Business
Nordson Corporation Reports Third Quarter Fiscal 2023 Results and Narrows Annual Guidance
Third Quarter: Sales were $649 million, a 2% decrease from the prior year Operating profit was $171 million EBITDA was $208 million, 32% of sales Earnings
About this update from Nordson Corporation
[{"type":"text","content":"\nThird Quarter:\n\n\n\nSales were $649 million, a 2% decrease from the prior year\n\n\n\nOperating profit was $171 million\n\n\n\nEBITDA was $208 million, 32% of sales\n\n\n\nEarnings per share were $2.22\n\n\n\nAdjusted earnings per share were $2.35\n\n\n\nGuidance:\n\n\n\nNarrowing previously issued full-year fiscal 2023 revenue guidance to 0% to 2% growth over record fiscal 2022 and adjusted earnings per diluted share to the range of $8.90 to $9.05 per share\n\n\n\n WESTLAKE, Ohio--(BUSINESS WIRE)--\nNordson Corporation (Nasdaq: NDSN) today reported results for the fiscal third quarter ended July 31, 2023. Sales were $649 million, a 2% decrease compared to the prior year’s third quarter sales of $662 million. The decrease in third quarter 2023 sales includes an organic decrease of 5%, partially offset by a favorable acquisition impact. The organic sales decrease was driven by ongoing pressure in electronics, primarily semiconductor dispense applications, and biopharma end markets, offset by strong growth in medical interventional solutions and polymer processing product lines.\n\n\nOperating profit in the third quarter was $171 million. Adjusted operating profit, excluding $8 million in non-recurring acquisition costs plus severance costs, totaled $181 million, or 28% of sales, compared to prior year adjusted operating profit of $188 million. The 4% decrease in adjusted operating profit was driven by lower sales volume. EBITDA for the third quarter of fiscal 2023 totaled $208 million, or 32% of sales.\n\n\nNet income was $128 million, or $2.22 of earnings per diluted share. Adjusted net income was $136 million, a $9 million decrease from the prior year earnings of $144 million. Third quarter 2023 adjusted earnings per diluted share were $2.35, a 6% decrease from the prior year adjusted earnings per diluted share of $2.49. The decrease was driven by increased interest expense and lower operating profit.\n\n\n“During the fiscal third quarter, our team delivered strong profitability with 32% EBITDA and solid cash flow against persisting demand weakness in electronics and biopharma end markets. The team remains focused on the execution of our Ascend strategy to achieve top tier growth with leading margins and returns, as evidenced by the recently announced acquisition of ARAG and the steadfast deployment of the NBS Next growth f...