Nordson Corporation Reports Third Quarter Fiscal 2024 Results and Updates Annual Guidance
Third Quarter Highlights:
-
Sales were
$662 million 2% year-over-year and in-line with mid-point of guidance -
Earnings per diluted share were
$2.04 -
Adjusted earnings per diluted share were
$2.41 $0.08
Updated Full-Year Guidance:
- Increasing full fiscal year 2024 revenue guidance to reflect the addition of Atrion acquisition
- Maintaining full fiscal year 2024 adjusted earnings per diluted share guidance, inclusive of the slightly dilutive fourth quarter Atrion acquisition impact
Net income was
EBITDA in the third quarter was
Commenting on the Company’s fiscal 2024 third quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “We delivered third quarter revenue in line with our expectations, driven by strong organic growth in our industrial product lines. Our Advanced Technology Solutions segment sequentially grew compared to second quarter, as order entry steadily improves in electronics end markets. Across the company, the teams executed another solid operating performance delivering strong gross margins and
Third Quarter Segment Results
Industrial Precision Solutions sales of
Medical and Fluid Solutions sales of
Advanced Technology Solutions sales of
Outlook
The Company is entering the fourth quarter of fiscal 2024 with approximately
Reflecting on the outlook, Nagarajan continued, “Throughout 2024, we have remained focused on delivering high quality operating performance in a dynamic environment. The diversification of our product portfolio, geographic exposure, mix of recurring revenue, in addition to the NBS Next growth framework and the contributions of our recent acquisitions, are positioning us well to end the year in line with record fiscal 2023 revenue. I remain pleased with our ability to manage profitability during this period, while remaining invested in the long-term objectives of the business.”
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, August 22, 2024 at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com.
The Company’s definition of adjusted earnings excludes acquisition related amortization for both current and historical periods. It is not possible for the Company to identify the amount or significance of future adjustments associated with acquisition and integration costs, restructuring costs, acquisition-related amortization, certain non-operating or income tax items, or other non-routine costs that the Company adjusts in the presentation of adjusted earnings guidance. These items are dependent on future events that are not reasonably estimable at this time. Accordingly, the Company is unable to reconcile without unreasonable effort the forecasted range of adjusted earnings guidance to a comparable GAAP range.
Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to,
Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serves global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in
NORDSON CORPORATION |
|||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
|||||||||||||||
(Dollars in thousands except for per-share amounts) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
July 31, 2024 |
|
July 31, 2023 |
|
July 31, 2024 |
|
July 31, 2023 |
||||||||
Sales |
$ |
661,604 |
|
|
$ |
648,677 |
|
|
$ |
1,945,439 |
|
|
$ |
1,909,319 |
|
Cost of sales |
|
292,603 |
|
|
|
288,357 |
|
|
|
862,134 |
|
|
|
868,007 |
|
Gross profit |
|
369,001 |
|
|
|
360,320 |
|
|
|
