Nordson Corporation Reports Third Quarter Fiscal 2024 Results and Updates Annual Guidance
Nordson (NDSN) reported Q3 fiscal 2024 results with sales of $662 million, up 2% year-over-year. Earnings per diluted share were $2.04, while adjusted EPS reached $2.41, exceeding guidance by $0.08. The company increased its full fiscal year 2024 revenue guidance to reflect the Atrion acquisition but maintained its adjusted EPS guidance. Q3 sales included a 4% favorable acquisition impact, offset by a 1% organic sales decrease and 1% unfavorable currency translation. EBITDA was $208 million, or 31% of sales. Nordson updated its full-year revenue guidance to $2,665 million - $2,705 million and adjusted EPS to $9.45 - $9.65, unchanged at the midpoint but now including the slightly dilutive Atrion impact in Q4.
Nordson (NDSN) ha riportato risultati del terzo trimestre fiscale 2024 con vendite di 662 milioni di dollari, in aumento del 2% rispetto all'anno precedente. Utile per azione diluito è stato di 2,04 dollari, mentre il EPS rettificato ha raggiunto 2,41 dollari, superando le previsioni di 0,08 dollari. L'azienda ha aumentato la sua previsione di fatturato per l'intero anno fiscale 2024 per riflettere l'acquisizione di Atrion, ma ha mantenuto la sua previsione di EPS rettificato. Le vendite del terzo trimestre hanno incluso un impatto favorevole dell'acquisizione del 4%, compensato da un decremento delle vendite organiche dell'1% e da una traduzione valutaria sfavorevole dell'1%. EBITDA è stato di 208 milioni di dollari, pari al 31% delle vendite. Nordson ha aggiornato la sua previsione di fatturato annuale a 2.665 - 2.705 milioni di dollari e l'EPS rettificato a 9,45 - 9,65 dollari, invariato a metà intervallo ma ora includendo l'impatto leggermente diluitivo di Atrion nel quarto trimestre.
Nordson (NDSN) reportó resultados del tercer trimestre fiscal 2024 con ventas de 662 millones de dólares, un aumento del 2% en comparación con el año anterior. Ganancias por acción diluida fueron de 2,04 dólares, mientras que el EPS ajustado alcanzó los 2,41 dólares, superando la guía en 0,08 dólares. La compañía aumentó su guía de ingresos para todo el año fiscal 2024 para reflejar la adquisición de Atrion, pero mantuvo su guía de EPS ajustado. Las ventas del tercer trimestre incluyeron un impacto favorable de la adquisición del 4%, compensado por una disminución de ventas orgánicas del 1% y una traducción de moneda desfavorable del 1%. EBITDA fue de 208 millones de dólares, o el 31% de las ventas. Nordson actualizó su guía de ingresos anual a entre 2,665 millones - 2,705 millones de dólares y el EPS ajustado a entre 9,45 - 9,65 dólares, sin cambios en el punto medio, pero ahora incluyendo el impacto ligeramente dilutivo de Atrion en el cuarto trimestre.
노드슨(NDSN)은 2024 회계년도 3분기 실적을 발표했으며, 매출은 6억 6,200만 달러로 작년 대비 2% 증가했습니다. 희석 주당 순이익은 2.04달러였고, 조정된 EPS는 2.41달러로, 가이던스를 0.08달러 초과했습니다. 회사는 Atrion 인수를 반영하여 2024 회계년도 전체 매출 가이던스를 상향 조정했으나 조정된 EPS 가이던스는 유지했습니다. 3분기 매출에는 4%의 유리한 인수 영향이 포함되었으나, 1%의 유기적 매출 감소와 1%의 불리한 환율 변동으로 상쇄되었습니다. EBITDA는 2억 8백만 달러, 즉 매출의 31%에 해당합니다. 노드슨은 연간 매출 가이던스를 26억 6,500만 - 27억 500만 달러로 업데이트하고, 조정된 EPS를 9.45 - 9.65달러로 설정했습니다. 이는 중간값에서는 변동이 없으나 4분기에 Atrion의 약간의 희석 효과를 포함하고 있습니다.
