Nordson Corporation Reports Second Quarter Fiscal 2023 Results and Updates Annual Guidance
Second Quarter:
-
Sales were
, a$650 million 2% increase over the prior year -
Operating profit was
$173 million -
Adjusted operating profit was
,$176 million 27% of sales -
Earnings per share were
$2.21 -
Adjusted earnings per share were
compared to$2.26 in the prior year$2.43
Guidance:
-
Maintaining previously issued full-year fiscal 2023 revenue guidance of
0% to3% growth over record fiscal 2022 and narrowing adjusted earnings per diluted share to the range of to$8.90 per share$9.30
Operating profit in the second quarter was
Net income was
“The diversification of our business came through once again in our second quarter performance. Solid growth in our industrials, consumer non-durable and medical interventional solutions product lines helped offset the sales decrease in our products serving the semiconductor and the biopharmaceutical end markets enabling strong profitability of
Second Quarter Segment Results
Industrial Precision Solutions sales of
Medical and Fluid Solutions sales of
Advanced Technology Solutions sales of
Outlook
Backlog entering the second half of fiscal 2023 remains strong at
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Tuesday, May 23, 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,
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 STATEMENTS OF INCOME (Unaudited) |
|||||||||||||||
(Dollars in thousands except for per-share amounts) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
April 30, 2023 |
|
April 30, 2022 |
|
April 30, 2023 |
|
April 30, 2022 |
||||||||
Sales |
$ |
650,165 |
|
|
$ |
635,403 |
|
|
$ |
1,260,642 |
|
|
$ |
1,244,569 |
|
Cost of sales |
|
298,040 |
|
|
|
277,768 |
|
|
|
579,650 |
|
|
|
546,800 |
|
Gross profit |
|
352,125 |
|
|
|
357,635 |
|
|
|
680,992 |
|
|
|
697,769 |
|
Gross margin % |
|
54.2 |
% |
|
|
56.3 |
% |
|
|
54.0 |
% |
|
|
56.1 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling & administrative expenses |
|
179,618 |
|
|
|
173,662 |
|
|
|
364,266 |
|
|
|
357,936 |
|
Operating profit |
|
172,507 |
|
|
|
183,973 |
|
|
|
316,726 |
|
|
|
339,833 |
|
|
|
|
|
|
|
|
|
||||||||
Interest expense - net |
|
(9,475 |
) |
|
|
(4,942 |
) |
|
|
(19,418 |
) |
|
|
(10,127 |
) |
Other expense - net (1) |
|
(1,405 |
) |
|
|
(39,764 |
) |
|
|
(4,601 |
) |
|
|
(38,472 |
) |
Income before income taxes |
|
161,627 |
|
|
|
139,267 |
|
|
|
292,707 |
|
|
|
291,234 |
|
|
|
|
|
|
|
|
|
||||||||
Income taxes |
|
34,064 |
|
|
|
29,633 |
|
|
|
60,883 |
|
|
|
61,191 |
|
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
127,563 |
|
|
$ |
109,634 |
|
|
$ |
231,824 |
|
|
$ |
230,043 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
57,184 |
|
|
|
57,784 |
|
|
|
57,177 |
|
|
|
57,971 |
|
Diluted |
|
57,680 |
|
|
|
58,382 |
|
|
|
57,721 |
|
|
|