1,083,305 |
|
|
|
1,041,312 |
|
Gross margin % |
|
55.8 |
% |
|
|
55.5 |
% |
|
|
55.7 |
% |
|
|
54.5 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling & administrative expenses |
|
201,943 |
|
|
|
189,324 |
|
|
|
588,196 |
|
|
|
553,590 |
|
Operating profit |
|
167,058 |
|
|
|
170,996 |
|
|
|
495,109 |
|
|
|
487,722 |
|
|
|
|
|
|
|
|
|
||||||||
Interest expense - net |
|
(17,776 |
) |
|
|
(11,486 |
) |
|
|
(56,729 |
) |
|
|
(30,904 |
) |
Other income (expense) - net |
|
152 |
|
|
|
2,542 |
|
|
|
(971 |
) |
|
|
(2,059 |
) |
Income before income taxes |
|
149,434 |
|
|
|
162,052 |
|
|
|
437,409 |
|
|
|
454,759 |
|
|
|
|
|
|
|
|
|
||||||||
Income taxes |
|
32,107 |
|
|
|
34,161 |
|
|
|
92,293 |
|
|
|
95,044 |
|
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
117,327 |
|
|
$ |
127,891 |
|
|
$ |
345,116 |
|
|
$ |
359,715 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
57,229 |
|
|
|
56,989 |
|
|
|
57,171 |
|
|
|
57,114 |
|
Diluted |
|
57,624 |
|
|
|
57,530 |
|
|
|
57,620 |
|
|
|
57,657 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic earnings |
$ |
2.05 |
|
|
$ |
2.24 |
|
|
$ |
6.04 |
|
|
$ |
6.30 |
|
Diluted earnings |
$ |
2.04 |
|
|
$ |
2.22 |
|
|
$ |
5.99 |
|
|
$ |
6.24 |
|
NORDSON CORPORATION |
|||||
CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||
(Dollars in thousands) |
|||||
|
July 31, 2024 |
|
October 31, 2023 |
||
Cash and cash equivalents |
$ |
165,324 |
|
$ |
115,679 |
Receivables - net |
|
538,541 |
|
|
590,886 |
Inventories - net |
|
438,167 |
|
|
454,775 |
Other current assets |
|
82,106 |
|
|
67,970 |
Total current assets |
|
1,224,138 |
|
|
1,229,310 |
|
|
|
|
||
Property, plant and equipment - net |
|
401,415 |
|
|
392,846 |
Goodwill |
|
2,785,773 |
|
|
2,784,201 |
Other assets |
|
793,044 |
|
|
845,413 |
|
$ |
5,204,370 |
|
$ |
5,251,770 |
|
|
|
|
||
Notes payable and debt due within one year |
$ |
96,288 |
|
$ |
115,662 |
Accounts payable and accrued liabilities |
|
421,979 |
|
|
466,427 |
Total current liabilities |
|
518,267 |
|
|
582,089 |
|
|
|
|
||
Long-term debt |
|
1,398,155 |
|
|
1,621,394 |
Other liabilities |
|
434,191 |
|
|
450,227 |
Total shareholders' equity |
|
2,853,757 |
|
|
2,598,060 |
|
$ |
5,204,370 |
|
$ |
5,251,770 |
|
|
|
|
||
NORDSON CORPORATION |
|||||||
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) |
|||||||
(Dollars in thousands) |
|||||||
|
Nine Months Ended |
||||||
|
July 31, 2024 |
|
July 31, 2023 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
345,116 |
|
|
$ |
359,715 |
|
Depreciation and amortization |
|
99,646 |
|
|
|
80,637 |
|
Other non-cash items |
|
15,435 |
|
|
|
18,523 |
|
Changes in operating assets and liabilities and other |
|
(385 |
) |
|
|
19,197 |
|
Net cash provided by operating activities |
|
459,812 |
|
|
|
478,072 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Additions to property, plant and equipment |
|
(43,786 |
) |
|
|
(24,244 |
) |
Acquisition of businesses, net of cash acquired |
|
— |
|
|
|
(377,843 |
) |
Other - net |
|
8,896 |
|
|
|
91 |
|
Net cash used in investing activities |
|
(34,890 |
) |
|
|
(401,996 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Issuance (repayment) of long-term debt |
|
(244,355 |
) |
|
|
73,956 |
|
Repayment of finance lease obligations |
|
(4,505 |
) |
|
|
(4,769 |
) |
Dividends paid |
|
(116,789 |
) |
|
|
(111,547 |
) |
Issuance of common shares |
|
29,142 |
|
|
|
18,449 |
|
Purchase of treasury shares |
|
(34,105 |
) |
|
|
(78,163 |
) |