Nordson (NDSN) a annoncé ses résultats du troisième trimestre fiscal 2024, avec des ventes de 662 millions de dollars, en hausse de 2 % par rapport à l'année précédente. Bénéfice par action dilué était de 2,04 dollars, tandis que le BAE ajusté a atteint 2,41 dollars, dépassant les prévisions de 0,08 dollars. L'entreprise a augmenté sa prévision de chiffre d'affaires pour l'ensemble de l'exercice 2024 pour tenir compte de l'acquisition d'Atrion, mais a maintenu sa prévision de BAE ajusté. Les ventes du troisième trimestre incluent un impact d'acquisition favorable de 4 %, compensé par une diminution des ventes organiques de 1 % et un impact de conversion monétaire défavorable de 1 %. EBITDA était de 208 millions de dollars, soit 31 % des ventes. Nordson a mis à jour sa prévision de revenus pour l'année à 2,665 millions - 2,705 millions de dollars et l'BAE ajusté à 9,45 - 9,65 dollars, inchangé à la valeur médiane mais incluant désormais l'impact légèrement dilutif d'Atrion au quatrième trimestre.
Nordson (NDSN) hat die Ergebnisse für das dritte Quartal des Geschäftsjahres 2024 veröffentlicht, mit einem Umsatz von 662 Millionen Dollar, was einem Anstieg von 2 % im Jahresvergleich entspricht. Gewinn pro verwässerter Aktie betrug 2,04 Dollar, während das bereinigte EPS 2,41 Dollar erreichte und die Prognose um 0,08 Dollar übertraf. Das Unternehmen hat seine Prognose für den Umsatz des gesamten Geschäftsjahres 2024 erhöht, um die Akquisition von Atrion zu berücksichtigen, jedoch die Prognose für das bereinigte EPS beibehalten. Die Umsätze im dritten Quartal beinhalteten einen positiven Akquisitionsbeitrag von 4 %, der durch einen Rückgang des organischen Umsatzes um 1 % und einen ungünstigen Währungsumrechnungsbeitrag von 1 % ausgeglichen wurde. EBITDA betrug 208 Millionen Dollar, was 31 % des Umsatzes entspricht. Nordson aktualisierte die Umsatzprognose für das gesamte Jahr auf 2.665 - 2.705 Millionen Dollar und das bereinigte EPS auf 9,45 - 9,65 Dollar, was im Mittel unverändert blieb, jetzt jedoch den leicht verwässernden Einfluss von Atrion im vierten Quartal berücksichtigt.
- Sales increased 2% year-over-year to $662 million
- Adjusted EPS of $2.41 exceeded guidance by $0.08
- Full fiscal year 2024 revenue guidance increased due to Atrion acquisition
- EBITDA maintained at $208 million, 31% of sales
- Industrial Precision Solutions segment saw 10% sales increase
- Packaging and nonwovens product lines showed growth
- Organic sales decreased 1% year-over-year
- Net income decreased from $128 million to $117 million compared to prior year
- Adjusted earnings per diluted share decreased 6% from $2.55 to $2.41
- Medical and Fluid Solutions sales decreased 2%
- Advanced Technology Solutions sales decreased 11%
- Atrion acquisition expected to be slightly dilutive in Q4
Insights
Nordson's Q3 results show a mixed performance. Sales increased
The Industrial Precision Solutions segment was a bright spot, with
Management's decision to raise full-year revenue guidance while maintaining EPS guidance suggests confidence in top-line growth but ongoing profitability challenges. The Atrion acquisition adds revenue but is slightly dilutive to earnings in Q4.
Investors should monitor Nordson's ability to improve organic growth and manage costs in a dynamic environment. The company's diversification and focus on profitability are positives, but headwinds persist in certain end markets.
