Nordson Shares Jump On Better-than-expected 3Q

NEW YORK (AP) — Nordson Corp., which makes equipment that applies adhesives, sealants and coatings to food and beverage packaging, autos and appliances, said Thursday its third-quarter profit dipped 26 percent as orders declined, but the results still beat Wall Street expectations and the company issued a better-than-expected forecast for the rest of the year.

Shares jumped $4.79, or nearly 10 percent, to $54.62 in after-hours trading. The stock closed the regular session up $1.69, or 3.5 percent, at $49.83.

The Westlake, Ohio-based company reported net income of $24 million, or 71 cents per share, for the three months that ended July 31. Nordson earned $32.4 million, or 93 cents a share, in the same period in 2008.

Sales for the quarter slid by 28.5 percent to $206.2 million compared with the year-ago period. Nordson said its backlog of unfilled orders was worth about $95 million at the end of the quarter, a 23 percent decline from the same time last year.

Analysts surveyed by Thomson Reuters expected third-quarter earnings of 50 cents a share on revenue of $204.8 million.