Net cash provided used in financing activities |
|
(370,612 |
) |
|
|
(102,074 |
) |
|
|
|
|
||||
Effect of exchange rate change on cash: |
|
(4,665 |
) |
|
|
5,679 |
|
Net change in cash and cash equivalents |
|
49,645 |
|
|
|
(20,319 |
) |
|
|
|
|
||||
Cash and cash equivalents: |
|
|
|
||||
Beginning of period |
|
115,679 |
|
|
|
163,457 |
|
End of period |
$ |
165,324 |
|
|
$ |
143,138 |
|
|
|
|
|
||||
NORDSON CORPORATION |
|||||||||||||||||
SALES BY GEOGRAPHIC SEGMENT (Unaudited) |
|||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||
|
Three Months Ended |
|
Sales Variance |
||||||||||||||
|
July 31, 2024 |
|
July 31, 2023 |
|
Organic |
|
Acquisitions |
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial Precision Solutions |
$ |
370,561 |
|
$ |
338,257 |
|
3.6 |
% |
|
7.4 |
% |
|
(1.4 |
)% |
|
9.6 |
% |
Medical and Fluid Solutions |
|
166,737 |
|
|
170,871 |
|
(2.0 |
)% |
|
— |
% |
|
(0.4 |
)% |
|
(2.4 |
)% |
Advanced Technology Solutions |
|
124,306 |
|
|
139,549 |
|
(10.2 |
)% |
|
— |
% |
|
(0.7 |
)% |
|
(10.9 |
)% |
Total sales |
$ |
661,604 |
|
$ |
648,677 |
|
(0.9 |
)% |
|
3.8 |
% |
|
(0.9 |
)% |
|
2.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
$ |
287,016 |
|
$ |
290,515 |
|
(3.4 |
)% |
|
2.4 |
% |
|
(0.2 |
)% |
|
(1.2 |
)% |
|
|
179,370 |
|
|
167,536 |
|
(2.0 |
)% |
|
9.8 |
% |
|
(0.7 |
)% |
|
7.1 |
% |
|
|
195,218 |
|
|
190,626 |
|
4.1 |
% |
|
0.8 |
% |
|
(2.5 |
)% |
|
2.4 |
% |
Total sales |
$ |
661,604 |
|
$ |
648,677 |
|
(0.9 |
)% |
|
3.8 |
% |
|
(0.9 |
)% |
|
2.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Nine Months Ended |
|
Sales Variance |
||||||||||||||
|
July 31, 2024 |
|
July 31, 2023 |
|
Organic |
|
Acquisitions |
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial Precision Solutions |
$ |
1,092,099 |
|
$ |
985,610 |
|
2.5 |
% |
|
8.8 |
% |
|
(0.5 |
)% |
|
10.8 |
% |
Medical and Fluid Solutions |
|
495,229 |
|
|
491,683 |
|
0.9 |
% |
|
— |
% |
|
(0.2 |
)% |
|
0.7 |
% |
Advanced Technology Solutions |
|
358,111 |
|
|
432,026 |
|
(16.6 |
)% |
|
— |
% |
|
(0.5 |
)% |
|
(17.1 |
)% |
Total sales |
$ |
1,945,439 |
|
$ |
1,909,319 |
|
(2.2 |
)% |
|
4.5 |
% |
|
(0.4 |
)% |
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
$ |
855,456 |
|
$ |
834,125 |
|
(0.3 |
)% |
|
2.7 |
% |
|
0.2 |
% |
|
2.6 |
% |
|
|
540,750 |
|
|
498,379 |
|
(4.5 |
)% |
|
12.2 |
% |
|
0.8 |
% |
|
8.5 |
% |
|
|
549,233 |
|
|
576,815 |
|
(3.1 |
)% |
|
0.7 |
% |
|
(2.4 |
)% |
|
(4.8 |
)% |
Total sales |
$ |
1,945,439 |
|
$ |
1,909,319 |
|
(2.2 |
)% |
|
4.5 |
% |
|
(0.4 |
)% |
|
1.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
NORDSON CORPORATION |
|||||||||||||
RECONCILIATION OF NON-GAAP MEASURES - NET INCOME TO EBITDA (Unaudited) |
|||||||||||||
(Dollars in thousands) |
|||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||
|
July 31, 2024 |
|
July 31, 2023 |
|
July 31, 2024 |
|
July 31, 2023 |
||||||
Net income |
$ |
117,327 |
|
|
$ |
127,891 |
|
|
$ |
345,116 |
|
$ |
359,715 |
Income taxes |
|
32,107 |
|
|
|
34,161 |
|
|
|
92,293 |
|
|
95,044 |
Interest expense - net |
|
17,776 |
|
|
|
11,486 |
|
|
|
56,729 |
|
|
30,904 |
Other expense - net |
|
(152 |
) |
|
|
(2,542 |
) |
|
|
971 |
|
|
2,059 |
Depreciation and amortization |
|
33,382 |
|
|
|
27,102 |
|
|
|
99,646 |
|
|
80,637 |
Inventory step-up amortization (1) |
|
— |
|
|
|
— |
|
|
|
2,944 |
|
|
4,306 |
Severance and other |
|
2,536 |
|
|
|
2,049 |
|
|
|
4,615 |
|
|
5,487 |
Acquisition-related costs (1) |
|