Nordson's Q3 results reflect broader market trends across its diverse portfolio. The strength in packaging and nonwovens aligns with resilient consumer goods demand. However, weakness in electronics and medical products suggests ongoing challenges in these sectors.
The sequential improvement in Advanced Technology Solutions, particularly in electronics, is a positive sign. This could indicate a potential bottoming out in the semiconductor industry, which has faced cyclical headwinds.
The company's backlog of
Nordson's ability to maintain strong margins despite headwinds demonstrates effective cost management. However, investors should watch for any signs of pricing pressure or market share shifts as end markets evolve.
Third Quarter Highlights:
-
Sales were
$662 million 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
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
Net income was
EBITDA in the third quarter was
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
Third Quarter Segment Results
Industrial Precision Solutions sales of
Medical and Fluid Solutions sales of
Advanced Technology Solutions sales of
Outlook
The Company is entering the fourth quarter of fiscal 2024 with approximately
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,
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 |
|
Nine Months Ended |
||||||||||||
|
July 31, 2024 |
|
July 31, 2023 |
|
July 31, 2024 |
|
July 31, 2023 |
||||||||
Sales |
$ |
661,604 |
|
|
$ |
648,677 |
|
|
$ |
1,945,439 |
|
|
$ |
1,909,319 |
|
Cost of sales |
|
292,603 |
|
|
|
288,357 |
|
|
|
862,134 |
|
|
|
868,007 |
|
Gross profit |
|
369,001 |
|
|
|
360,320 |
|
|
|
1,083,305 |
|
|
|
1,041,312 |
|
Gross margin % |
|
55.8 |
% |
|
|
55.5 |
% |
|
|
55.7 |
% |
|
|
54.5 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling & administrative expenses |
|
201,943 |
|
|
|
189,324 |
|
|
|
588,196 |
|
|
|
553,590 |
|
Operating profit |
|
167,058 |
|
|
|
170,996 |
|
|
|
495,109 |
|
|
|
487,722 |
|
|
|
|
|
|
|
|
|
||||||||
Interest expense - net |
|
(17,776 |
) |
|
|
(11,486 |
) |
|
|
(56,729 |
) |
|
|
(30,904 |
) |
Other income (expense) - net |
|
152 |
|
|
|
2,542 |
|
|
|
(971 |
) |
|
|
(2,059 |
) |
Income before income taxes |
|
149,434 |
|
|
|
162,052 |
|
|
|
437,409 |
|
|
|
454,759 |
|
|
|
|
|
|
|
|
|
||||||||
Income taxes |
|
32,107 |
|
|
|
34,161 |
|
|
|
92,293 |
|
|
|
95,044 |
|
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
117,327 |
|
|
$ |
127,891 |
|
|
$ |
345,116 |
|
|
$ |
359,715 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
57,229 |
|
|
|
56,989 |
|
|
|
57,171 |
|
|
|
57,114 |
|
Diluted |
|
57,624 |
|
|
|
57,530 |
|
|
|
57,620 |
|
|
|
57,657 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic earnings |
$ |
2.05 |
|
|
$ |
2.24 |
|
|
$ |
6.04 |
|
|
$ |
6.30 |
|
Diluted earnings |
$ |
2.04 |
|
|
$ |
2.22 |
|
|
