Nordson Corporation Reports Fourth Quarter and Fiscal Year 2024 Results
Nordson (NDSN) reported fourth quarter 2024 results with sales of $744 million, up 4% year-over-year. The growth included 6% from acquisitions and 1% from favorable currency translation, offset by a 3% organic sales decrease. Q4 adjusted earnings were $2.78 per diluted share, up from $2.71 in the prior year.
For full fiscal year 2024, Nordson achieved record sales of $2.7 billion, a 2% increase from 2023, driven by 5% acquisition growth offset by 3% organic decline. EBITDA reached a record $849 million, representing 32% of sales. The company provided fiscal 2025 guidance with sales projected between $2,750-$2,870 million and adjusted earnings of $9.70-$10.50 per diluted share.
Nordson (NDSN) ha riportato i risultati del quarto trimestre 2024 con vendite di 744 milioni di dollari, in aumento del 4% rispetto all’anno precedente. La crescita includeva un 6% proveniente da acquisizioni e un 1% da un favorevole cambio valutario, compensato da una diminuzione organica delle vendite del 3%. Gli utili rettificati nel quarto trimestre sono stati di 2,78 dollari per azione diluita, rispetto ai 2,71 dollari dell'anno precedente.
Per l'intero anno fiscale 2024, Nordson ha raggiunto vendite record di 2,7 miliardi di dollari, con un incremento del 2% rispetto al 2023, sostenuto da una crescita del 5% delle acquisizioni, compensata da un calo organico del 3%. L'EBITDA ha toccato un record di 849 milioni di dollari, pari al 32% delle vendite. L'azienda ha fornito una guida per l'anno fiscale 2025, con vendite previste tra 2.750-2.870 milioni di dollari e utili rettificati di 9,70-10,50 dollari per azione diluita.
Nordson (NDSN) informó sobre los resultados del cuarto trimestre de 2024 con ventas de 744 millones de dólares, un aumento del 4% interanual. El crecimiento incluyó un 6% de adquisiciones y un 1% de una favorable traducción de divisas, compensado por una disminución del 3% en las ventas orgánicas. Las ganancias ajustadas en el cuarto trimestre fueron de 2,78 dólares por acción diluida, frente a los 2,71 dólares del año anterior.
Para el año fiscal completo de 2024, Nordson alcanzó ventas récord de 2,7 mil millones de dólares, un aumento del 2% respecto a 2023, impulsado por un crecimiento del 5% en adquisiciones compensado por un declive orgánico del 3%. El EBITDA alcanzó un récord de 849 millones de dólares, lo que representa el 32% de las ventas. La compañía proporcionó orientación para el año fiscal 2025, con ventas proyectadas entre 2,750-2,870 millones de dólares y ganancias ajustadas de 9,70-10,50 dólares por acción diluida.
Nordson (NDSN)은 2024년 4분기 실적을 발표하였으며, 매출은 7억 4천4백만 달러로 지난해 대비 4% 증가했습니다. 이 성장에는 인수에서 발생한 6%와 유리한 환율 변동으로 인한 1%가 포함되었으며, 3%의 유기적 매출 감소로 상쇄되었습니다. 4분기 조정된 주당 순이익은 2.78달러로, 전년의 2.71달러에서 증가했습니다.
2024 회계연도 전체에 대해 Nordson은 27억 달러의 기록적인 매출을 달성했으며, 이는 2023년 대비 2% 증가한 것입니다. 5%의 인수 성장에 의해 주도되었으나 3%의 유기적 감소로 상쇄되었습니다. EBITDA는 8억 4천9백만 달러에 도달하여 매출의 32%를 차지했습니다. 회사는 2025 회계연도에 대한 가이드를 제공했으며, 예상 매출은 27억 5천만 - 28억 7천만 달러, 조정된 주당 순이익은 9.70 - 10.50 달러로 예상됩니다.
