(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
(Address of Principal Executive Offices, including Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered | ||||||||||||
Press release of Nordson Corporation dated | ||||||||
104 | Cover Page Interactive Data File (embedded within the inline XBRL document). |
NORDSON CORPORATION | |||||||||||
Date: | By: | /s/ Stephen Shamrock | |||||||||
Stephen Shamrock | |||||||||||
Vice President and Corporate Controller, Interim Chief Financial Officer |
Three Months Ended | |||||||||||
January 31, 2024 | January 31, 2023 | ||||||||||
Sales | $ | 633,193 | $ | 610,477 | |||||||
Cost of sales | 284,766 | 281,610 | |||||||||
Gross profit | 348,427 | 328,867 | |||||||||
Gross margin % | 55.0 | % | 53.9 | % | |||||||
Selling & administrative expenses | 188,992 | 184,648 | |||||||||
Operating profit | 159,435 | 144,219 | |||||||||
Interest expense - net | (20,398) | (9,943) | |||||||||
Other expense - net | (338) | (3,196) | |||||||||
Income before income taxes | 138,699 | 131,080 | |||||||||
Income taxes | 29,127 | 26,819 | |||||||||
Net income | $ | 109,572 | $ | 104,261 | |||||||
Weighted-average common shares outstanding: | |||||||||||
Basic | 57,064 | 57,170 | |||||||||
Diluted | 57,555 | 57,762 | |||||||||
Earnings per share: | |||||||||||
Basic earnings | $ | 1.92 | $ | 1.82 | |||||||
Diluted earnings | $ | 1.90 | $ | 1.81 |
January 31, 2024 | October 31, 2023 | ||||||||||
Cash and cash equivalents | $ | 136,201 | $ | 115,679 | |||||||
Receivables - net | 537,702 | 590,886 | |||||||||
Inventories - net | 451,217 | 454,775 | |||||||||
Other current assets | 82,992 | 67,970 | |||||||||
Total current assets | 1,208,112 | 1,229,310 | |||||||||
Property, plant and equipment - net | 394,467 | 392,846 | |||||||||
Goodwill | 2,805,086 | 2,784,201 | |||||||||
Other assets | 839,412 | 845,413 | |||||||||
$ | 5,247,077 | $ | 5,251,770 | ||||||||
Notes payable and debt due within one year | $ | 116,585 | $ | 115,662 | |||||||
Accounts payable and accrued liabilities | 435,095 | 466,427 | |||||||||
Total current liabilities | 551,680 | 582,089 | |||||||||
Long-term debt | 1,513,871 | 1,621,394 | |||||||||
Other liabilities | 457,559 | 450,227 | |||||||||
Total shareholders' equity | 2,723,967 | 2,598,060 | |||||||||
$ | 5,247,077 | $ | 5,251,770 | ||||||||
Three Months Ended | |||||||||||
January 31, 2024 | January 31, 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 109,572 | $ | 104,261 | |||||||
Depreciation and amortization | 33,544 | 26,434 | |||||||||
Other non-cash items | 6,552 | 6,224 | |||||||||
Changes in working capital | 14,614 | (58,371) | |||||||||
Other | 8,074 | 44,789 | |||||||||
Net cash provided by operating activities | 172,356 | 123,337 | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to property, plant and equipment | (7,530) | (9,302) | |||||||||
Acquisition of businesses, net of cash acquired | — | (377,843) | |||||||||
Other - net | 1,805 | 9 | |||||||||
Net cash used in investing activities | (5,725) | (387,136) | |||||||||
Cash flows from financing activities: | |||||||||||
Issuance (repayment) of long-term debt | (107,195) | 252,278 | |||||||||
Repayment of finance lease obligations | (1,488) | (1,318) | |||||||||
Dividends paid | (38,855) | (37,199) | |||||||||
Issuance of common shares | 14,418 | 8,807 | |||||||||
Purchase of treasury shares | (7,371) | (6,875) | |||||||||
Net cash provided (used) in financing activities | (140,491) | 215,693 | |||||||||
Effect of exchange rate change on cash: | (5,618) | 6,643 | |||||||||
Net change in cash and cash equivalents | 20,522 | (41,463) | |||||||||
Cash and cash equivalents: | |||||||||||
Beginning of period | 115,679 | 163,457 | |||||||||
End of period | $ | 136,201 | $ | 121,994 | |||||||
Three Months Ended | Sales Variance | ||||||||||||||||||||||||||||||||||
January 31, 2024 | January 31, 2023 | Organic | Acquisitions | Currency | Total | ||||||||||||||||||||||||||||||
SALES BY SEGMENT | |||||||||||||||||||||||||||||||||||
Industrial Precision Solutions | $ | 354,547 | $ | 311,546 | 2.3 | % | 10.6 | % | 0.9 | % | 13.8 | % | |||||||||||||||||||||||
Medical and Fluid Solutions | 159,526 | 154,287 | 3.1 | % | — | % | 0.3 | % | 3.4 | % | |||||||||||||||||||||||||
Advanced Technology Solutions | 119,120 | 144,644 | (17.6) | % | — | % | — | % | (17.6) | % | |||||||||||||||||||||||||
Total sales | $ | 633,193 | $ | 610,477 | (2.2) | % | 5.4 | % | 0.5 | % | 3.7 | % | |||||||||||||||||||||||
SALES BY GEOGRAPHIC REGION | |||||||||||||||||||||||||||||||||||