$ |
5.99 |
|
|
$ |
6.24 |
|
NORDSON CORPORATION |
|||||
CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||
(Dollars in thousands) |
|||||
|
July 31, 2024 |
|
October 31, 2023 |
||
Cash and cash equivalents |
$ |
165,324 |
|
$ |
115,679 |
Receivables - net |
|
538,541 |
|
|
590,886 |
Inventories - net |
|
438,167 |
|
|
454,775 |
Other current assets |
|
82,106 |
|
|
67,970 |
Total current assets |
|
1,224,138 |
|
|
1,229,310 |
|
|
|
|
||
Property, plant and equipment - net |
|
401,415 |
|
|
392,846 |
Goodwill |
|
2,785,773 |
|
|
2,784,201 |
Other assets |
|
793,044 |
|
|
845,413 |
|
$ |
5,204,370 |
|
$ |
5,251,770 |
|
|
|
|
||
Notes payable and debt due within one year |
$ |
96,288 |
|
$ |
115,662 |
Accounts payable and accrued liabilities |
|
421,979 |
|
|
466,427 |
Total current liabilities |
|
518,267 |
|
|
582,089 |
|
|
|
|
||
Long-term debt |
|
1,398,155 |
|
|
1,621,394 |
Other liabilities |
|
434,191 |
|
|
450,227 |
Total shareholders' equity |
|
2,853,757 |
|
|
2,598,060 |
|
$ |
5,204,370 |
|
$ |
5,251,770 |
|
|
|
|
||
NORDSON CORPORATION |
|||||||
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) |
|||||||
(Dollars in thousands) |
|||||||
|
Nine Months Ended |
||||||
|
July 31, 2024 |
|
July 31, 2023 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
345,116 |
|
|
$ |
359,715 |
|
Depreciation and amortization |
|
99,646 |
|
|
|
80,637 |
|
Other non-cash items |
|
15,435 |
|
|
|
18,523 |
|
Changes in operating assets and liabilities and other |
|
(385 |
) |
|
|
19,197 |
|
Net cash provided by operating activities |
|
459,812 |
|
|
|
478,072 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Additions to property, plant and equipment |
|
(43,786 |
) |
|
|
(24,244 |
) |
Acquisition of businesses, net of cash acquired |
|
— |
|
|
|
(377,843 |
) |
Other - net |
|
8,896 |
|
|
|
91 |
|
Net cash used in investing activities |
|
(34,890 |
) |
|
|
(401,996 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Issuance (repayment) of long-term debt |
|
(244,355 |
) |
|
|
73,956 |
|
Repayment of finance lease obligations |
|
(4,505 |
) |
|
|
(4,769 |
) |
Dividends paid |
|
(116,789 |
) |
|
|
(111,547 |
) |
Issuance of common shares |
|
29,142 |
|
|
|
18,449 |
|
Purchase of treasury shares |
|
(34,105 |
) |
|
|
(78,163 |
) |
Net cash provided used in financing activities |
|
(370,612 |
) |
|
|
(102,074 |
) |
|
|
|
|
||||
Effect of exchange rate change on cash: |
|
(4,665 |
) |
|
|
5,679 |
|
Net change in cash and cash equivalents |
|
49,645 |
|
|
|
(20,319 |
) |
|
|
|
|
||||
Cash and cash equivalents: |
|
|
|
||||
Beginning of period |
|
115,679 |
|
|
|
163,457 |
|
End of period |
$ |
165,324 |
|
|
$ |
143,138 |
|
|
|
|
|
||||
NORDSON CORPORATION |
|||||||||||||||||
SALES BY GEOGRAPHIC SEGMENT (Unaudited) |
|||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||
|
Three Months Ended |