Nordson (NDSN) a annoncé ses résultats pour le quatrième trimestre 2024 avec des ventes de 744 millions de dollars, en hausse de 4 % par rapport à l'année précédente. Cette croissance comprend 6 % provenant d'acquisitions et 1 % d'une translation de devises favorable, compensée par une baisse organique des ventes de 3 %. Les bénéfices ajustés pour le quatrième trimestre s'élevaient à 2,78 dollars par action diluée, en hausse par rapport à 2,71 dollars l'an dernier.
Pour l'ensemble de l'exercice fiscal 2024, Nordson a atteint des ventes record de 2,7 milliards de dollars, soit une augmentation de 2 % par rapport à 2023, soutenue par une croissance de 5 % des acquisitions, compensée par un déclin organique de 3 %. L'EBITDA a atteint un record de 849 millions de dollars, représentant 32 % des ventes. L'entreprise a fourni des prévisions pour l'exercice fiscal 2025, avec un chiffre d'affaires prévu entre 2,750 et 2,870 millions de dollars et des bénéfices ajustés de 9,70 à 10,50 dollars par action diluée.
Nordson (NDSN) hat die Ergebnisse für das vierte Quartal 2024 bekanntgegeben, mit einem Umsatz von 744 Millionen Dollar, was einem Anstieg von 4 % im Vergleich zum Vorjahr entspricht. Das Wachstum umfasste 6 % aus Akquisitionen und 1 % aus positiven Währungsumrechnungen, während es durch einen Rückgang des organischen Umsatzes um 3 % ausgeglichen wurde. Die bereinigten Ergebnisse im vierten Quartal betrugen 2,78 Dollar pro verwässerter Aktie, ein Anstieg von 2,71 Dollar im Vorjahr.
Für das gesamte Geschäftsjahr 2024 erzielte Nordson Rekordumsätze von 2,7 Milliarden Dollar, was einem Anstieg von 2 % gegenüber 2023 entspricht, unterstützt durch ein Wachstum von 5 % aufgrund von Akquisitionen, das durch einen Rückgang des organischen Umsatzes um 3 % ausgeglichen wurde. Das EBITDA erreichte ein Rekordhoch von 849 Millionen Dollar, was 32 % des Umsatzes entspricht. Das Unternehmen gab eine Prognose für das Geschäftsjahr 2025 ab, mit einem voraussichtlichen Umsatz von 2.750 bis 2.870 Millionen Dollar und bereinigten Erträgen von 9,70 bis 10,50 Dollar pro verwässerter Aktie.
- Q4 sales increased 4% to $744 million
- Record full-year sales of $2.7 billion, up 2%
- Record EBITDA of $849 million, up 4% year-over-year
- Strong free cash flow conversion at 105% of net income
- Atrion Medical acquisition contributing positively
- Q4 organic sales decreased 3%
- Full-year organic volume decreased 3%
- Q4 net income declined to $122 million from $128 million year-over-year
- Full-year net income decreased to $467 million from $487 million
Insights
Fourth Quarter:
-
Sales were
$744 million 4% increase over prior year -
Earnings per diluted share were
$2.12 -
Adjusted earnings per diluted share were
$2.78 - Atrion Medical acquisition integration progressing well
Full Year:
-
Record sales of
$2.7 billion 2% growth over last year’s record sales -
Earnings per diluted share were
$8.11 -
EBITDA was a record
$849 million 4% over prior year and32% of sales -
Adjusted earnings per diluted share were
$9.73
Fiscal 2025 Guidance:
-
Fiscal 2025 forecasted sales range between
$2,750 $2,870 million $9.70 $10.50
Net income was
EBITDA in the fourth quarter was
Commenting on the Company’s fiscal 2024 fourth quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “I appreciate our team’s focus and commitment to our customers, which delivered results above our fourth quarter guidance expectations. Our Advanced Technology Solutions segment delivered year-over-year fourth quarter sales growth, as electronics demand continued to steadily improve at fiscal year-end. During the down electronics cycle, our ATS team holistically implemented the NBS Next growth framework, making them responsive to the needs of our customers while also delivering a strong incremental operating performance. Our industrial product lines performed well against record comparisons from prior year. I’m also pleased with the early integration of our Atrion Medical acquisition, which contributed positively to the quarter.”
