Nordson(US:NDSN)2024-08-21 20:36Financial Performance - Sales for the third quarter of fiscal 2024 were $662 million, a 2% increase year-over-year, aligning with the mid-point of guidance[1] - Adjusted earnings per diluted share for the third quarter were $2.41, which is $0.08 above the mid-point of guidance, but a 6% decrease from the prior year[2] - The company reported a net income of $117 million for the third quarter, down from $128 million in the prior year[2] - EBITDA for the third quarter was $208 million, representing 31% of sales, consistent with the prior year[2] - Net income for the nine months ended July 31, 2024, was $345,116, a decrease of 4.0% from $359,715 for the same period in 2023[15] - Total sales for the nine months ended July 31, 2024, were $1,945,439, representing a 1.9% increase from $1,909,319 in the prior year[20] - Total sales for the three months ended July 31, 2024, were $661,604,000, a 2% increase from $648,677,000 in the same period of 2023[25] - Operating profit for the three months ended July 31, 2024, was $167,058,000, a decrease of 2% compared to $170,996,000 in the same period of 2023[25] - Adjusted net income for the three months ended July 31, 2024, was $138,461,000, compared to $146,597,000 in the same period of 2023[28] - Diluted earnings per share for the three months ended July 31, 2024, were $2.04, down from $2.22 in the same period of 2023[28] Segment Performance - The Industrial Precision Solutions segment reported sales of $371 million, a 10% increase from the prior year, driven by a 4% organic sales increase[3] - Medical and Fluid Solutions sales decreased by 2% to $167 million, primarily due to lower demand in interventional solutions[4] - Advanced Technology Solutions sales decreased by 11% to $124 million, impacted by lower organic sales and unfavorable currency translation[4] - The Industrial Precision Solutions segment saw a 10.8% increase in sales for the nine months, totaling $1,092,099 compared to $985,610 in the previous year[20] - Medical and Fluid Solutions segment sales increased by 0.7% to $495,229 from $491,683 year-over-year[20] - Advanced Technology Solutions segment experienced a decline of 17.1% in sales, down to $358,111 from $432,026[20] - Industrial Precision Solutions segment sales increased to $370,561,000 for the three months ended July 31, 2024, from $338,257,000 in the same period of 2023[25] - Medical and Fluid Solutions segment sales decreased slightly to $166,737,000 for the three months ended July 31, 2024, from $170,871,000 in the same period of 2023[25] - Advanced Technology Solutions segment sales decreased to $124,306,000 for the three months ended July 31, 2024, from $139,549,000 in the same period of 2023[25] Guidance and Backlog - The company is increasing its full-year revenue guidance to a range of $2,665 million to $2,705 million, reflecting the addition of the Atrion acquisition[5] - The company has a backlog of approximately $650 million entering the fourth quarter, indicating a normalization trend[5] Cash Flow and Equity - Cash provided by operating activities for the nine months was $459,812, slightly down from $478,072 in the previous year[15] - Cash used in investing activities was $34,890, significantly lower than $401,996 in the prior year, indicating reduced acquisition activity[15] - The company paid dividends totaling $116,789, an increase from $111,547 in the previous year[15] - Nordson's total shareholders' equity increased to $2,853.8 million as of July 31, 2024, compared to $2,598.1 million at the end of the previous fiscal year[13] Currency Impact - The effect of exchange rate changes on cash was a negative $4,665, compared to a positive $5,679 in the previous year[15] Depreciation and Adjustments - Total adjustments for operating profit were $26,898,000 for the three months ended July 31, 2024, compared to $23,703,000 in the same period of 2023[28] - The company reported a total depreciation and amortization of $33,382,000 for the three months ended July 31, 2024, compared to $27,102,000 in the same period of 2023[25]