|
Sales Variance |
||||||||||||||
|
July 31, 2024 |
|
July 31, 2023 |
|
Organic |
|
Acquisitions |
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial Precision Solutions |
$ |
370,561 |
|
$ |
338,257 |
|
3.6 |
% |
|
7.4 |
% |
|
(1.4 |
)% |
|
9.6 |
% |
Medical and Fluid Solutions |
|
166,737 |
|
|
170,871 |
|
(2.0 |
)% |
|
— |
% |
|
(0.4 |
)% |
|
(2.4 |
)% |
Advanced Technology Solutions |
|
124,306 |
|
|
139,549 |
|
(10.2 |
)% |
|
— |
% |
|
(0.7 |
)% |
|
(10.9 |
)% |
Total sales |
$ |
661,604 |
|
$ |
648,677 |
|
(0.9 |
)% |
|
3.8 |
% |
|
(0.9 |
)% |
|
2.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
$ |
287,016 |
|
$ |
290,515 |
|
(3.4 |
)% |
|
2.4 |
% |
|
(0.2 |
)% |
|
(1.2 |
)% |
|
|
179,370 |
|
|
167,536 |
|
(2.0 |
)% |
|
9.8 |
% |
|
(0.7 |
)% |
|
7.1 |
% |
|
|
195,218 |
|
|
190,626 |
|
4.1 |
% |
|
0.8 |
% |
|
(2.5 |
)% |
|
2.4 |
% |
Total sales |
$ |
661,604 |
|
$ |
648,677 |
|
(0.9 |
)% |
|
3.8 |
% |
|
(0.9 |
)% |
|
2.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Nine Months Ended |
|
Sales Variance |
||||||||||||||
|
July 31, 2024 |
|
July 31, 2023 |
|
Organic |
|
Acquisitions |
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial Precision Solutions |
$ |
1,092,099 |
|
$ |
985,610 |
|
2.5 |
% |
|
8.8 |
% |
|
(0.5 |
)% |
|
10.8 |
% |
Medical and Fluid Solutions |
|
495,229 |
|
|
491,683 |
|
0.9 |
% |
|
— |
% |
|
(0.2 |
)% |
|
0.7 |
% |
Advanced Technology Solutions |
|
358,111 |
|
|
432,026 |
|
(16.6 |
)% |
|
— |
% |
|
(0.5 |
)% |
|
(17.1 |
)% |
Total sales |
$ |
1,945,439 |
|
$ |
1,909,319 |
|
(2.2 |
)% |
|
4.5 |
% |
|
(0.4 |
)% |
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
$ |
855,456 |
|
$ |
834,125 |
|
(0.3 |
)% |
|
2.7 |
% |
|
0.2 |
% |
|
2.6 |
% |
|
|
540,750 |
|
|
498,379 |
|
(4.5 |
)% |
|
12.2 |
% |
|
0.8 |
% |
|
8.5 |
% |
|
|
549,233 |
|
|
576,815 |
|
(3.1 |
)% |
|
0.7 |
% |
|
(2.4 |
)% |
|
(4.8 |
)% |
Total sales |
$ |
1,945,439 |
|
$ |
1,909,319 |
|
(2.2 |
)% |
|
4.5 |
% |
|
(0.4 |
)% |
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
NORDSON CORPORATION |
|||||||||||||
RECONCILIATION OF NON-GAAP MEASURES - NET INCOME TO EBITDA (Unaudited) |
|||||||||||||
(Dollars in thousands) |
|||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||
|
July 31, 2024 |
|
July 31, 2023 |
|
July 31, 2024 |
|
July 31, 2023 |
||||||
Net income |
$ |
117,327 |
|
|
$ |
127,891 |
|
|
$ |
345,116 |
|
$ |
359,715 |
Income taxes |
|
32,107 |
|
|
|
34,161 |
|
|
|
92,293 |
|
|
95,044 |
Interest expense - net |
|
17,776 |
|
|
|
11,486 |
|
|
|
56,729 |
|
|
30,904 |
Other expense - net |
|
(152 |
) |
|
|
(2,542 |
) |
|
|
971 |
|
|
2,059 |
Depreciation and amortization |
|
33,382 |
|
|
|
27,102 |
|
|
|
99,646 |
|
|
80,637 |
Inventory step-up amortization (1) |
|
— |
|
|
|
— |
|
|
|
2,944 |
|
|
4,306 |
Severance and other |
|
2,536 |
|
|
|
2,049 |
|
|
|
4,615 |
|
|
5,487 |