Fourth Quarter Segment Results
Industrial Precision Solutions sales of
Medical and Fluid Solutions sales of
Advanced Technology Solutions sales of
Fiscal 2024 Full Year Results
Sales for the fiscal year ended October 31, 2024, were a record
Net income was
EBITDA was
Reflecting on fiscal 2024, Mr. Nagarajan continued, “In 2021, we launched our Ascend strategy with the milestone of achieving
Outlook
Following four consecutive years of record-setting performance, we enter fiscal 2025 with approximately
Based on the combination of order entry, backlog, current exchange rates and anticipated end market expectations, we anticipate delivering sales in the range of
First quarter fiscal 2025 sales are forecasted in the range of
Commenting on fiscal 2025 guidance, Nagarajan said, “Considering the evolving global macro-environment, we are entering 2025 with a conservative viewpoint. The fiscal first quarter is seasonally Nordson’s weakest quarter due to the holiday and calendar year-end slowdowns and cautious customer spending. While we remain confident about the long-term growth drivers of our end markets, we are being prudent about our expectations for end market recovery timing, particularly for our electronics and agricultural product lines. Even in uncertain times, our team delivers operational excellence and strong cash flow due to our close-to-the-customer business model, diversified niche end markets, differentiated products and the NBS Next growth framework.”
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, December 12, 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.
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,
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
NORDSON CORPORATION |
|||||||||||||||
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
|
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
October 31, 2024 |
|
October 31, 2023 |
|
October 31, 2024 |
|
October 31, 2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Sales |
$ |
744,482 |
|
|
$ |
719,313 |
|
|
$ |
2,689,921 |
|
|
$ |
2,628,632 |
|
Cost of sales |
|
341,658 |
|
|
|
335,220 |
|
|
|
1,203,792 |
|
|
|
1,203,227 |
|
Gross profit |
|
402,824 |
|
|
|
384,093 |
|
|
|
1,486,129 |
|
|
|
1,425,405 |
|
Gross margin % |
|
54.1 |
% |
|
|
53.4 |
% |
|
|
55.2 |
% |
|
|
54.2 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling & administrative expenses |
|
223,932 |
|
|
|
199,054 |
|
|
|
812,128 |
|
|
|
752,644 |
|
Operating profit |
|
178,892 |
|
|
|
185,039 |
|
|
|
674,001 |
|
|
|
672,761 |
|
|
|
|
|
|
|
|
|
||||||||
Interest expense - net |
|
(27,282 |
) |
|
|
(25,921 |
) |
|
|
(84,011 |
) |
|
|
(56,825 |
) |
Other income (expense) - net |
|
(3,538 |
) |
|
|
1,462 |
|
|
|
(4,509 |
) |
|
|
(597 |
) |
Income before income taxes |
|
148,072 |
|
|
|
160,580 |
