rose 7% Tuesday after the maker of precision dispensing equipment said first-quarter earnings rose 12%.
The Westlake, Ohio-based company earned $16 million, or 47 cents a share, in the quarter, compared with $14.3 million, or 39 cents a share, a year ago. Adjusted for stock options and charges related to restructuring of the finishing and coating systems segment, earnings were 51 cents a share. Analysts polled by Thomson First Call were forecasting earnings of 43 cents a share.
First-quarter revenue rose 4% from the year ago period to $197.4 million. Analysts were estimating revenue of $195.2 million in the quarter.
"We are encouraged by the improving business environment in our Adhesive Dispensing segment," said CEO Edward Campbell. "When excluding the Fiber Systems business, sales volume for the segment was up 5%, which was driven by improvement in our Packaging Systems business in the United States and Europe."
Before adjusting for currency movements, sales for the first quarter rose 7.2% over the comparable period. Revenue of adhesive dispensing and nonwoven fiber systems, which constituted 57% of the first quarter sales, rose 3% and revenue of advanced technology systems rose 24%.
Backlog at the end of the first quarter was approximately $100 million, up more than $20 million since the beginning of the fiscal year, calculated at actual exchange rates.
On Tuesday, Nordson rose $3.31 to $50.54.
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