Nordson Corporation Reports a Strong Fourth Quarter and Record Fiscal Year 2022 Results
Nordson Corporation (Nasdaq: NDSN) has reported impressive fiscal fourth quarter 2022 results, with sales reaching $684 million, marking a 14% year-over-year increase due to 18% organic growth. Operating profit rose to $178 million, up 17%, while diluted earnings per share grew to $2.44, representing a 30% increase. For the full year, Nordson achieved record sales of $2.6 billion, a 10% rise, and earnings per share of $8.81, reflecting a 22% increase. Looking ahead, Nordson expects sales growth of 1% to 7% and adjusted earnings between $8.75 and $10.10 for fiscal 2023.
- Fourth quarter sales increased by 14% year-over-year to $684 million.
- Record full year sales of $2.6 billion, a 10% increase.
- Operating profit for Q4 rose to $178 million, up 17% from last year.
- Diluted earnings per share for Q4 increased to $2.44, a 30% increase.
- Anticipated sales growth for fiscal 2023 in the range of 1% to 7%.
- Unfavorable currency translation affected sales by 8% in Q4.
- First quarter 2023 guidance indicates unfavorable currency impacts of approximately 4% on sales and 7% on earnings.
Fourth Quarter:
-
Sales were
, a$684 million 14% year-over-year increase,18% organic -
Operating profit was
, a$178 million 17% increase over prior year -
Earnings were
per diluted share, a$2.44 30% increase from prior year earnings per share
Full Year:
- Full year sales, operating profit, and earnings per share were all Company records
-
Sales were
, a$2.6 billion 10% year-over-year increase -
Earnings were
per diluted share; adjusted earnings were$8.81 per diluted share, a$9.43 22% increase from prior year adjusted earnings per share
2023 Guidance:
-
Fiscal 2023 forecasted sales growth of
1% to7% and adjusted earnings in the range of to$8.75 per share$10.10
Operating profit in the quarter was
Net income was
Commenting on the Company’s fiscal 2022 fourth quarter results, Nordson President and Chief Executive Officer
Fourth Quarter Segment Results
Industrial Precision Solutions sales of
Medical and Fluid Solutions sales of
“Our fourth quarter 2022 performance was a strong finish to a record year with double-digit organic sales growth in nearly all end markets. It was a dynamic quarter with increasing currency headwinds, continued inflationary pressure and a less favorable sales mix pressuring gross margins; however, the strong volume growth and related leverage still delivered targeted organic incremental operating profit margins of
Fiscal 2022 Full Year Results
Sales for the fiscal year ended
Adjusted operating profit, excluding non-recurring acquisition and facility consolidation costs, was
Outlook
Following two consecutive years of record setting performance and a strong finish to fiscal 2022, we enter fiscal 2023 with approximately
Based on the combination of order entry, backlog, customer delivery timing requests and current exchange rates, we anticipate delivering sales growth in the range of
First quarter 2023 sales are forecasted in the range of
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on
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,
|
|||||||||||||||
CONSOLIDATED STATEMENT OF INCOME (Unaudited) |