|
|
|
585,481 |
|
|
|
615,339 |
|
|
|
|
|
|
|
|
|
||||||||
Income taxes |
|
25,904 |
|
|
|
32,802 |
|
|
|
118,197 |
|
|
|
127,846 |
|
|
|
|
|
|
|
|
|
||||||||
Net Income |
$ |
122,168 |
|
|
$ |
127,778 |
|
|
$ |
467,284 |
|
|
$ |
487,493 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
57,188 |
|
|
|
57,020 |
|
|
|
57,176 |
|
|
|
57,090 |
|
Diluted |
|
57,603 |
|
|
|
57,552 |
|
|
|
57,616 |
|
|
|
57,631 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic earnings |
$ |
2.14 |
|
|
$ |
2.24 |
|
|
$ |
8.17 |
|
|
$ |
8.54 |
|
Diluted earnings |
$ |
2.12 |
|
|
$ |
2.22 |
|
|
$ |
8.11 |
|
|
$ |
8.46 |
|
NORDSON CORPORATION |
|||||
CONSOLIDATED BALANCE SHEET (Unaudited)
|
|||||
|
October 31, 2024 |
|
October 31, 2023 |
||
|
|
|
|
||
Cash and cash equivalents |
$ |
115,952 |
|
$ |
115,679 |
Receivables - net |
|
594,663 |
|
|
590,886 |
Inventories - net |
|
476,935 |
|
|
454,775 |
Other current assets |
|
87,482 |
|
|
67,970 |
Total current assets |
|
1,275,032 |
|
|
1,229,310 |
|
|
|
|
||
Property, plant & equipment - net |
|
544,607 |
|
|
392,846 |
Goodwill |
|
3,280,819 |
|
|
2,784,201 |
Other assets |
|
900,508 |
|
|
845,413 |
|
$ |
6,000,966 |
|
$ |
5,251,770 |
|
|
|
|
||
Notes payable and debt due within one year |
$ |
103,928 |
|
$ |
115,662 |
Accounts payable and accrued liabilities |
|
424,549 |
|
|
466,427 |
Total current liabilities |
|
528,477 |
|
|
582,089 |
|
|
|
|
||
Long-term debt |
|
2,101,197 |
|
|
1,621,394 |
Other liabilities |
|
439,100 |
|
|
450,227 |
Total shareholders' equity |
|
2,932,192 |
|
|
2,598,060 |
|
$ |
6,000,966 |
|
$ |
5,251,770 |
NORDSON CORPORATION |
|||||||
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
|
|||||||
|
Twelve Months Ended |
||||||
|
October 31, 2024 |
|
October 31, 2023 |
||||
|
|
|
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net Income |
$ |
467,284 |
|
|
$ |
487,493 |
|
Depreciation and amortization |
|
136,175 |
|
|
|
111,898 |
|
Other non-cash items |
|
5,883 |
|
|
|
16,105 |
|
Changes in operating assets and liabilities and other |
|
(53,149 |
) |
|
|
25,786 |
|
Net cash provided by operating activities |
|
556,193 |
|
|
|
641,282 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Additions to property, plant and equipment |
|
(64,410 |
) |
|
|
(34,583 |
) |
Acquisitions of businesses, net of cash acquired |
|
(789,996 |
) |
|
|
(1,422,780 |
) |
Other - net |
|
10,008 |
|
|
|
20,484 |
|
Net cash used in investing activities |
|
(844,398 |
) |
|
|
(1,436,879 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Issuance (repayment) of long-term debt |
|
464,353 |
|
|
|
976,043 |
|
Repayment of finance lease obligations |
|
(6,148 |
) |
|
|
(6,840 |
) |
Dividends paid |
|
(161,438 |
) |
|
|
(150,356 |
) |
Issuance of common shares |
|
31,067 |
|
|
|
21,373 |
|
Purchase of treasury shares |