Acquisition-related costs (1) |
|
5,160 |
|
|
|
7,732 |
|
|
|
5,757 |
|
|
13,721 |
EBITDA (non-GAAP) (2) |
$ |
208,136 |
|
|
$ |
207,879 |
|
|
$ |
608,071 |
$ |
591,873 |
|
(1) |
Represents fees, severance 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) |
|||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||
|
July 31, 2024 |
|
July 31, 2023 |
|
July 31, 2024 |
|
July 31, 2023 |
||||||||||||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Industrial Precision Solutions |
$ |
370,561 |
|
|
|
|
$ |
338,257 |
|
|
|
|
$ |
1,092,099 |
|
|
|
|
$ |
985,610 |
|
|
|
Medical and Fluid Solutions |
|
166,737 |
|
|
|
|
|
170,871 |
|
|
|
|
|
495,229 |
|
|
|
|
|
491,683 |
|
|
|
Advanced Technology Solutions |
|
124,306 |
|
|
|
|
|
139,549 |
|
|
|
|
|
358,111 |
|
|
|
|
|
432,026 |
|
|
|
Total sales |
$ |
661,604 |
|
|
|
|
$ |
648,677 |
|
|
|
|
$ |
1,945,439 |
|
|
|
|
$ |
1,909,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
OPERATING PROFIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Industrial Precision Solutions |
$ |
118,110 |
|
|
|
|
$ |
115,346 |
|
|
|
|
$ |
344,305 |
|
|
|
|
$ |
329,439 |
|
|
|
Medical and Fluid Solutions |
|
48,374 |
|
|
|
|
|
54,019 |
|
|
|
|
|
143,467 |
|
|
|
|
|
141,326 |
|
|
|
Advanced Technology Solutions |
|
22,945 |
|
|
|
|
|
27,083 |
|
|
|
|
|
60,767 |
|
|
|
|
|
70,136 |
|
|
|
Corporate |
|
(22,371 |
) |
|
|
|
|
(25,452 |
) |
|
|
|
|
(53,430 |
) |
|
|
|
|
(53,179 |
) |
|
|
Total operating profit |
$ |
167,058 |
|
|
|
|
$ |
170,996 |
|
|
|
|
$ |
495,109 |
|
|
|
|
$ |
487,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
OPERATING PROFIT ADJUSTMENTS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Industrial Precision Solutions |
$ |
2,536 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
6,077 |
|
|
|
|
$ |
— |
|
|
|
Medical and Fluid Solutions |
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
1,479 |
|
|
|
Advanced Technology Solutions |
|
— |
|
|
|
|
|
2,049 |
|
|
|
|
|
2,078 |
|
|
|
|
|
14,303 |
|
|
|
Corporate |
|
5,160 |
|
|
|
|
|
7,732 |
|
|
|
|
|
5,161 |
|
|
|
|
|
7,732 |
|
|
|
Total adjustments |
$ |
7,696 |
|
|
|
|
$ |
9,781 |
|
|
|
|
$ |
13,316 |
|
|
|
|
$ |
23,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
DEPRECIATION & AMORTIZATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Industrial Precision Solutions |
$ |
14,521 |
|
|
|
|
$ |
7,036 |
|
|
|
|
$ |
42,821 |
|
|
|
|
$ |
21,166 |
|
|
|
Medical and Fluid Solutions |
|
13,553 |
|
|
|
|
|
14,133 |
|
|
|
|
|
40,822 |
|
|
|
|
|
41,441 |
|
|
|
Advanced Technology Solutions |
|
3,368 |
|
|
|
|
|
3,834 |
|
|
|
|
|
10,093 |
|
|
|
|
|
11,656 |
|
|
|
Corporate |
|
1,940 |
|
|
|
|
|
2,099 |
|
|
|
|
|
5,910 |
|
|
|
|
|
6,374 |
|
|
|
Total depreciation & amortization |
$ |
33,382 |
|
|
|
|
$ |
27,102 |
|
|
|
|
$ |
99,646 |
|
|
|
|
$ |
80,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
