Business
Nordson Corporation Reports Second Quarter Fiscal 2023 Results and Updates Annual Guidance
Second Quarter: Sales were $650 million, a 2% increase over the prior year Operating profit was $173 million Adjusted operating profit was $176 million, 27%
About this update from Nordson Corporation
[{"type":"text","content":"\nSecond Quarter:\n\n\n\nSales were $650 million, a 2% increase over the prior year\n\n\n\nOperating profit was $173 million\n\n\n\nAdjusted operating profit was $176 million, 27% of sales\n\n\n\nEarnings per share were $2.21\n\n\n\nAdjusted earnings per share were $2.26 compared to $2.43 in the prior year\n\n\n\nGuidance:\n\n\n\nMaintaining previously issued full-year fiscal 2023 revenue guidance of 0% to 3% growth over record fiscal 2022 and narrowing adjusted earnings per diluted share to the range of $8.90 to $9.30 per share\n\n\n\n WESTLAKE, Ohio--(BUSINESS WIRE)--\nNordson Corporation (Nasdaq: NDSN) today reported results for the fiscal second quarter ended April 30, 2023. Sales were $650 million, a 2% increase compared to the prior year’s second quarter sales of $635 million. The increase in second quarter 2023 sales includes an organic increase of 1% and a favorable acquisition impact of 3%, offset by unfavorable currency translation of 2%. The organic sales increase was driven by strong 7% growth in Asia Pacific.\n\n\nOperating profit in the second quarter was $173 million. Adjusted operating profit, excluding severance costs, totaled $176 million, or 27% of sales, compared to prior year adjusted operating profit of $184 million. The 4% decrease in operating profit was driven by the impact of unfavorable currency translation and sales mix. EBITDA for the second quarter of 2023 totaled $203 million, or 31% of sales.\n\n\nNet income was $128 million, or $2.21 earnings per diluted share. Adjusted net income was $130 million, a $12 million decrease from the prior year earnings of $142 million. The decrease was driven by lower operating profit and increased interest expense. Second quarter 2023 adjusted earnings per diluted share were $2.26, a 7% decrease from the prior year adjusted earnings per diluted share of $2.43.\n\n\n“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 31% EBITDA. While we remain invested in our direct sales teams and NBS Next training programs, our segments are taking targeted cost actions to address the curren...