|
(33,339 |
) |
|
|
(89,708 |
) |
Net cash provided by financing activities |
|
294,495 |
|
|
|
750,512 |
|
|
|
|
|
||||
Effect of exchange rate change on cash |
|
(6,017 |
) |
|
|
(2,693 |
) |
Net change in cash and cash equivalents |
|
273 |
|
|
|
(47,778 |
) |
|
|
|
|
||||
Cash and cash equivalents: |
|
|
|
||||
Beginning of period |
|
115,679 |
|
|
|
163,457 |
|
End of period |
$ |
115,952 |
|
|
$ |
115,679 |
|
NORDSON CORPORATION |
|||||||||||||||||
SALES BY GEOGRAPHIC SEGMENT (Unaudited)
|
|||||||||||||||||
|
Three Months Ended |
|
Sales Variance |
||||||||||||||
|
October 31, 2024 |
|
October 31, 2023 |
|
Organic |
|
Acquisitions |
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial precision solutions |
$ |
392,150 |
|
$ |
405,436 |
|
(5.5 |
)% |
|
1.2 |
% |
|
1.0 |
% |
|
(3.3 |
)% |
Medical and fluid solutions |
|
200,223 |
|
|
168,632 |
|
(3.2 |
)% |
|
21.4 |
% |
|
0.5 |
% |
|
18.7 |
% |
Advanced technology solutions |
|
152,109 |
|
|
145,245 |
|
3.9 |
% |
|
— |
% |
|
0.8 |
% |
|
4.7 |
% |
Total sales |
$ |
744,482 |
|
$ |
719,313 |
|
(3.0 |
)% |
|
5.7 |
% |
|
0.8 |
% |
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
323,170 |
|
|
315,635 |
|
(6.0 |
)% |
|
8.9 |
% |
|
(0.5 |
)% |
|
2.4 |
% |
|
|
185,350 |
|
|
184,297 |
|
(6.6 |
)% |
|
4.6 |
% |
|
2.6 |
% |
|
0.6 |
% |
|
|
235,962 |
|
|
219,381 |
|
4.2 |
% |
|
2.0 |
% |
|
1.4 |
% |
|
7.6 |
% |
Total sales |
$ |
744,482 |
|
$ |
719,313 |
|
(3.0 |
)% |
|
5.7 |
% |
|
0.8 |
% |
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Twelve Months Ended |
|
Sales Variance |
||||||||||||||
|
October 31, 2024 |
|
October 31, 2023 |
|
Organic |
|
Acquisitions |
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial precision solutions |
$ |
1,484,249 |
|
$ |
1,391,046 |
|
0.1 |
% |
|
6.6 |
% |
|
— |
% |
|
6.7 |
% |
Medical and fluid solutions |
|
695,452 |
|
|
660,316 |
|
(0.2 |
)% |
|
5.4 |
% |
|
0.1 |
% |
|
5.3 |
% |
Advanced technology solutions |
|
510,220 |
|
|
577,270 |
|
(11.4 |
)% |
|
— |
% |
|
(0.2 |
)% |
|
(11.6 |
)% |
Total sales |
$ |
2,689,921 |
|
$ |
2,628,632 |
|
(2.5 |
)% |
|
4.8 |
% |
|
— |
% |
|
2.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
1,178,626 |
|
|
1,149,760 |
|
(1.9 |
)% |
|
4.3 |
% |
|
0.1 |
% |
|
2.5 |
% |
|
|
726,100 |
|
|
682,676 |
|
(5.1 |
)% |
|
10.2 |
% |
|
1.3 |
% |
|
6.4 |
% |
|
|
785,195 |
|
|
796,196 |
|
(1.0 |
)% |
|
1.0 |
% |
|
(1.4 |
)% |
|
(1.4 |
)% |
Total sales |
$ |
2,689,921 |
|
$ |
2,628,632 |
|
(2.5 |
)% |
|
4.8 |
% |
|
— |
% |
|
2.3 |
% |
NORDSON CORPORATION |
||||||||
RECONCILIATION OF NON-GAAP MEASURES - NET INCOME TO EBITDA (Unaudited)
|
||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|||||
|
October 31, 2024 |
|
October 31, 2023 |
|
October 31, 2024 |
|
October 31, 2023 |
|
Net income |
122,168 |
|
127,778 |
|