5,160 |
|
|
|
7,732 |
|
|
|
5,757 |
|
|
13,721 |
EBITDA (non-GAAP) (2) |
$ |
208,136 |
|
|
$ |
207,879 |
|
|
$ |
608,071 |
$ |
591,873 |
|
(1) |
Represents fees, severance and non-cash inventory charges associated with acquisitions. |
(2) |
EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as severance, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization. |
NORDSON CORPORATION |
|||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES - EBITDA (Unaudited) |
|||||||||||||||||||||||
(Dollars in thousands) |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||
|
July 31, 2024 |
|
July 31, 2023 |
|
July 31, 2024 |
|
July 31, 2023 |
||||||||||||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Industrial Precision Solutions |
$ |
370,561 |
|
|
|
|
$ |
338,257 |
|
|
|
|
$ |
1,092,099 |
|
|
|
|
$ |
985,610 |
|
|
|
Medical and Fluid Solutions |
|
166,737 |
|
|
|
|
|
170,871 |
|
|
|
|
|
495,229 |
|
|
|
|
|
491,683 |
|
|
|
Advanced Technology Solutions |
|
124,306 |
|
|
|
|
|
139,549 |
|
|
|
|
|
358,111 |
|
|
|
|
|
432,026 |
|
|
|
Total sales |
$ |
661,604 |
|
|
|
|
$ |
648,677 |
|
|
|
|
$ |
1,945,439 |
|
|
|
|
$ |
1,909,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
OPERATING PROFIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Industrial Precision Solutions |
$ |
118,110 |
|
|
|
|
$ |
115,346 |
|
|
|
|
$ |
344,305 |
|
|
|
|
$ |
329,439 |
|
|
|
Medical and Fluid Solutions |
|
48,374 |
|
|
|
|
|
54,019 |
|
|
|
|
|
143,467 |
|
|
|
|
|
141,326 |
|
|
|
Advanced Technology Solutions |
|
22,945 |
|
|
|
|
|
27,083 |
|
|
|
|
|
60,767 |
|
|
|
|
|
70,136 |
|
|
|
Corporate |
|
(22,371 |
) |
|
|
|
|
(25,452 |
) |
|
|
|
|
(53,430 |
) |
|
|
|
|
(53,179 |
) |
|
|
Total operating profit |
$ |
167,058 |
|
|
|
|
$ |
170,996 |
|
|
|
|
$ |
495,109 |
|
|
|
|
$ |
487,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
OPERATING PROFIT ADJUSTMENTS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Industrial Precision Solutions |
$ |
2,536 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
6,077 |
|
|
|
|
$ |
— |
|
|
|
Medical and Fluid Solutions |
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
1,479 |
|
|
|
Advanced Technology Solutions |
|
— |
|
|
|
|
|
2,049 |
|
|
|
|
|
2,078 |
|
|
|
|
|
14,303 |
|
|
|
Corporate |
|
5,160 |
|
|
|
|
|
7,732 |
|
|
|
|
|
5,161 |
|
|
|
|
|
7,732 |
|
|
|
Total adjustments |
$ |
7,696 |
|
|
|
|
$ |
9,781 |
|
|
|
|
$ |
13,316 |
|
|
|
|
$ |
23,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
DEPRECIATION & AMORTIZATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Industrial Precision Solutions |
$ |
14,521 |
|
|
|
|
$ |
7,036 |
|
|
|
|
$ |
42,821 |
|
|
|
|
$ |
21,166 |
|
|
|
Medical and Fluid Solutions |
|
13,553 |
|
|
|
|
|
14,133 |
|
|
|
|
|
40,822 |
|
|
|
|
|
41,441 |
|
|
|
Advanced Technology Solutions |
|
3,368 |
|
|
|
|
|
3,834 |
|
|
|
|
|
10,093 |
|
|
|
|
|
11,656 |
|
|
|
Corporate |
|
1,940 |
|
|
|
|
|
2,099 |
|
|
|
|
|
5,910 |
|
|
|
|
|
6,374 |
|
|
|
Total depreciation & amortization |
$ |
33,382 |
|
|
|
|
$ |
27,102 |
|
|
|
|
$ |
99,646 |
|
|
|
|
$ |
80,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
EBITDA (NON-GAAP) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Industrial Precision Solutions |
$ |
135,167 |
|
|
|
|
$ |
122,382 |
|
|
|
|
$ |
393,203 |
|
|
|
|
$ |
350,605 |
|
|
|
Medical and Fluid Solutions |
|
61,927 |
|
|
|
|
|
68,152 |
|
|
|
|
|
184,289 |
|
|
|
|
|
184,246 |
|
|
|
Advanced Technology Solutions |
|
26,313 |
