Nordson Corporation (Nasdaq: NDSN) today reported record fourth quarter and full year results for the fiscal year ended October 31, 2012. Sales for the quarter were $439 million, an increase of 33 percent over the fourth quarter of the prior year. This sales improvement included a 19 percent increase in organic volume, a 16 percent increase related to the first year effect of acquisitions, and a negative 2 percent impact related to the unfavorable effects of currency translation. Fourth quarter operating profit increased 31 percent over the same period a year ago to $104 million, and fourth quarter net income increased 24 percent over the same period a year ago to $68 million. Diluted earnings per share for the quarter increased 28 percent over the prior year to $1.04, or $1.07 when normalized to exclude certain one-time items. A reconciliation of GAAP diluted EPS to normalized amounts is included in the attached tables.
“Solid demand in our end markets along with our global team’s ability to meet customer needs generated another quarter of very strong results,” said Nordson President and Chief Executive Officer Michael F. Hilton . “Sales expanded robustly as customers continued to respond to our combination of precision technology solutions, application expertise and direct global service. We delivered fourth quarter operating margin of 24 percent, the same strong level as a year ago and inclusive of the impact of this year’s acquisitions. Integration of these acquisitions remains on track and we are pleased by the many opportunities for growth and synergy that we see. Free cash flow in the quarter was approximately 122 percent of net income, representing very strong cash conversion that enables us to continue funding a variety of growth and continuous improvement initiatives. In addition to these organic initiatives, we also completed the purchase of Sealant Equipment and Engineering, a leader in cold material dispensing and our third acquisition of the fiscal year. And finally, we increased our quarterly dividend by 20 percent during the quarter, bringing our record for consecutive annual dividend increases to 49 consecutive years.”
Fourth Quarter Segment & Regional Results
“Fourth quarter organic sales volume grew substantially compared to the same period a year ago, in every segment and nearly every geography,” said Hilton. “Total sales volume in Adhesive Dispensing Systems increased 36 percent over the prior year’s fourth quarter, as solid growth in both consumer non-durable and durable end markets drove a 6 percent increase in organic volume with the remainder of the increase coming from the first year effect of acquisitions. Operating margin in the segment was 28 percent, a strong level that includes the recent EDI and Xaloy acquisitions and the non-recurring short term purchase accounting charges associated with acquired inventory.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV