Please replace the release with the following corrected version due to omissions in the Reconciliation of Non-GAAP Financial Measures table. These are the only changes to the previous version of the release.
The corrected release reads:
NORDSON CORPORATION REPORTS STRONGEST QUARTERLY RESULTS IN COMPANY HISTORY; GUIDES TO RECORD FULL-YEAR PERFORMANCE
- Third quarter sales grow 22 percent to $380 million over the same period a year ago including a 16 percent increase in organic volume
- Third quarter operating profit increases 25 percent to $99 million; 26 percent operating margin surpasses previous year level
- Third quarter EPS increases 26 percent to record $1.03
- Fourth quarter guidance: sales expected to increase 23 to 27 percent over prior year; diluted EPS in the range of $0.96 to $1.04
(Nasdaq: NDSN) today reported the strongest quarterly sales, operating profit, net income and diluted EPS in its history. For the quarter ending July 31, 2012, sales expanded to $380 million, a 22 percent increase over the prior year’s third quarter sales. This increase in sales included a 16 percent increase in organic volume, a 10 percent increase related to the first year effect of acquisitions, and a negative 4 percent impact related to unfavorable effects of currency translation. Third quarter operating profit was $99 million, a record for any quarter, and operating margin reached 26 percent, an increase from the strong level in the same period a year ago. Third quarter net income and diluted earnings per share were both records at $67 million and $1.03, respectively, and compared to $57 million and $0.82 a year ago. Diluted earnings per share in the current quarter include a $0.01 per share one-time tax benefit, a $0.02 per share charge for short-term purchase accounting related to the step-up in value of inventory from the
acquisitions, and a $0.02 per share charge for acquisition related costs. A table highlighting one-time items in the quarter and year-to-date is included with this news release
“Broad based demand across our business combined with the outstanding effort and execution of our global team resulted in another excellent quarter for Nordson,” said Nordson President and Chief Executive Officer Michael F. Hilton. “Organic sales volume was strong across all segments as customers continued to respond to our value proposition of best in class technology, application expertise and global support. We added to our momentum in the quarter with the acquisitions of EDI and Xaloy, two high-quality companies that together provide Nordson with a new growth platform in the plastics processing industry. The robust top line growth, coupled with our ongoing continuous improvement efforts, drove operating income, net income and diluted earnings per share to the highest levels in Nordson history. Operating margin in the quarter was 26 percent, which exceeded the high level of a year ago, and performance in the quarter excluding the acquisitions was in line with our operating margin guidance. We continued to generate high levels of free cash flow which will enable us to invest in strategic opportunities.