|
|
|
|
|
32,966 |
|
|
|
|
|
72,938 |
|
|
|
|
|
96,095 |
|
|
|
Corporate |
|
(15,271 |
) |
|
|
|
|
(15,621 |
) |
|
|
|
|
(42,359 |
) |
|
|
|
|
(39,073 |
) |
|
|
Total EBITDA |
$ |
208,136 |
|
|
|
|
$ |
207,879 |
|
|
|
|
$ |
608,071 |
|
|
|
|
$ |
591,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) |
Represents severance as well as fees and non-cash inventory charges associated with acquisitions. |
(2) |
EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as severance, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization. |
NORDSON CORPORATION |
|||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED NET INCOME AND EARNINGS PER SHARE |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(Dollars in thousands) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
July 31, 2024 |
|
July 31, 2023 |
|
July 31, 2024 |
|
July 31, 2023 |
||||||||
GAAP AS REPORTED |
|
|
|
|
|
|
|
||||||||
Operating profit |
$ |
167,058 |
|
|
$ |
170,996 |
|
|
$ |
495,109 |
|
|
$ |
487,722 |
|
Other / interest expense - net |
|
(17,624 |
) |
|
|
(8,944 |
) |
|
|
(57,700 |
) |
|
|
(32,963 |
) |
Net income |
|
117,327 |
|
|
|
127,891 |
|
|
|
345,116 |
|
|
|
359,715 |
|
Diluted earnings per share |
$ |
2.04 |
|
|
$ |
2.22 |
|
|
$ |
5.99 |
|
|
$ |
6.24 |
|
|
|
|
|
|
|
|
|
||||||||
Shares outstanding - diluted |
|
57,624 |
|
|
|
57,530 |
|
|
|
57,620 |
|
|
|
57,657 |
|
|
|
|
|
|
|
|
|
||||||||
OPERATING PROFIT ADJUSTMENTS |
|
|
|
|
|
|
|
||||||||
Inventory step-up amortization |
$ |
— |
|
|
$ |
— |
|
|
$ |
2,944 |
|
|
$ |
4,306 |
|
Acquisition-related costs |
|
5,160 |
|
|
|
7,732 |
|
|
|
5,757 |
|
|
|
13,721 |
|
Severance and other |
|
2,536 |
|
|
|
2,049 |
|
|
|
4,615 |
|
|
|
5,487 |
|
|
|
|
|
|
|
|
|
||||||||
ACQUISITION AMORTIZATION OF INTANGIBLES |
$ |
19,202 |
|
|
$ |
13,922 |
|
|
|
57,412 |
|
|
|
41,839 |
|
|
|
|
|
|
|
|
|
||||||||
Total adjustments |
$ |
26,898 |
|
|
$ |
23,703 |
|
|
$ |
70,728 |
|
|
$ |
65,353 |
|
|
|
|
|
|
|
|
|
||||||||
Adjustments net of tax |
$ |
21,134 |
|
|
$ |
18,706 |
|
|
$ |
55,804 |
|
|
$ |
51,694 |
|
EPS effect of adjustments and other discrete tax items |
$ |
0.37 |
|
|
$ |
0.33 |
|
|
$ |
0.97 |
|
|
$ |
0.90 |
|
|
|
|
|
|
|
|
|
||||||||
NON-GAAP MEASURES-ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE |
|
|
|
|
|
|
|
||||||||
Adjusted Net income (1) |
$ |
138,461 |
|
|
$ |
146,597 |
|
|
$ |
400,920 |
|
|
$ |
411,409 |
|
Adjusted Diluted earnings per share (2) |
$ |
2.41 |
|
|
$ |
2.55 |
|
|
$ |
6.96 |
|
|
$ |
7.14 |
|
(1) |
Adjusted net income is a non-GAAP measure defined as net income plus tax effected adjustments and other discrete tax items. |
(2) |
Adjusted earnings per share is a non-GAAP measure defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items. |
|
|
Management uses certain non-GAAP measures, such as adjusted net income, adjusted EPS and EBITDA, internally to make strategic decisions, forecast future results, and evaluate the Company's current performance. Given management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in the Company's core business across different time periods. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to other companies' non-GAAP financial measures, even if they have similar names. Amounts may not add due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240821934508/en/
Lara Mahoney
Vice President, Investor Relations & Corporate Communications
440.204.9985
Lara.Mahoney@nordson.com
Source: Nordson Corporation