58,606 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic earnings |
$ |
2.23 |
|
|
$ |
1.90 |
|
|
$ |
4.05 |
|
|
$ |
3.97 |
|
Diluted earnings |
$ |
2.21 |
|
|
$ |
1.88 |
|
|
$ |
4.02 |
|
|
$ |
3.93 |
|
(1) |
Three and six months ended April 30, 2022, include pension settlement charge of |
NORDSON CORPORATION |
|||||
CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||
(Dollars in thousands) |
|||||
|
April 30, 2023 |
|
October 31, 2022 |
||
Cash and cash equivalents |
$ |
129,073 |
|
$ |
163,457 |
Receivables - net |
|
527,851 |
|
|
537,313 |
Inventories - net |
|
440,179 |
|
|
383,398 |
Other current assets |
|
58,338 |
|
|
48,803 |
Total current assets |
|
1,155,441 |
|
|
1,132,971 |
|
|
|
|
||
Property, plant and equipment - net |
|
354,669 |
|
|
353,442 |
Goodwill |
|
2,110,471 |
|
|
1,804,693 |
Other assets |
|
572,534 |
|
|
529,269 |
|
$ |
4,193,115 |
|
$ |
3,820,375 |
|
|
|
|
||
Current maturities of long-term debt and notes payable |
$ |
603,343 |
|
$ |
392,537 |
Accounts payable and accrued liabilities |
|
387,049 |
|
|
441,666 |
Total current liabilities |
|
990,392 |
|
|
834,203 |
|
|
|
|
||
Long-term debt |
|
345,899 |
|
|
345,320 |
Other liabilities |
|
359,822 |
|
|
346,477 |
Total shareholders' equity |
|
2,497,002 |
|
|
2,294,375 |
|
$ |
4,193,115 |
|
$ |
3,820,375 |
NORDSON CORPORATION |
|||||||
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) |
|||||||
(Dollars in thousands) |
|||||||
|
Six Months Ended |
||||||
|
April 30, 2023 |
|
April 30, 2022 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
231,824 |
|
|
$ |
230,043 |
|
Depreciation and amortization |
|
53,535 |
|
|
|
50,355 |
|
Other non-cash items (1) |
|
11,458 |
|
|
|
51,449 |
|
Changes in working capital |
|
(45,857 |
) |
|
|
(85,070 |
) |
Other |
|
36,945 |
|
|
|
(32,276 |
) |
Net cash provided by operating activities |
|
287,905 |
|
|
|
214,501 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Additions to property, plant and equipment |
|
(15,349 |
) |
|
|
(24,776 |
) |
Acquisition of businesses, net of cash acquired |
|
(377,843 |
) |
|
|
(171,613 |
) |
Other - net |
|
39 |
|
|
|
15 |
|
Net cash used in investing activities |
|
(393,153 |
) |
|
|
(196,374 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Net issuance of long-term debt |
|
184,617 |
|
|
|
1,654 |
|
Repayment of finance lease obligations |
|
(2,775 |
) |
|
|
(2,620 |
) |
Dividends paid |
|
(74,463 |
) |
|
|
(59,301 |
) |
Issuance of common shares |
|
11,808 |
|
|
|
7,798 |
|
Purchase of treasury shares |
|
(54,365 |
) |
|
|
(140,466 |
) |
Net cash provided (used) in financing activities |
|
64,822 |
|
|
|
(192,935 |
) |
|
|
|
|
||||
Effect of exchange rate change on cash: |
|
6,042 |
|
|
|
(4,272 |
) |
Net change in cash and cash equivalents |
|
(34,384 |
) |
|
|
(179,080 |
) |
|
|
|
|
||||
Cash and cash equivalents: |
|
|
|
||||
Beginning of period |
|
163,457 |
|
|
|
299,972 |