Americas | $ | 274,012 | $ | 264,878 | (0.3) | % | 3.1 | % | 0.6 | % | 3.4 | % | |||||||||||||||||||||||
Europe | 179,310 | 162,939 | (7.0) | % | 14.2 | % | 2.8 | % | 10.0 | % | |||||||||||||||||||||||||
Asia Pacific | 179,871 | 182,660 | (0.5) | % | 0.7 | % | (1.7) | % | (1.5) | % | |||||||||||||||||||||||||
Total sales | $ | 633,193 | $ | 610,477 | (2.2) | % | 5.4 | % | 0.5 | % | 3.7 | % | |||||||||||||||||||||||
Three Months Ended | |||||||||||
January 31, 2024 | January 31, 2023 | ||||||||||
Net income | $ | 109,572 | $ | 104,261 | |||||||
Income taxes | 29,127 | 26,819 | |||||||||
Interest expense - net | 20,398 | 9,943 | |||||||||
Other expense - net | 338 | 3,196 | |||||||||
Depreciation and amortization | 33,544 | 26,434 | |||||||||
Inventory step-up amortization (1) | 2,944 | 4,306 | |||||||||
Acquisition-related costs (1) | 597 | 5,989 | |||||||||
EBITDA (non-GAAP) (2) | $ | 196,520 | $ | 180,948 |
Three Months Ended | |||||||||||||||||||||||
January 31, 2024 | January 31, 2023 | ||||||||||||||||||||||
SALES BY SEGMENT | |||||||||||||||||||||||
Industrial Precision Solutions | $ | 354,547 | $ | 311,546 | |||||||||||||||||||
Medical and Fluid Solutions | 159,526 | 154,287 | |||||||||||||||||||||
Advanced Technology Solutions | 119,120 | 144,644 | |||||||||||||||||||||
Total sales | $ | 633,193 | $ | 610,477 | |||||||||||||||||||
OPERATING PROFIT | |||||||||||||||||||||||
Industrial Precision Solutions | $ | 108,364 | $ | 102,319 | |||||||||||||||||||
Medical and Fluid Solutions | 46,100 | 39,384 | |||||||||||||||||||||
Advanced Technology Solutions | 19,038 | 16,963 | |||||||||||||||||||||
Corporate | (14,067) | (14,447) | |||||||||||||||||||||
Total operating profit | $ | 159,435 | $ | 144,219 | |||||||||||||||||||
OPERATING PROFIT ADJUSTMENTS (1) | |||||||||||||||||||||||
Industrial Precision Solutions | $ | 3,541 | $ | — | |||||||||||||||||||
Advanced Technology Solutions | — | 10,295 | |||||||||||||||||||||
Total adjustments | $ | 3,541 | $ | 10,295 | |||||||||||||||||||
DEPRECIATION & AMORTIZATION | |||||||||||||||||||||||
Industrial Precision Solutions | $ | 14,380 | $ | 6,845 | |||||||||||||||||||
Medical and Fluid Solutions | 13,705 | 13,625 | |||||||||||||||||||||
Advanced Technology Solutions | 3,441 | 3,812 | |||||||||||||||||||||
Corporate | 2,018 | 2,152 | |||||||||||||||||||||
Total depreciation & amortization | $ | 33,544 | $ | 26,434 | |||||||||||||||||||
EBITDA (NON-GAAP) (2) | |||||||||||||||||||||||
Industrial Precision Solutions | $ | 126,285 | 36% | $ | 109,164 | 35% | |||||||||||||||||
Medical and Fluid Solutions | 59,805 | 37% | 53,009 | 34% | |||||||||||||||||||
Advanced Technology Solutions | 22,479 | 19% | 31,070 | 21% | |||||||||||||||||||
Corporate | (12,049) | (12,295) | |||||||||||||||||||||
Total EBITDA | $ | 196,520 | 31% | $ | 180,948 | 30% | |||||||||||||||||
Three Months Ended | |||||||||||
January 31, 2024 | January 31, 2023 | ||||||||||
GAAP AS REPORTED | |||||||||||
Operating profit | $ | 159,435 | $ | 144,219 | |||||||
Other / interest expense - net | (20,736) | (13,139) | |||||||||
Net income | 109,572 | 104,261 | |||||||||
Diluted earnings per share | $ | 1.90 | $ | 1.81 | |||||||
Shares outstanding - diluted | 57,555 | 57,762 | |||||||||
OPERATING PROFIT ADJUSTMENTS | |||||||||||
Inventory step-up amortization | $ | 2,944 | $ | 4,306 | |||||||
Acquisition-related costs | 597 | 5,989 | |||||||||
ACQUISITION AMORTIZATION OF INTANGIBLES | $ | 19,387 | $ | 13,872 | |||||||
Total adjustments | $ | 22,928 | $ | 24,167 | |||||||
Adjustments net of tax | $ | 18,113 | $ | 19,223 | |||||||
EPS effect of adjustments and other discrete tax items | $ | 0.31 | $ | 0.33 | |||||||
NON-GAAP MEASURES-ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE | |||||||||||
Adjusted Net income (1) | $ | 127,685 | $ | 123,484 | |||||||
Adjusted Diluted earnings per share (2) | $ | 2.21 | $ | 2.14 |
Cover |
Feb. 21, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 21, 2024 |
Entity Registrant Name | NORDSON CORPORATION |
Amendment Flag | false |
Entity Central Index Key | 0000072331 |
Entity Incorporation, State or Country Code | OH |
Entity File Number | 000-07977 |
Entity Tax Identification Number | 34-0590250 |
Entity Address, Address Line One | 28601 Clemens Road |
Entity Address, City or Town | Westlake |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 44145 |
City Area Code | 440 |
Local Phone Number | 892-1580 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Shares, without par value |
Trading Symbol | NDSN |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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