)
(171,613
)
Other - net
9
7
Net cash used in investing activities
(387,136
)
(184,097
)
Cash flows from financing activities:
Issuance (repayment) of long-term debt
252,278
(1,257
)
Repayment of finance lease obligations
(1,318
)
(1,640
)
Dividends paid
(37,199
)
(29,724
)
Issuance of common shares
8,807
5,721
Purchase of treasury shares
(6,875
)
(35,002
)
Net cash provided (used) in financing activities
215,693
(61,902
)
Effect of exchange rate change on cash:
6,643
(1,521
)
Net change in cash and cash equivalents
(41,463
)
(129,433
)
Cash and cash equivalents:
Beginning of period
163,457
299,972
End of period
$
121,994
$
170,539
NORDSON CORPORATION
SALES BY GEOGRAPHIC SEGMENT (Unaudited)
(Dollars in thousands)
Three Months Ended
Sales Variance
January 31,
2023
January 31,
2022
Organic
Acquisitions
Currency
Total
SALES BY SEGMENT
Industrial precision solutions
$
311,546
$
323,933
1.2
%
—
%
(5.0
) %
(3.8
) %
Medical and fluid solutions
154,287
158,784
(0.8
) %
—
%
(2.0
) %
(2.8
) %
Advanced technology solutions
144,644
126,449
4.6
%
13.5
%
(3.7
) %
14.4
%
Total sales
$
610,477
$
609,166
1.4
%
2.8
%
(4.0
) %
0.2
%
SALES BY GEOGRAPHIC REGION
Americas
$
264,878
$
239,901
8.6
%
2.1
%
(0.3
) %
10.4
%
Europe
162,939
155,985
10.7
%
1.3
%
(7.5
) %
4.5
%
Asia Pacific
182,660
213,280
(13.3
) %
4.7
%
(5.8
) %
(14.4
) %
Total sales
$
610,477
$
609,166
1.4
%
2.8
%
(4.0
) %
0.2
%
NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED OPERATING PROFIT AND EBITDA (Unaudited)
(Dollars in thousands)
Three Months Ended
January 31, 2023
January 31, 2022
SALES BY SEGMENT
Industrial precision solutions
$
311,546
$
323,933
Medical and fluid solutions
154,287
158,784
Advanced technology solutions
144,644
126,449
Total sales
$
610,477
$
609,166
OPERATING PROFIT
Industrial precision solutions
$
102,319
$
102,187
Medical and fluid solutions
39,384
49,093
Advanced technology solutions
16,963
27,234
Corporate
(14,447
)
(22,654
)
Total operating profit
$
144,219
$
155,860
OPERATING PROFIT ADJUSTMENTS (1)
Industrial precision solutions
$
—
$
1,563
Advanced technology solutions
10,295
—
Total adjustments
$
10,295
$
1,563
ADJUSTED OPERATING PROFIT (NON-GAAP) (2)
% of Sales
% of Sales
Industrial precision solutions
$
102,319
33
%
$
103,750
32
%
Medical and fluid solutions
39,384
26
%
49,093
31
%
Advanced technology solutions
27,258
19
%
27,234
22
%
Corporate
(14,447
)
(22,654
)
Total operating profit - adjusted
$
154,514
25
%
$
157,423
26
%
DEPRECIATION & AMORTIZATION
Industrial precision solutions
$
6,845
$
7,442
Medical and fluid solutions
13,625
13,547
Advanced technology solutions
3,812
2,263
Corporate
2,152
2,138
Total depreciation & amortization
$
26,434
$
25,390
EBITDA (NON-GAAP) (2)
Industrial precision solutions
$
109,164
35
%
$
111,192
34
%
Medical and fluid solutions
53,009
34
%
62,640
39
%
Advanced technology solutions
31,070
21
%
29,497
23
%
Corporate
(12,295
)
(20,516
)
Total EBITDA
$
180,948
30
%
$
182,813
30
%
(1)
Represents fees, severance and non-cash inventory charges associated with acquisitions.
(2)
Adjusted operating profit and EBITDA are non-GAAP measures used by management to evaluate the Company's ongoing operations. Adjusted operating profit is defined as operating profit plus certain adjustments, such as fees, severance and non-cash inventory charges associated with acquisitions. EBITDA is defined as adjusted operating profit plus depreciation and amortization.
NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - PROFITABILITY (Unaudited)
(Dollars in thousands)
Three Months Ended
January 31, 2023
January 31, 2022
GAAP AS REPORTED
Operating profit
$
144,219
$
155,860
Other / interest expense - net
(13,139
)
(3,893
)
Net income
104,261
120,409
Diluted earnings per share
$
1.81
$
2.05
Shares outstanding - diluted
57,762
58,819
OPERATING PROFIT ADJUSTMENTS
Inventory step-up amortization
$
4,306
$
1,563
Severance and other
5,989
—
Total adjustments
$
10,295
$
1,563
Adjustments net of tax
$
8,189
$
1,238
EPS effect of adjustments and other discrete tax items
$
0.14
$
0.02
NON-GAAP MEASURES-ADJUSTED PROFITABILITY
Operating profit (1)
$
154,514
$
157,423
Operating profit % of sales
25.3
%
25.8
%
Net income (2)
$
112,450
$
121,647
Diluted earnings per share (3)
$
1.95
$
2.07
(1)
Adjusted operating profit is defined as operating profit plus certain adjustments, such as fees, severance, and non-cash inventory charges related to acquisitions. Adjusted operating profit as a percentage of sales is defined as adjusted operating profit divided by sales.
(2)
Adjusted net income is defined as net income plus tax effected adjustments and other discrete tax items.
(3)
Adjusted earnings per share is defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items.
The Company also uses the non-GAAP financial measure “constant currency” sales or sales “on a constant currency basis” to show changes in our revenue without giving effect to period-to-period currency fluctuations. Constant currency is defined as sales growth excluding the impacts of changes in foreign currencies. We express period over period revenue variances that are calculated in constant currency as a percentage. Because the reconciliation is inherent in the disclosure, we believe that a separate reconciliation would not provide any benefit.
Management uses these non-GAAP measures internally to make strategic decisions, forecast future results, and evaluate the Company's current performance. Given management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in the Company's core business across different time periods. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to other companies' non-GAAP financial measures, even if they have similar names. Amounts may not add due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230220005225/en/
Lara Mahoney
Vice President, Investor Relations & Corporate Communications
440.204.9985
Lara.Mahoney@nordson.com
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