Business
Nordson Corporation Reports Third Quarter Fiscal 2024 Results and Updates Annual Guidance
Third Quarter Highlights: Sales were $662 million, an increase of 2% year-over-year and in-line with mid-point of guidance Earnings per diluted share were
About this update from Nordson Corporation
[{"type":"text","content":"\nThird Quarter Highlights:\n\n\n\nSales were $662 million, an increase of 2% year-over-year and in-line with mid-point of guidance\n\n\n\nEarnings per diluted share were $2.04\n\n\n\nAdjusted earnings per diluted share were $2.41, $0.08 above the mid-point of guidance\n\n\n\nUpdated Full-Year Guidance:\n\n\n\nIncreasing full fiscal year 2024 revenue guidance to reflect the addition of Atrion acquisition\n\n\n\nMaintaining full fiscal year 2024 adjusted earnings per diluted share guidance, inclusive of the slightly dilutive fourth quarter Atrion acquisition impact\n\n\n\n WESTLAKE, Ohio--(BUSINESS WIRE)--\nNordson Corporation (Nasdaq: NDSN) today reported results for the fiscal third quarter ended July 31, 2024. Sales were $662 million, compared to the prior year’s third quarter sales of $649 million. The third quarter 2024 sales included a favorable acquisition impact of 4%, partially offset by an organic sales decrease of 1% and unfavorable currency translation of 1%. The organic sales decrease was driven by lower demand in electronics and medical product lines, partially offset by growth in packaging, nonwovens, and optical sensors product lines.\n\n\nNet income was $117 million, or $2.04 of earnings per diluted share, compared to prior year’s third quarter net income of $128 million, or $2.22 of earnings per diluted share. Adjusted net income was $138 million, a decrease from the prior year adjusted net income of $147 million. Third quarter 2024 adjusted earnings per diluted share were $2.41, a 6% decrease from the prior year adjusted earnings per diluted share of $2.55. The decrease reflects increased interest expense from prior year acquisitions and slightly lower overall operating margins.\n\n\nEBITDA in the third quarter was $208 million, or 31% of sales, compared to prior year EBITDA of $208 million, or 32% of sales. EBITDA was flat as improved gross margins were offset by higher selling and administrative expenses, including the first-year effect of the ARAG acquisition.\n\n\nCommenting on the Company’s fiscal 2024 third quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “We delivered third quarter revenue in line with our expectations, driven by strong organic growth in our industrial product lines. Our Advanced Technology Solutions segment sequentially grew compared to second quar...