|
End of period |
$ |
129,073 |
|
|
$ |
120,892 |
|
|
|
|
|
(1) |
Six months ended April 30, 2022, includes pension settlement charge of |
NORDSON CORPORATION |
|||||||||||||||||
SALES BY GEOGRAPHIC SEGMENT (Unaudited) |
|||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||
|
Three Months Ended |
|
Sales Variance |
||||||||||||||
|
April 30, 2023 |
|
April 30, 2022 |
|
Organic |
|
Acquisitions |
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial Precision Solutions |
$ |
335,807 |
|
$ |
316,434 |
|
8.5 |
% |
|
— |
% |
|
(2.4 |
)% |
|
6.1 |
% |
Medical and Fluid Solutions |
|
166,526 |
|
|
172,212 |
|
(2.3 |
)% |
|
— |
% |
|
(1.0 |
)% |
|
(3.3 |
)% |
Advanced Technology Solutions |
|
147,832 |
|
|
146,757 |
|
(9.9 |
)% |
|
12.3 |
% |
|
(1.7 |
)% |
|
0.7 |
% |
Total sales |
$ |
650,165 |
|
$ |
635,403 |
|
1.3 |
% |
|
2.8 |
% |
|
(1.8 |
)% |
|
2.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
$ |
278,731 |
|
$ |
273,753 |
|
(0.6 |
)% |
|
2.4 |
% |
|
— |
% |
|
1.8 |
% |
|
|
167,904 |
|
|
172,256 |
|
(2.3 |
)% |
|
2.1 |
% |
|
(2.3 |
)% |
|
(2.5 |
)% |
|
|
203,530 |
|
|
189,394 |
|
7.4 |
% |
|
4.2 |
% |
|
(4.1 |
)% |
|
7.5 |
% |
Total sales |
$ |
650,165 |
|
$ |
635,403 |
|
1.3 |
% |
|
2.8 |
% |
|
(1.8 |
)% |
|
2.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Six Months Ended |
|
Sales Variance |
||||||||||||||
|
April 30, 2023 |
|
April 30, 2022 |
|
Organic |
|
Acquisitions |
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial Precision Solutions |
$ |
647,353 |
|
$ |
640,367 |
|
4.8 |
% |
|
— |
% |
|
(3.7 |
)% |
|
1.1 |
% |
Medical and Fluid Solutions |
|
320,813 |
|
|
330,996 |
|
(1.5 |
)% |
|
— |
% |
|
(1.6 |
)% |
|
(3.1 |
)% |
Advanced Technology Solutions |
|
292,476 |
|
|
273,206 |
|
(3.3 |
)% |
|
12.9 |
% |
|
(2.5 |
)% |
|
7.1 |
% |
Total sales |
$ |
1,260,642 |
|
$ |
1,244,569 |
|
1.3 |
% |
|
2.8 |
% |
|
(2.8 |
)% |
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
$ |
543,610 |
|
$ |
513,654 |
|
3.7 |
% |
|
2.2 |
% |
|
(0.1 |
)% |
|
5.8 |
% |
|
|
330,843 |
|
|
328,241 |
|
3.6 |
% |
|
1.7 |
% |
|
(4.5 |
)% |
|
0.8 |
% |
|
|
386,189 |
|
|
402,674 |
|
(3.6 |
)% |
|
4.4 |
% |
|
(4.9 |
)% |
|
(4.1 |
)% |
Total sales |
$ |
1,260,642 |
|
$ |
1,244,569 |
|
1.3 |
% |
|
2.8 |
% |
|
(2.8 |
)% |
|
1.3 |
% |
NORDSON CORPORATION |
|||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED OPERATING PROFIT AND EBITDA (Unaudited) |
|||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||
|
April 30, 2023 |
|
April 30, 2022 |
|
April 30, 2023 |
|
April 30, 2022 |
||||||||||||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Industrial Precision Solutions |
$ |
335,807 |
|
|
|
|
$ |
316,434 |
|
|
|
|
$ |
647,353 |
|
|
|
|
$ |
640,367 |
|
|
|
Medical and Fluid Solutions |
|
166,526 |
|
|
|
|
|
172,212 |
|
|
|
|
|
320,813 |
|
|
|
|
|
330,996 |
|
|
|
Advanced Technology Solutions |
|
147,832 |
|
|
|