|
467,284 |
|
487,493 |
Income taxes |
25,904 |
|
32,802 |
|
|
118,197 |
|
127,846 |
Interest expense - net |
27,282 |
|
25,921 |
|
|
84,011 |
|
56,825 |
Other expense - net |
3,538 |
|
(1,462 |
) |
|
4,509 |
|
597 |
Depreciation and amortization |
36,528 |
|
31,261 |
|
|
136,175 |
|
111,898 |
Inventory step-up amortization (1) |
4,759 |
|
4,556 |
|
|
7,703 |
|
8,862 |
Severance and other (1) |
12,717 |
|
— |
|
|
17,332 |
|
5,487 |
Acquisition-related costs (1) |
8,200 |
|
6,244 |
|
|
13,957 |
|
19,966 |
EBITDA (non-GAAP) (2) |
241,096 |
|
227,100 |
|
|
849,168 |
|
818,974 |
(1) |
Represents severance 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 severance, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization. |
||
NORDSON CORPORATION |
|||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES - EBITDA (Unaudited)
|
|||||||||||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
October 31, 2024 |
|
October 31, 2023 |
|
October 31, 2024 |
|
October 31, 2023 |
||||||||||||||||||||
SALES BY SEGMENT |
|||||||||||||||||||||||||||
Industrial precision solutions |
$ |
392,150 |
|
|
|
|
$ |
405,436 |
|
|
|
|
$ |
1,484,249 |
|
|
|
|
$ |
1,391,046 |
|
|
|
||||
Medical and fluid solutions |
|
200,223 |
|
|
|
|
|
168,632 |
|
|
|
|
|
695,452 |
|
|
|
|
|
660,316 |
|
|
|
||||
Advanced technology solutions |
|
152,109 |
|
|
|
|
|
145,245 |
|
|
|
|
|
510,220 |
|
|
|
|
|
577,270 |
|
|
|
||||
Total sales |
$ |
744,482 |
|
|
|
|
$ |
719,313 |
|
|
|
|
$ |
2,689,921 |
|
|
|
|
$ |
2,628,632 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
OPERATING PROFIT |
|||||||||||||||||||||||||||
Industrial precision solutions |
$ |
126,254 |
|
|
|
|
$ |
131,450 |
|
|
|
|
$ |
470,559 |
|
|
|
|
$ |
460,889 |
|
|
|
||||
Medical and fluid solutions |
|
44,264 |
|
|
|
|
|
48,041 |
|
|
|
|
|
187,731 |
|
|
|
|
|
189,367 |
|
|
|
||||
Advanced technology solutions |
|
33,464 |
|
|
|
|
|
31,526 |
|
|
|
|
|
94,231 |
|
|
|
|
|
101,662 |
|
|
|
||||
Corporate |
|
(25,090 |
) |
|
|
|
|
(25,978 |
) |
|
|
|
|
(78,520 |
) |
|
|
|
|
(79,157 |
) |
|
|
||||
Total operating profit |
$ |
178,892 |
|
|
|
|
$ |
185,039 |
|
|
|
|
$ |
674,001 |
|
|
|
|
$ |
672,761 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
OPERATING PROFIT ADJUSTMENTS (1) |
|||||||||||||||||||||||||||
Industrial precision solutions |
$ |
2,899 |
|
|
|
|
$ |
4,658 |
|
|
|
|
$ |
8,976 |
|
|
|
|
$ |
4,658 |
|
|
|
||||
Medical and fluid solutions |
|
10,761 |
|
|
|
|
|
— |
|
|
|
|
|
10,761 |
|
|
|
|
|
1,479 |
|
|
|
||||
Advanced technology solutions |
|
3,816 |
|
|
|
|
|
— |
|
|
|
|
|
5,895 |
|
|
|
|
|
14,304 |
|
|
|
||||
Corporate |
|
8,200 |
|
|
|
|
|
6,142 |
|
|
|
|
|
13,360 |
|
|
|
|
|
13,874 |
|
|
|
||||
Total adjustments |
$ |
25,676 |
|
|
|
|
$ |
10,800 |
|
|
|
|
$ |
38,992 |
|
|
|
|
$ |
