Business
Nordson Corporation Reports Fourth Quarter and Record Fiscal Year 2023 Results
Fourth Quarter: Sales were $719 million, a 5% increase over prior year Operating profit was $185 million EBITDA was a quarterly record of $227 million, 32%
About this update from Nordson Corporation
[{"type":"text","content":"\nFourth Quarter:\n\n\n\nSales were $719 million, a 5% increase over prior year\n\n\n\nOperating profit was $185 million\n\n\n\nEBITDA was a quarterly record of $227 million, 32% of sales\n\n\n\nEarnings per diluted share were $2.22\n\n\n\nAdjusted earnings per diluted share were $2.46\n\n\n\nFull Year:\n\n\n\nRecord sales of $2.6 billion, reflecting 2% growth over last year’s record sales\n\n\n\nEBITDA was a record $819 million, 31% of sales\n\n\n\nEarnings per diluted share were $8.46\n\n\n\nAdjusted earnings per diluted share were $9.03\n\n\n\n2024 Guidance:\n\n\n\nFiscal 2024 forecasted sales growth of 4% to 9% and adjusted earnings in the range of 1% to 8% growth over fiscal 2023\n\n\n\n WESTLAKE, Ohio--(BUSINESS WIRE)--\nNordson Corporation (Nasdaq: NDSN) today reported results for the fiscal fourth quarter ended October 31, 2023. Sales were $719 million, a 5% increase compared to the prior year’s fourth quarter sales of $684 million. The increase in fourth quarter 2023 sales included the favorable 7% impact of acquisitions and favorable currency translation of 1%, offset by an organic decrease of 3%. The organic sales decrease was driven by electronics dispense and biopharma product lines, offset by strong growth in medical interventional solutions, industrial coatings and polymer processing product lines.\n\n\nOperating profit in the quarter was $185 million, or 26% of sales. Adjusted operating profit, excluding $11 million in non-recurring acquisition costs, totaled $196 million, or 27% of sales. This was a 10% increase compared to prior year adjusted operating profit of $178 million. EBITDA in the quarter totaled a record $227 million, or 32% of sales, and represents an increase of 12% from the prior year EBITDA of $202 million.\n\n\nNet income was $128 million, or earnings per diluted share of $2.22. Adjusted net income was $142 million, excluding $7 million of non-recurring financing costs related to the ARAG acquisition. Fourth quarter 2023 adjusted earnings per diluted share were $2.46 compared to prior year adjusted earnings per diluted share of $2.44. The increase was driven by higher sales, offset by higher interest expense.\n\n\nCommenting on the Company’s fiscal 2023 fourth quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “The diversification of Nordson’s precision techno...