Business
Nordson Corporation Reports Fiscal Year 2020 Third Quarter Results
Sales were $538 million, a 4% year-over-year decrease Operating profit was $112 million, or 21% of sales EBITDA was $148 million, or 28% of sales Earnings
About this update from Nordson Corporation
[{"type":"text","content":"\n\nSales were $538 million, a 4% year-over-year decrease\n\n\nOperating profit was $112 million, or 21% of sales\n\n\nEBITDA was $148 million, or 28% of sales\n\n\nEarnings were $1.49 per diluted share\n\n\nAdjusted earnings were $1.42 per diluted share, a 12% decrease from prior year\n\n\n WESTLAKE, Ohio--(BUSINESS WIRE)--\nNordson Corporation (Nasdaq: NDSN) today reported results for the third quarter of fiscal year 2020. For the quarter ended July 31, 2020, sales were $538 million, a 4% decrease compared to the prior year’s third quarter sales of $560 million. The diversity of our end market exposure and broad global customer base contributed to the sales performance in the quarter. The sales decrease was primarily organic, as the benefits from the recent acquisition of Fluortek were offset by unfavorable currency impacts.\n\n\nOperating profit in the quarter was $112 million, or 21% of sales. Excluding non-recurring charges associated with cost structure simplification actions and the amortization of the step-up in acquired inventory, adjusted operating profit was $120 million, a 9% decrease compared to the prior year’s adjusted operating profit. EBITDA, which is defined as adjusted operating profit plus depreciation and amortization, in the quarter totaled $148 million, or 28% of sales.\n\n\nNet income was $87 million, and earnings per diluted share were $1.49. Adjusted earnings, which excludes non-recurring charges, discrete tax benefits of $12 million and a non-cash, non-operating pension settlement charge of $3 million, totaled $83 million, or $1.42 per share.\n\n\n\n\n“Throughout the quarter, our team remained focused on protecting the health and safety of our employees and responding to the needs of our customers,” commented Sundaram Nagarajan, president and chief executive officer. “At the same time, we made solid progress on our long-term strategic priorities by acquiring Fluortek, a high-quality medical company, and leveraging the next generation of the Nordson Business System – the NBS Next growth framework – to prioritize investments that will drive profitable growth and identify opportunities to simplify our cost structure.”\n\n\nThird Quarter Segment Results\n\n\nIndustrial Precision Solutions sales of $289 million decreased approximately 6% compared to the prior year’s third quarter. Stable performance of thos...