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Today’s call is being broadcast live on our webpage at www.nordson.com/investors and will be available for 14 days. There will be a telephone replay of our conference call available until midnight Tuesday, May 29, by calling 404-537-3406. You will need to reference ID number 75534738.Our attorneys have requested we open this call with the cautionary statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. During this conference call, forward-looking statements may be made regarding our future performance based on Nordson’s current expectations. These statements may involve a number of risks, uncertainties, and other factors as discussed in the company’s filings with the Securities and Exchange Commission that could cause actual results to differ. After our remarks we will have a question-and-answer session. I would now like to turn the call over to Mike for an overview of our 2012 second quarter results and a bit about Nordson’s future outlook. Please go ahead Mike. Michael Hilton Thank you, Jim and good morning, everyone and thank you for attending Nordson’s second quarter 2012 conference call. Overall, we delivered strong performance in the quarter and I want to thank our global team for their ongoing focus and execution. Their passion for our customers continues to be a differentiator for Nordson. In addition to our comments on the second quarter, we will also provide some perspective relative to our outlook for the third quarter of fiscal 2012. The second quarter played out much as we expected with revenues slightly down compared to the second quarter a year ago. Conditions remained challenging in some end markets and geographies and currency comparisons to a year ago were negative. I know also that our prior year second quarter was a standout quarter from a top line perspective and overall operating metrics. So our comparisons in this quarter are more difficult. Overall, order rates did gain momentum during the quarter as evidenced by the 14% growth in sales over the first quarter. We continue to feel good about the overall strength of our business model and our durable end-markets, as well as the timing of customers buying patterns. We continue to feel good about the strength of our business model and our prospects going forward.
More specifically, second quarter sales volume was up a little less than 0.5% with a positive first-year effective acquisitions being offset by a decrease in organic volume. Operating margin in the quarter was a strong 26% on a normalized basis where we exclude one-time charges, which in this quarter are primarily associated with our previously announced Adhesive U.S. facility consolidation efforts and our ability to leverage the sequential sales growth generated a 4 percentage point improvement in our overall first quarter normalized operating margin. Earnings per share in the quarter, excluding one-time charges, was $0.84.In terms of our outlook, order trends over the last 12 weeks are up 9% from the same 12-week period a year ago with very strong order growth in the Advanced Technology and Industrial Coating segments offsetting the impacts created by continued challenge of the European sovereign debt issues. The fundamentals of our business remain solid and based on recent strength in orders we are forecasting sales growth for our third quarter in the range of 8% to 12% over the prior year’s third quarter. The persistence of macroeconomic uncertainty leaves us to be cautious about the ongoing pace of growth. However, as we have suggested in previous earnings calls, assuming the economist views, the consensus with economist views that GDP will grow in the 2% range globally for the year, we should see year-over-year growth driven by improvement in the second half of our year. Now let me turn the call over to Greg Thaxton, our Chief Financial Officer, who will provide more detailed commentary on our second quarter financial results, as well as some additional comments on our guidance for the third quarter for 2012. Greg. Gregory Thaxton Thank you, Mike and good morning to everyone. As Mike noted, our financial results for the second quarter were very solid. Sales in the quarter were $315 million, a decrease of 1% over the prior year second quarter. This change in sales included 3% increase related to the first year effective acquisitions offset by 3% decrease in organic volume and a negative 1% impact from the effects of currency translation as compared to the prior year. On sequential basis we gained momentum as second quarter revenue increased 14% over the first quarter of 2012. Read the rest of this transcript for free on seekingalpha.com