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Nordson's CEO Discusses F3Q2012 Results - Earnings Call Transcript

I would also like to add a few comments regarding Sealant Equipment acquisition, which we completed on August 1st. Sealant Equipment is a leader in the engineering and manufacturing of meter, mix and dispense equipment and valves which apply 1-part, 2-part and 3-part adhesive, sealant and lubricating materials.

This acquisition provides us with broader presence in cold materials equipment market, especially in the general industry applications. It’s an excellent complement to what we already do in this space and we see significant opportunities to leverage Nordson’s global infrastructure to grow the business beyond its current largely North American footprint.

I’ll share some comments about current business trends but before that let me turn the call over to Greg Thaxton, our Chief Financial Officer, who will provide more detailed commentary on our third quarter financial results, as well as some comments on our guidance for the fourth quarter of 2012. Greg?

Greg Thaxton

Thank you, Mike, and good morning to everyone. As Mike noted, our financial results for the third quarter were outstanding. Sales in the quarter were $380 million, an increase of 22% over the prior year’s third quarter. This growth included a 16% increase in organic volume and as Mike noted, a 10% increase related to the first year effective acquisitions.

This total sales volume growth of 26% over the prior year’s third quarter is offset by a negative 4% impact from the effects of currency translation related primarily to the euro again as compared to the prior year.

Looking at segment performance, Adhesive Dispensing sales volume increased 21% as compared to the prior year’s third quarter. Organic volume increased by 4% while the first year effective acquisitions accounted for the remainder.

The organic volume growth was driven by those product lines serving consumer non-durable end markets offsetting the softness in general assembly product lines serving consumer durable end markets. This was also the case for our European adhesives business highlighting the general stability of the consumer non-durable end markets.

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