|||||||||||||||
(Dollars in thousands except for per-share amounts) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Sales |
$ |
683,581 |
|
|
$ |
599,247 |
|
|
$ |
2,590,278 |
|
|
$ |
2,362,209 |
|
Cost of sales |
|
320,398 |
|
|
|
268,097 |
|
|
|
1,163,742 |
|
|
|
1,038,129 |
|
Gross profit |
|
363,183 |
|
|
|
331,150 |
|
|
|
1,426,536 |
|
|
|
1,324,080 |
|
Gross margin % |
|
53.1 |
% |
|
|
55.3 |
% |
|
|
55.1 |
% |
|
|
56.1 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling & administrative expenses |
|
185,574 |
|
|
|
179,715 |
|
|
|
724,176 |
|
|
|
708,953 |
|
Operating profit |
|
177,609 |
|
|
|
151,435 |
|
|
|
702,360 |
|
|
|
615,127 |
|
|
|
|
|
|
|
|
|
||||||||
Interest expense - net |
|
(5,095 |
) |
|
|
(4,452 |
) |
|
|
(20,387 |
) |
|
|
(23,341 |
) |
Other income (expense) - net |
|
5,026 |
|
|
|
(6,874 |
) |
|
|
(32,694 |
) |
|
|
(17,610 |
) |
Income before income taxes |
|
177,540 |
|
|
|
140,109 |
|
|
|
649,279 |
|
|
|
574,176 |
|
|
|
|
|
|
|
|
|
||||||||
Income taxes |
|
36,291 |
|
|
|
29,649 |
|
|
|
136,176 |
|
|
|
119,808 |
|
|
|
|
|
|
|
|
|
||||||||
Net Income |
$ |
141,249 |
|
|
$ |
110,460 |
|
|
$ |
513,103 |
|
|
$ |
454,368 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
57,170 |
|
|
|
58,123 |
|
|
|
57,629 |
|
|
|
58,091 |
|
Diluted |
|
57,823 |
|
|
|
58,792 |
|
|
|
58,249 |
|
|
|
58,734 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic earnings |
$ |
2.47 |
|
|
$ |
1.90 |
|
|
$ |
8.90 |
|
|
$ |
7.82 |
|
Diluted earnings |
$ |
2.44 |
|
|
$ |
1.88 |
|
|
$ |
8.81 |
|
|
$ |
7.74 |
|
|
|||||
CONSOLIDATED BALANCE SHEET (Unaudited) |
|||||
(Dollars in thousands) |
|||||
|
|
|
|
||
|
|
|
|
||
Cash and cash equivalents |
$ |
163,457 |
|
$ |
299,972 |
Receivables - net |
|
537,313 |
|
|
489,389 |
Inventories - net |
|
383,398 |
|
|
327,195 |
Other current assets |
|
48,803 |
|
|
48,282 |
Total current assets |
|
1,132,971 |
|
|
1,164,838 |
|
|
|
|
||
Property, plant & equipment - net |
|
353,442 |
|
|
355,565 |
|
|
1,804,693 |
|
|
1,713,148 |
Other assets |
|
529,269 |
|
|
557,410 |
|
$ |
3,820,375 |
|
$ |
3,790,961 |
|
|
|
|
||
Notes payable and debt due within one year |
$ |
392,537 |
|
$ |
34,188 |
Accounts payable and accrued liabilities |
|
441,666 |
|
|
411,206 |
Total current liabilities |
|
834,203 |
|
|
445,394 |
|
|
|
|
||
Long-term debt |
|
345,320 |
|
|
781,709 |
Other liabilities |
|
346,477 |
|
|
404,728 |
Total shareholders' equity |
|
2,294,375 |
|
|
2,159,130 |
|
$ |
3,820,375 |
|
$ |
3,790,961 |
|
|
|
|
|
|||||||
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) |
|||||||
(Dollars in thousands) |
|||||||
|
Twelve Months Ended |
||||||
|
|
|
|
||||
|
|
|
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net Income |
$ |
513,103 |
|
|
$ |
454,368 |
|
Depreciation and amortization |
|
99,923 |
|
|
|
103,883 |
|
Other non-cash items |
|
63,174 |
|
|
|
32,356 |
|
Changes in working capital |
|
(107,314 |
) |
|
|
29,011 |
|
Other |
|
(55,755 |
) |
|
|
(73,691 |
) |
Net cash provided by operating activities |
|
513,131 |
|
|
|
545,927 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Additions to property, plant and equipment |
|
(51,428 |
) |
|
|
(38,303 |
) |
Acquisitions |
|
(171,613 |
) |
|
|
— |
|
Other - net |
|
280 |
|
|