34,315 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
DEPRECIATION & AMORTIZATION |
|||||||||||||||||||||||||||
Industrial precision solutions |
$ |
14,035 |
|
|
|
|
$ |
12,062 |
|
|
|
|
$ |
56,856 |
|
|
|
|
$ |
33,228 |
|
|
|
||||
Medical and fluid solutions |
|
17,239 |
|
|
|
|
|
13,547 |
|
|
|
|
|
58,061 |
|
|
|
|
|
54,988 |
|
|
|
||||
Advanced technology solutions |
|
3,340 |
|
|
|
|
|
3,529 |
|
|
|
|
|
13,433 |
|
|
|
|
|
15,185 |
|
|
|
||||
Corporate |
|
1,914 |
|
|
|
|
|
2,123 |
|
|
|
|
|
7,825 |
|
|
|
|
|
8,497 |
|
|
|
||||
Total depreciation & amortization |
$ |
36,528 |
|
|
|
|
$ |
31,261 |
|
|
|
|
$ |
136,175 |
|
|
|
|
$ |
111,898 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EBITDA (NON-GAAP) (2) |
|||||||||||||||||||||||||||
Industrial precision solutions |
$ |
143,188 |
|
|
37 |
% |
|
$ |
148,170 |
|
|
37 |
% |
|
$ |
536,391 |
|
|
36 |
% |
|
$ |
498,775 |
|
|
36 |
% |
Medical and fluid solutions |
|
72,264 |
|
|
36 |
% |
|
|
61,588 |
|
|
37 |
% |
|
|
256,553 |
|
|
37 |
% |
|
|
245,834 |
|
|
37 |
% |
Advanced technology solutions |
|
40,620 |
|
|
27 |
% |
|
|
35,055 |
|
|
24 |
% |
|
|
113,559 |
|
|
22 |
% |
|
|
131,151 |
|
|
23 |
% |
Corporate |
|
(14,976 |
) |
|
|
|
|
(17,713 |
) |
|
|
|
|
(57,335 |
) |
|
|
|
|
(56,786 |
) |
|
|
||||
Total EBITDA |
$ |
241,096 |
|
|
32 |
% |
|
$ |
227,100 |
|
|
32 |
% |
|
$ |
849,168 |
|
|
32 |
% |
|
$ |
818,974 |
|
|
31 |
% |
(1) |
Represents severance 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 severance, 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)
|
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
October 31, 2024 |
|
October 31, 2023 |
|
October 31, 2024 |
|
October 31, 2023 |
||||||||
GAAP AS REPORTED |
|
|
|
|
|
|
|
||||||||
Operating profit |
$ |
178,892 |
|
|
$ |
185,039 |
|
|
$ |
674,001 |
|
|
$ |
672,761 |
|
Other / interest expense - net |
|
(30,820 |
) |
|
|
(24,459 |
) |
|
|
(88,520 |
) |
|
|
(57,422 |
) |
Net income |
|
122,168 |
|
|
|
127,778 |
|
|
|
467,284 |
|
|
|
487,493 |
|
Diluted earnings per share |
$ |
2.12 |
|
|
$ |
2.22 |
|
|
$ |
8.11 |
|
|
$ |
8.46 |
|
|
|
|
|
|
|
|
|
||||||||
Shares outstanding - diluted |
|
57,603 |
|
|
|
57,552 |
|
|
|
57,616 |
|
|
|
57,631 |
|
|
|
|
|
|
|
|
|
||||||||
OPERATING PROFIT ADJUSTMENTS |
|||||||||||||||
Inventory step-up amortization |
$ |
4,759 |
|
|
$ |
4,556 |
|
|
$ |
7,703 |
|
|
$ |
8,862 |
|
Severance and other |
|
12,717 |
|
|
|
— |
|
|
|
17,332 |
|
|
|
5,487 |
|
Acquisition costs |
|
8,200 |
|
|
|
6,244 |
|
|
|
13,957 |
|
|
|
19,966 |
|
|
|
|
|
|
|
|
|
||||||||
ACQUISITION AMORTIZATION OF INTANGIBLES |
$ |
19,560 |
|
|
$ |
17,880 |
|
|
$ |
76,972 |
|
|
$ |
59,719 |
|
INTEREST |
|
908 |
|
|
|
6,817 |
|
|
|
908 |
|
|
|
6,817 |
|
|
|
|
|
|
|
|
|
||||||||
Total adjustments |
$ |
46,144 |
|
|
$ |
35,497 |
|
|
$ |
116,872 |
|
|
