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Nordson Corporation Reports Q2 Fiscal 2024 Results and Lowers Annual Guidance
WESTLAKE, Ohio—Nordson Corporation (Nasdaq: NDSN) announced its fiscal second-quarter results for the period ending April 30, 2024, showing steady sales but a decline in net income and earnings per share compared to the same period last year. Despite achieving strong gross margins and maintaining an EBITDA margin of 31%, the company adjusted its annual revenue and earnings guidance, leading to a 12% drop in its stock price in after-market trading.
Key Financial Highlights
- Sales: $651 million, slightly above the previous year’s $650 million.
- Net Income: $118 million, down from $128 million in Q2 2023.
- Earnings per Diluted Share: $2.05, a decrease from $2.21 in the prior year.
- Adjusted Earnings per Diluted Share: $2.34, compared to $2.45 in Q2 2023.
- EBITDA: $203 million, unchanged from the previous year, representing 31% of sales.
Segment Performance
- Industrial Precision Solutions: Sales increased by 9% to $367 million, with a 2% organic growth. Operating profit rose by $6 million to $118 million, and EBITDA grew by 11% to $132 million.
- Medical and Fluid Solutions: Sales were up 2% to $169 million, with operating profit increasing by $1 million to $49 million. EBITDA remained flat at $63 million.
- Advanced Technology Solutions: Sales dropped by 22% to $115 million, with operating profit falling by $7 million to $19 million. EBITDA decreased to $24 million from $32 million.
Guidance and Outlook
Nordson updated its full-year fiscal 2024 revenue guidance to a range of flat to 2% growth over the record fiscal 2023. Adjusted earnings per diluted share are now expected to be between $9.35 and $9.75, down from previous estimates.
For the third quarter of fiscal 2024, the company forecasts sales between $645 million and $670 million, with adjusted earnings per diluted share ranging from $2.25 to $2.40.
CEO Sundaram Nagarajan commented: “Our teams delivered a solid operating performance, maintaining strong gross margins and a 31% EBITDA margin. However, our Advanced Technology Solutions segment remains impacted by the electronics cycle. We are also experiencing increased pressure from the agriculture cycle in Europe. Despite these challenges, we remain confident in our long-term growth drivers.”
Market Reaction
In response to the revised annual guidance, Nordson's stock fell by 12% in after-market trading. This reaction highlights investor concerns about the company's ability to meet its previously issued guidance amid ongoing market pressures.
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