|
5,134 |
|
Net cash used in investing activities |
|
(222,761 |
) |
|
|
(33,169 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Repayment of long-term debt |
|
(33,908 |
) |
|
|
(289,416 |
) |
Repayment of finance lease obligations |
|
(5,439 |
) |
|
|
(6,624 |
) |
Dividends paid |
|
(125,914 |
) |
|
|
(97,683 |
) |
Issuance of common shares |
|
12,124 |
|
|
|
31,780 |
|
Purchase of treasury shares |
|
(262,869 |
) |
|
|
(60,970 |
) |
Net cash used in financing activities |
|
(416,006 |
) |
|
|
(422,913 |
) |
|
|
|
|
||||
Effect of exchange rate change on cash |
|
(10,879 |
) |
|
|
1,834 |
|
Net change in cash and cash equivalents |
|
(136,515 |
) |
|
|
91,679 |
|
|
|
|
|
||||
Cash and cash equivalents: |
|
|
|
||||
Beginning of period |
|
299,972 |
|
|
|
208,293 |
|
End of period |
$ |
163,457 |
|
|
$ |
299,972 |
|
|
|
|
|
|
|||||||||||||||||
SALES BY GEOGRAPHIC SEGMENT (Unaudited) |
|||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||
|
Three Months Ended |
|
Sales Variance |
||||||||||||||
|
|
|
|
|
Organic |
|
Acquisitions
|
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial precision solutions |
$ |
355,659 |
|
$ |
314,307 |
|
15.5 |
% |
|
7.4 |
% |
|
(9.7 |
) % |
|
13.2 |
% |
Medical and fluid solutions |
|
181,342 |
|
|
163,504 |
|
14.6 |
% |
|
— |
% |
|
(3.7 |
) % |
|
10.9 |
% |
Advanced technology solutions |
|
146,580 |
|
|
121,436 |
|
27.8 |
% |
|
— |
% |
|
(7.1 |
) % |
|
20.7 |
% |
Total sales |
$ |
683,581 |
|
$ |
599,247 |
|
17.8 |
% |
|
3.9 |
% |
|
(7.6 |
) % |
|
14.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
303,738 |
|
|
250,570 |
|
18.1 |
% |
|
3.9 |
% |
|
(0.8 |
) % |
|
21.2 |
% |
|
|
165,702 |
|
|
163,592 |
|
12.3 |
% |
|
3.9 |
% |
|
(14.9 |
) % |
|
1.3 |
% |
|
|
214,141 |
|
|
185,085 |
|
22.3 |
% |
|
3.7 |
% |
|
(10.3 |
) % |
|
15.7 |
% |
Total sales |
$ |
683,581 |
|
$ |
599,247 |
|
17.8 |
% |
|
3.9 |
% |
|
(7.6 |
) % |
|
14.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Twelve Months Ended |
|
Sales Variance |
||||||||||||||
|
|
|
|
|
Organic |
|
Acquisitions
|
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial precision solutions |
$ |
1,337,242 |
|
$ |
1,246,947 |
|
7.0 |
% |
|
6.1 |
% |
|
(5.9 |
) % |
|
7.2 |
% |
Medical and fluid solutions |
|
690,177 |
|
|
641,654 |
|
9.7 |
% |
|
— |
% |
|
(2.1 |
) % |
|
7.6 |
% |
Advanced technology solutions |
|
562,859 |
|
|
473,608 |
|
22.4 |
% |
|
— |
% |
|
(3.6 |
) % |
|
18.8 |
% |
Total sales |
$ |
2,590,278 |
|
$ |
2,362,209 |
|
10.8 |
% |
|
3.3 |
% |
|
(4.4 |
) % |
|
9.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
1,096,596 |
|
|
969,110 |
|
10.9 |
% |
|
2.8 |
% |
|
(0.5 |
) % |
|
13.2 |
% |
|
|
645,603 |
|
|
617,492 |
|
10.7 |
% |
|
3.9 |
% |
|
(10.0 |
) % |
|
4.6 |
% |
|
|
848,079 |
|
|
775,607 |
|
11.0 |
% |
|
3.2 |
% |
|
(4.9 |
) % |
|
9.3 |
% |
Total sales |
$ |
2,590,278 |
|
$ |
2,362,209 |
|
10.8 |
% |
|
3.3 |
% |
|
(4.4 |
) % |
|
9.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED OPERATING PROFIT AND EBITDA (Unaudited) |
|||||||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Industrial precision solutions |
$ |
355,659 |
|
|
|
|
$ |
314,307 |
|
|
|
|
$ |
1,337,242 |
|
|
|
|
$ |
1,246,947 |
|
|
|
||||
Medical and fluid solutions |
|
181,342 |
|
|
|
|
|