$ |
100,851 |
|
|
|
|
|
|
|
|
|
||||||||
Adjustments net of tax |
$ |
38,071 |
|
|
$ |
28,247 |
|
|
$ |
93,278 |
|
|
$ |
79,898 |
|
EPS effect of adjustments and other discrete tax items |
$ |
0.66 |
|
|
$ |
0.49 |
|
|
$ |
1.62 |
|
|
$ |
1.39 |
|
|
|
|
|
|
|
|
|
||||||||
NON-GAAP MEASURES-ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE |
|||||||||||||||
Adjusted net income (1) |
$ |
160,239 |
|
|
$ |
156,025 |
|
|
$ |
560,562 |
|
|
$ |
567,391 |
|
Adjusted earnings per share (2) |
$ |
2.78 |
|
|
$ |
2.71 |
|
|
$ |
9.73 |
|
|
$ |
9.85 |
|
(1) |
Adjusted net income is a non-GAAP measure defined as net income plus tax effected adjustments and other discrete tax items. |
||
(2) |
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)
|
|||||||||||||||
|
Year to Date |
||||||||||||||
|
October 31, 2024 |
|
July 31, 2024 |
|
April 30, 2024 |
|
January 31, 2024 |
||||||||
Net cash provided by operating activities |
$ |
556,193 |
|
$ |
459,812 |
|
|
$ |
294,964 |
|
|
$ |
172,356 |
|
|
Additions to property, plant and equipment |
|
(64,410 |
) |
|
(43,786 |
) |
|
|
(21,907 |
) |
|
|
(7,530 |
) |
|
Free Cash Flow - Year to Date (1) |
|
491,783 |
|
|
416,026 |
|
|
|
273,057 |
|
|
|
164,826 |
|
|
|
|
|
|
|
|
|
|||||||||
Free Cash Flow - Quarter to Date (2) |
|
75,757 |
|
|
142,969 |
|
|
|
108,231 |
|
|
|
164,826 |
|
|
|
|
|
|
|
|
|
|||||||||
Net Income - Year to Date |
$ |
467,284 |
|
|
|
|
|
|
|||||||
Free Cash Flow Conversion (3) |
|
105 |
% |
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||||
|
Year to Date |
||||||||||||||
|
October 31, 2023 |
July 31, 2023 |
|
April 30, 2023 |
|
January 31, 2023 |
|||||||||
Net cash provided by operating activities |
$ |
641,282 |
|
$ |
478,072 |
|
|
$ |
287,905 |
|
|
$ |
123,337 |
|
|
Additions to property, plant and equipment |
|
(34,583 |
) |
|
(24,244 |
) |
|
|
(15,349 |
) |
|
|
(9,302 |
) |
|
Free Cash Flow (1) |
|
606,699 |
|
|
453,828 |
|
|
|
272,556 |
|
|
|
114,035 |
|
|
|
|
|
|
|
|
|
|||||||||
Free Cash Flow - Quarter to Date (2) |
|
152,871 |
|
|
181,272 |
|
|
|
158,521 |
|
|
|
114,035 |
|
|
(1) |
Free Cash Flow - Year to Date 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) |
Free Cash Flow - Quarter to Date is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is equal to Free Cash Flow - Year to Date less prior period Free Cash Flow - Year to Date. |
||
(3) |
Free Cash Flow Conversion - Year to Date is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Free Cash Flow - Year to Date divided by Net Income - Year to Date. |
||
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/20241211087016/en/
Lara Mahoney
Vice President,
Investor Relations & Corporate Communications
440.204.9985
Lara.Mahoney@nordson.com
Source: Nordson Corporation
FAQ
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