|
|
146,757 |
|
|
|
|
|
292,476 |
|
|
|
|
|
273,206 |
|
|
|
Total sales |
$ |
650,165 |
|
|
|
|
$ |
635,403 |
|
|
|
|
$ |
1,260,642 |
|
|
|
|
$ |
1,244,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
OPERATING PROFIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Industrial Precision Solutions |
$ |
111,773 |
|
|
|
|
$ |
102,196 |
|
|
|
|
$ |
214,093 |
|
|
|
|
$ |
204,383 |
|
|
|
Medical and Fluid Solutions |
|
47,922 |
|
|
|
|
|
58,314 |
|
|
|
|
|
87,307 |
|
|
|
|
|
107,407 |
|
|
|
Advanced Technology Solutions |
|
26,090 |
|
|
|
|
|
40,144 |
|
|
|
|
|
43,053 |
|
|
|
|
|
67,378 |
|
|
|
Corporate |
|
(13,278 |
) |
|
|
|
|
(16,681 |
) |
|
|
|
|
(27,727 |
) |
|
|
|
|
(39,335 |
) |
|
|
Total operating profit |
$ |
172,507 |
|
|
|
|
$ |
183,973 |
|
|
|
|
$ |
316,726 |
|
|
|
|
$ |
339,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
OPERATING PROFIT ADJUSTMENTS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Industrial Precision Solutions |
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
1,563 |
|
|
|
Medical and Fluid Solutions |
|
1,479 |
|
|
|
|
|
— |
|
|
|
|
|
1,479 |
|
|
|
|
|
— |
|
|
|
Advanced Technology Solutions |
|
1,960 |
|
|
|
|
|
— |
|
|
|
|
|
12,255 |
|
|
|
|
|
— |
|
|
|
Total adjustments |
$ |
3,439 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
13,734 |
|
|
|
|
$ |
1,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
ADJUSTED OPERATING PROFIT (NON-GAAP) (2) |
|
% of
|
|
|
% of
|
|
|
% of
|
|
|
% of
|
||||||||||||
Industrial Precision Solutions |
$ |
111,773 |
|
|
|
|
$ |
102,196 |
|
|
|
|
$ |
214,093 |
|
|
|
|
$ |
205,946 |
|
|
|
Medical and Fluid Solutions |
|
49,401 |
|
|
|
|
|
58,314 |
|
|
|
|
|
88,786 |
|
|
|
|
|
107,407 |
|
|
|
Advanced Technology Solutions |
|
28,050 |
|
|
|
|
|
40,144 |
|
|
|
|
|
55,308 |
|
|
|
|
|
67,378 |
|
|
|
Corporate |
|
(13,278 |
) |
|
|
|
|
(16,681 |
) |
|
|
|
|
(27,727 |
) |
|
|
|
|
(39,335 |
) |
|
|
Total operating profit - adjusted |
$ |
175,946 |
|
|
|
|
$ |
183,973 |
|
|
|
|
$ |
330,460 |
|
|
|
|
$ |
341,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
DEPRECIATION & AMORTIZATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Industrial Precision Solutions |
$ |
7,285 |
|
|
|
|
$ |
6,916 |
|
|
|
|
$ |
14,130 |
|
|
|
|
$ |
14,358 |
|
|
|
Medical and Fluid Solutions |
|
13,683 |
|
|
|
|
|
13,578 |
|
|
|
|
|
27,308 |
|
|
|
|
|
27,125 |
|
|
|
Advanced Technology Solutions |
|
4,010 |
|
|
|
|
|
2,247 |
|
|
|
|
|
7,822 |
|
|
|
|
|
4,510 |
|
|
|
Corporate |
|
2,122 |
|
|
|
|
|
2,224 |
|
|
|
|
|
4,275 |
|
|
|
|
|
4,362 |
|
|
|
Total depreciation & amortization |
$ |
27,100 |
|
|
|
|
$ |
24,965 |
|
|
|
|
$ |
53,535 |
|
|
|
|
$ |
50,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
EBITDA (NON-GAAP) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Industrial Precision Solutions |
$ |
119,058 |
|
|
|
|
$ |
109,112 |
|
|
|
|
$ |
228,223 |