163,504 |
|
|
|
|
|
690,177 |
|
|
|
|
|
641,654 |
|
|
|
||||
Advanced technology solutions |
|
146,580 |
|
|
|
|
|
121,436 |
|
|
|
|
|
562,859 |
|
|
|
|
|
473,608 |
|
|
|
||||
Total sales |
$ |
683,581 |
|
|
|
|
$ |
599,247 |
|
|
|
|
$ |
2,590,278 |
|
|
|
|
$ |
2,362,209 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
OPERATING PROFIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Industrial precision solutions |
$ |
110,387 |
|
|
|
|
$ |
102,677 |
|
|
|
|
$ |
434,476 |
|
|
|
|
$ |
414,192 |
|
|
|
||||
Medical and fluid solutions |
|
51,689 |
|
|
|
|
|
50,758 |
|
|
|
|
|
217,199 |
|
|
|
|
|
198,194 |
|
|
|
||||
Advanced technology solutions |
|
37,720 |
|
|
|
|
|
16,346 |
|
|
|
|
|
133,253 |
|
|
|
|
|
73,466 |
|
|
|
||||
Corporate |
|
(22,187 |
) |
|
|
|
|
(18,346 |
) |
|
|
|
|
(82,568 |
) |
|
|
|
|
(70,725 |
) |
|
|
||||
Total operating profit |
$ |
177,609 |
|
|
|
|
$ |
151,435 |
|
|
|
|
$ |
702,360 |
|
|
|
|
$ |
615,127 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
OPERATING PROFIT ADJUSTMENTS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Industrial precision solutions |
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
1,563 |
|
|
|
|
$ |
— |
|
|
|
||||
Medical and fluid solutions |
|
— |
|
|
|
|
|
— |
|
|
|
|
|
2,498 |
|
|
|
|
|
— |
|
|
|
||||
Corporate |
|
— |
|
|
|
|
|
— |
|
|
|
|
|
897 |
|
|
|
|
|
— |
|
|
|
||||
Total adjustments |
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
4,958 |
|
|
|
|
$ |
— |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
ADJUSTED OPERATING PROFIT (NON-GAAP) |
|
|
% of
|
|
|
|
% of
|
|
|
|
% of
|
|
|
|
% of
|
||||||||||||
Industrial precision solutions |
$ |
110,387 |
|
|
31 |
% |
|
$ |
102,677 |
|
|
33 |
% |
|
$ |
436,039 |
|
|
33 |
% |
|
$ |
414,192 |
|
|
33 |
% |
Medical and fluid solutions |
|
51,689 |
|
|
29 |
% |
|
|
50,758 |
|
|
31 |
% |
|
|
219,697 |
|
|
32 |
% |
|
|
198,194 |
|
|
31 |
% |
Advanced technology solutions |
|
37,720 |
|
|
26 |
% |
|
|
16,346 |
|
|
13 |
% |
|
|
133,253 |
|
|
24 |
% |
|
|
73,466 |
|
|
16 |
% |
Corporate |
|
(22,187 |
) |
|
|
|
|
(18,346 |
) |
|
|
|
|
(81,671 |
) |
|
|
|
|
(70,725 |
) |
|
|
||||
Total operating profit - adjusted |
$ |
177,609 |
|
|
26 |
% |
|
$ |
151,435 |
|
|
25 |
% |
|
$ |
707,318 |
|
|
27 |
% |
|
$ |
615,127 |
|
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
DEPRECIATION & AMORTIZATION |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Industrial precision solutions |
$ |
7,186 |
|
|
|
|
$ |
6,259 |
|
|
|
|
$ |
27,891 |
|
|
|
|
$ |
25,673 |
|
|
|
||||
Medical and fluid solutions |
|
12,528 |
|
|
|
|
|
14,033 |
|
|
|
|
|
54,674 |
|
|
|
|
|
56,600 |
|
|
|
||||
Advanced technology solutions |
|
2,075 |
|
|
|
|
|
2,954 |
|
|
|
|
|
8,780 |
|
|
|
|
|
11,826 |
|
|
|
||||
Corporate |
|
2,892 |
|
|
|
|
|
2,404 |
|
|
|
|
|
8,578 |
|
|
|
|
|
9,784 |
|
|
|
||||
Total depreciation & amortization |
$ |
24,681 |
|
|
|
|
$ |
25,650 |
|
|
|
|
$ |
99,923 |
|
|
|
|
$ |
103,883 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EBITDA (NON-GAAP) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Industrial precision solutions |
$ |
117,573 |
|
|
33 |
% |
|
$ |
108,936 |
|
|
35 |
% |
|
$ |
463,930 |
|
|
35 |
% |
|
$ |
439,865 |
|
|
35 |
% |
Medical and fluid solutions |
