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Nordson Corporation (Nasdaq: NDSN) today reported results for the first quarter of fiscal year 2013. For the quarter ending January 31, 2013, sales were $347 million, a 26 percent increase over the prior year’s first quarter sales. This sales improvement included an 8 percent increase in organic volume, and an 18 percent increase related to the first year effect of acquisitions. Currency effects were minimal in the quarter compared to the prior year. Operating profit for the quarter was $62 million and operating margin was 18 percent. First quarter diluted earnings per share as reported were $0.65, representing a 12 percent increase over the prior year earnings per share of $0.58. A reconciliation of GAAP diluted EPS to normalized amounts is included in the attached tables.
“Nordson’s global team delivered solid quarterly results, in line with our guidance and reflective of the normal seasonality of our business,” said Nordson President and Chief Executive Officer Michael F. Hilton. “Our continuing ability to provide precision technology solutions to customers in a diverse set of end markets generated strong organic volume growth, with additional growth coming from the first year effect of acquisitions. Operating margin in the quarter was 18 percent, a level within the range we expected and one that includes the dilutive impact of recent acquisitions along with planned investments in initiatives that will fuel future growth and performance. Net income grew to a first quarter record of $42 million, we continue to generate excellent levels of free cash flow, and our balance sheet remains strong. Overall, we are pleased with the start of our fiscal year and we see multiple opportunities for growth and improvement in the coming quarters.”
First Quarter Segment and Regional Results
“The fundamental strengths of our business model are intact in all business segments, as we delivered organic volume growth in every geographic region and nearly all product lines,” said Hilton.