|
|
|
|
$ |
220,304 |
|
|
|
Medical and Fluid Solutions |
|
63,084 |
|
|
|
|
|
71,892 |
|
|
|
|
|
116,094 |
|
|
|
|
|
134,532 |
|
|
|
Advanced Technology Solutions |
|
32,060 |
|
|
|
|
|
42,391 |
|
|
|
|
|
63,130 |
|
|
|
|
|
71,888 |
|
|
|
Corporate |
|
(11,156 |
) |
|
|
|
|
(14,457 |
) |
|
|
|
|
(23,452 |
) |
|
|
|
|
(34,973 |
) |
|
|
Total EBITDA |
$ |
203,046 |
|
|
|
|
$ |
208,938 |
|
|
|
|
$ |
383,995 |
|
|
|
|
$ |
391,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Represents severance, as well as fees 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 severance, fees 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 |
|
Six Months Ended |
||||||||||||
|
April 30, 2023 |
|
April 30, 2022 |
|
April 30, 2023 |
|
April 30, 2022 |
||||||||
GAAP AS REPORTED |
|
|
|
|
|
|
|
||||||||
Operating profit |
$ |
172,507 |
|
|
$ |
183,973 |
|
|
$ |
316,726 |
|
|
$ |
339,833 |
|
Other / interest expense - net |
|
(10,880 |
) |
|
|
(44,706 |
) |
|
|
(24,019 |
) |
|
|
(48,599 |
) |
Net income |
|
127,563 |
|
|
|
109,634 |
|
|
|
231,824 |
|
|
|
230,043 |
|
Diluted earnings per share |
$ |
2.21 |
|
|
$ |
1.88 |
|
|
$ |
4.02 |
|
|
$ |
3.93 |
|
|
|
|
|
|
|
|
|
||||||||
Shares outstanding - diluted |
|
57,680 |
|
|
|
58,382 |
|
|
|
57,721 |
|
|
|
58,606 |
|
|
|
|
|
|
|
|
|
||||||||
OPERATING PROFIT ADJUSTMENTS |
|
|
|
|
|
|
|
||||||||
Inventory step-up amortization |
$ |
— |
|
|
$ |
— |
|
|
$ |
4,306 |
|
|
$ |
1,563 |
|
Severance and other |
|
3,439 |
|
|
|
— |
|
|
$ |
9,428 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
||||||||
NON-OPERATING EXPENSE ADJUSTMENTS |
|
|
|
|
|
|
|
||||||||
Pension settlement loss |
$ |
— |
|
|
$ |
41,221 |
|
|
$ |
— |
|
|
$ |
41,221 |
|
|
|
|
|
|
|
|
|
||||||||
Total adjustments |
$ |
3,439 |
|
|
$ |
41,221 |
|
|
$ |
13,734 |
|
|
$ |
42,784 |
|
|
|
|
|
|
|
|
|
||||||||
Adjustments net of tax |
$ |
2,714 |
|
|
$ |
32,450 |
|
|
$ |
10,877 |
|
|
$ |
33,795 |
|
EPS effect of adjustments and other discrete tax items |
$ |
0.05 |
|
|
$ |
0.56 |
|
|
$ |
0.19 |
|
|
$ |
0.58 |
|
|
|
|
|
|
|
|
|
||||||||
NON-GAAP MEASURES-ADJUSTED PROFITABILITY |
|
|
|
|
|
|
|
||||||||
Operating profit (1) |
$ |
175,946 |
|
|
$ |
183,973 |
|
|
$ |
330,460 |
|
|
$ |
341,396 |
|
Operating profit % of sales |
|
27.1 |
% |
|
|
29.0 |
% |
|
|
26.2 |
% |
|
|
27.4 |
% |
Net income (2) |
$ |
130,277 |
|
|
$ |
142,084 |
|
|
$ |
242,701 |
|
|
$ |
263,838 |
|
Diluted earnings per share (3) |
$ |
2.26 |
|
|
$ |
2.43 |
|
|
$ |
4.21 |
|
|
$ |
4.50 |
|
(1) |
Adjusted operating profit is defined as operating profit plus certain adjustments, such as severance, fees 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. |
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/20230522005523/en/
Lara Mahoney
Vice President,
Investor Relations & Corporate Communications
440.204.9985
Lara.Mahoney@nordson.com
Source: Nordson Corporation