|
64,217 |
|
|
35 |
% |
|
|
64,791 |
|
|
40 |
% |
|
|
274,371 |
|
|
40 |
% |
|
|
254,794 |
|
|
40 |
% |
Advanced technology solutions |
|
39,795 |
|
|
27 |
% |
|
|
19,300 |
|
|
16 |
% |
|
|
142,033 |
|
|
25 |
% |
|
|
85,292 |
|
|
18 |
% |
Corporate |
|
(19,295 |
) |
|
|
|
|
(15,942 |
) |
|
|
|
|
(73,093 |
) |
|
|
|
|
(60,941 |
) |
|
|
||||
Total EBITDA |
$ |
202,290 |
|
|
30 |
% |
|
$ |
177,085 |
|
|
30 |
% |
|
$ |
807,241 |
|
|
31 |
% |
|
$ |
719,010 |
|
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Represents severance and non-cash inventory charges associated with the NDC acquisition. |
(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 severance and non-cash inventory charges associated with acquisitions or facility closures. EBITDA is defined as adjusted operating profit plus depreciation and amortization. |
|
|||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES - PROFITABILITY (Unaudited) |
|||||||||||||||
(Dollars in thousands) |
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
GAAP AS REPORTED |
|
|
|
|
|
|
|
||||||||
Operating profit |
$ |
177,609 |
|
|
$ |
151,435 |
|
|
$ |
702,360 |
|
|
$ |
615,127 |
|
Other / interest expense - net |
|
(69 |
) |
|
|
(11,326 |
) |
|
|
(53,081 |
) |
|
|
(40,951 |
) |
Net income |
|
141,249 |
|
|
|
110,460 |
|
|
|
513,103 |
|
|
|
454,368 |
|
Diluted earnings per share |
$ |
2.44 |
|
|
$ |
1.88 |
|
|
$ |
8.81 |
|
|
$ |
7.74 |
|
|
|
|
|
|
|
|
|
||||||||
Shares outstanding - diluted |
|
57,823 |
|
|
|
58,792 |
|
|
|
58,249 |
|
|
|
58,734 |
|
|
|
|
|
|
|
|
|
||||||||
OPERATING PROFIT ADJUSTMENTS |
|
|
|
|
|
|
|
||||||||
Inventory step-up amortization |
$ |
— |
|
|
$ |
— |
|
|
$ |
1,563 |
|
|
$ |
— |
|
Severance and other |
|
— |
|
|
|
— |
|
|
|
3,395 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
||||||||
NON-OPERATING EXPENSE ADJUSTMENTS |
|
|
|
|
|
|
|
||||||||
Pension settlement loss |
$ |
— |
|
|
$ |
— |
|
|
$ |
41,221 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
||||||||
Total adjustments |
$ |
— |
|
|
$ |
— |
|
|
$ |
46,179 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
||||||||
Adjustments net of tax |
$ |
— |
|
|
$ |
— |
|
|
$ |
36,494 |
|
|
$ |
— |
|
EPS effect of adjustments and other discrete tax items |
$ |
— |
|
|
$ |
— |
|
|
$ |
0.62 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
||||||||
NON-GAAP MEASURES-ADJUSTED PROFITABILITY |
|
|
|
|
|
|
|
||||||||
Operating profit (1) |
$ |
177,609 |
|
|
$ |
151,435 |
|
|
$ |
707,318 |
|
|
$ |
615,127 |
|
Operating profit % of sales |
|
26.0 |
% |
|
|
25.3 |
% |
|
|
27.3 |
% |
|
|
26.0 |
% |
Net income (2) |
$ |
141,249 |
|
|
$ |
110,460 |
|
|
$ |
549,597 |
|
|
$ |
454,368 |
|
Diluted earnings per share (3) |
$ |
2.44 |
|
|
$ |
1.88 |
|
|
$ |
9.43 |
|
|
$ |
7.74 |
|
(1) |
|
Adjusted operating profit is defined as operating profit plus certain adjustments, such as severance, non-cash inventory charges related to the NDC acquisition, and facility closures. 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. |
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/20221214005778/en/
Vice President,
Investor Relations & Corporate Communications
440.204.9985
Lara.Mahoney@nordson.com
Source:
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