EBITDA (NON-GAAP) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Industrial Precision Solutions |
$ |
135,167 |
|
|
|
|
$ |
122,382 |
|
|
|
|
$ |
393,203 |
|
|
|
|
$ |
350,605 |
|
|
|
Medical and Fluid Solutions |
|
61,927 |
|
|
|
|
|
68,152 |
|
|
|
|
|
184,289 |
|
|
|
|
|
184,246 |
|
|
|
Advanced Technology Solutions |
|
26,313 |
|
|
|
|
|
32,966 |
|
|
|
|
|
72,938 |
|
|
|
|
|
96,095 |
|
|
|
Corporate |
|
(15,271 |
) |
|
|
|
|
(15,621 |
) |
|
|
|
|
(42,359 |
) |
|
|
|
|
(39,073 |
) |
|
|
Total EBITDA |
$ |
208,136 |
|
|
|
|
$ |
207,879 |
|
|
|
|
$ |
608,071 |
|
|
|
|
$ |
591,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(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) |
|||||||||||||||
(Dollars in thousands) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
July 31, 2024 |
|
July 31, 2023 |
|
July 31, 2024 |
|
July 31, 2023 |
||||||||
GAAP AS REPORTED |
|
|
|
|
|
|
|
||||||||
Operating profit |
$ |
167,058 |
|
|
$ |
170,996 |
|
|
$ |
495,109 |
|
|
$ |
487,722 |
|
Other / interest expense - net |
|
(17,624 |
) |
|
|
(8,944 |
) |
|
|
(57,700 |
) |
|
|
(32,963 |
) |
Net income |
|
117,327 |
|
|
|
127,891 |
|
|
|
345,116 |
|
|
|
359,715 |
|
Diluted earnings per share |
$ |
2.04 |
|
|
$ |
2.22 |
|
|
$ |
5.99 |
|
|
$ |
6.24 |
|
|
|
|
|
|
|
|
|
||||||||
Shares outstanding - diluted |
|
57,624 |
|
|
|
57,530 |
|
|
|
57,620 |
|
|
|
57,657 |
|
|
|
|
|
|
|
|
|
||||||||
OPERATING PROFIT ADJUSTMENTS |
|
|
|
|
|
|
|
||||||||
Inventory step-up amortization |
$ |
— |
|
|
$ |
— |
|
|
$ |
2,944 |
|
|
$ |
4,306 |
|
Acquisition-related costs |
|
5,160 |
|
|
|
7,732 |
|
|
|
5,757 |
|
|
|
13,721 |
|
Severance and other |
|
2,536 |
|
|
|
2,049 |
|
|
|
4,615 |
|
|
|
5,487 |
|
|
|
|
|
|
|
|
|
||||||||
ACQUISITION AMORTIZATION OF INTANGIBLES |
$ |
19,202 |
|
|
$ |
13,922 |
|
|
|
57,412 |
|
|
|
41,839 |
|
|
|
|
|
|
|
|
|
||||||||
Total adjustments |
$ |
26,898 |
|
|
$ |
23,703 |
|
|
$ |
70,728 |
|
|
$ |
65,353 |
|
|
|
|
|
|
|
|
|
||||||||
Adjustments net of tax |
$ |
21,134 |
|
|
$ |
18,706 |
|
|
$ |
55,804 |
|
|
$ |
51,694 |
|
EPS effect of adjustments and other discrete tax items |
$ |
0.37 |
|
|
$ |
0.33 |
|
|
$ |
0.97 |
|
|
$ |
0.90 |
|
|
|
|
|
|
|
|
|
||||||||
NON-GAAP MEASURES-ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE |
|
|
|
|
|
|
|
||||||||
Adjusted Net income (1) |
$ |
138,461 |
|
|
$ |
146,597 |
|
|
$ |
400,920 |
|
|
$ |
411,409 |
|
Adjusted Diluted earnings per share (2) |
$ |
2.41 |
|
|
$ |
2.55 |
|
|
$ |
6.96 |
|
|
$ |
7.14 |
|
(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. |
|
|
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/20240821934508/en/
Lara Mahoney
Vice President, Investor Relations & Corporate Communications
440.204.9985
Lara.Mahoney@nordson.com
Source: Nordson Corporation
FAQ
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