Business
Nordson Corporation Reports Record Second Quarter Results and Raises Fiscal Year 2021 Guidance
Second Quarter: Quarterly sales, operating profit, and earnings per share were all company records Sales were $590 million, an 11% increase over prior year
About this update from Nordson Corporation
[{"type":"text","content":"\nSecond Quarter:\n\n\nQuarterly sales, operating profit, and earnings per share were all company records\n\n\nSales were $590 million, an 11% increase over prior year\n\n\nOperating profit was $166 million, a 33% increase over prior year\n\n\nEarnings were $2.12 per diluted share, a 34% increase over prior year\n\n\nGuidance:\n\n\nIncreased prior fiscal 2021 full year earnings guidance range by approximately 13% to $7.20 to $7.50 per diluted share\n\n\n WESTLAKE, Ohio--(BUSINESS WIRE)--\nNordson Corporation (Nasdaq: NDSN) today reported results for the fiscal second quarter ended April 30, 2021. Sales were a quarterly company record of $590 million, an 11% increase compared to the prior year’s second quarter sales of $529 million. Robust growth in electronics and consumer non-durable end markets, as well as strengthening medical and industrial end markets, were the primary drivers of this performance. The change in second quarter 2021 sales included an organic volume increase of 10%, a favorable effect from currency translation of 4%, offset by the net unfavorable impact of acquisitions and divestitures. When excluding the divested screws and barrels product line in the prior year for comparability purposes, sales growth would have been 15% in the current year quarter.\n\nOperating profit in the quarter was $166 million, or 28% of sales, compared to prior year adjusted operating profit of $125 million. This 33% increase in adjusted operating profit was driven by sales volume leverage, improved sales mix, and benefits from structural cost reduction actions taken in fiscal year 2020 and the recent screws and barrels product line divestiture. EBITDA for the second quarter of 2021 totaled $192 million, or 33% of sales.\n\nNet income was $124 million, a 35% increase from the prior year adjusted earnings of $92 million. Second quarter 2021 diluted earnings per share were $2.12, a 34% increase over the prior year diluted earnings per share of $1.58.\n\n“Broader end market demand accelerated in the quarter more quickly and to a higher level than we previously anticipated. I am very pleased with the dedication and agility of our teams as we delivered record revenue and operating results in the quarter,” said Nordson President and Chief Executive Officer Sundaram Nagarajan. “Based on our backlog and order trends, we expect this strength ...