WESTLAKE, Ohio--(BUSINESS WIRE)--Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal fourth quarter ended October 31, 2024. Sales were $744 million, a 4% increase compared to the prior year’s fourth quarter sales of $719 million. The increase in fourth quarter 2024 sales included the favorable 6% impact of acquisitions and favorable currency translation of 1%, offset by an organic sales decrease of 3%.
Net income was $122 million, or earnings per diluted share of $2.12, compared to prior year’s fourth quarter net income of $128 million, or earnings per diluted share of $2.22. Adjusted net income was $160 million, an increase from prior year adjusted net income of $156 million. Fourth quarter 2024 adjusted earnings per diluted share were $2.78 compared to prior year adjusted earnings per diluted share of $2.71.
EBITDA in the fourth quarter was $241 million, or 32% of sales, an increase of 4% compared to prior year EBITDA of $227 million, also at 32% of sales.
Commenting on the Company’s fiscal 2024 fourth quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “I appreciate our team’s focus and commitment to our customers, which delivered results above our fourth quarter guidance expectations. Our Advanced Technology Solutions segment delivered year-over-year fourth quarter sales growth, as electronics demand continued to steadily improve at fiscal year-end. During the down electronics cycle, our ATS team holistically implemented the NBS Next growth framework, making them responsive to the needs of our customers while also delivering a strong incremental operating performance. Our industrial product lines performed well against record comparisons from prior year. I’m also pleased with the early integration of our Atrion Medical acquisition, which contributed positively to the quarter.”
Fourth Quarter Segment Results
Industrial Precision Solutions sales of $392 million decreased 3% compared to the prior year fourth quarter, driven by a 5% organic sales decrease, a favorable acquisition impact of 1%, and a favorable currency impact of 1%. The organic sales decrease, following record organic sales in prior year fourth quarter, was driven by our industrial coatings, polymer processing and precision agriculture product lines, partially offset by double-digit growth in nonwovens product lines. Operating profit was $126 million in the quarter, or 32% of sales, a decrease of 4% compared to the prior year operating profit. The decrease in operating profit was driven by lower sales. EBITDA in the quarter was $143 million, or 37% of sales, a 3% decrease from the prior year fourth quarter EBITDA of $148 million, which also was 37% of sales.
Medical and Fluid Solutions sales of $200 million increased 19% compared to the prior year fourth quarter, driven primarily by the acquisition of Atrion, which offset an organic sales decrease of 3% and a favorable currency impact of 1%. The organic sales decrease was driven by softness in medical interventional solutions product lines, partially offset by modest growth in our medical fluid components and fluid solutions product lines. Operating profit totaled $44 million in the quarter, or 22% of sales, a decrease of 8% compared to the prior year operating profit. EBITDA in the quarter was $72 million, or 36% of sales, an increase versus the prior year fourth quarter EBITDA of $62 million, or 37% of sales.
Advanced Technology Solutions sales of $152 million increased 5% compared to the prior year fourth quarter, driven by an organic sales increase of 4% and a favorable currency impact of 1%. The organic sales increase was driven by double-digit growth in select test and inspection product lines and modest growth in our electronics processing product lines. Operating profit totaled $33 million in the quarter, or 22% of sales, an increase of 6% compared to the prior year operating profit due to higher sales and improved profit margins. EBITDA in the quarter was $41 million, or 27% of sales, an increase from the prior year fourth quarter EBITDA of $35 million, or 24% of sales.
Fiscal 2024 Full Year Results
Sales for the fiscal year ended October 31, 2024, were a record $2.7 billion, an increase of 2% compared to the prior year. This sales growth was driven by a favorable acquisition impact of 5%, partially offset by a 3% decrease in organic volume.
Net income was $467 million, or earnings per diluted share of $8.11, compared to prior year’s net income of $487 million, or earnings per diluted share of $8.46. Adjusted net income was $561 million, a decrease from prior year adjusted net income of $567 million. Adjusted earnings per diluted share were $9.73 compared to prior year adjusted earnings per diluted share of $9.85.
EBITDA was $849 million, or 32% of sales, compared to prior year EBITDA of $819 million, or 31% of sales. Free cash flow for the full-year was $492 million, which was a conversion rate of 105% of net income.
Reflecting on fiscal 2024, Mr. Nagarajan continued, “In 2021, we launched our Ascend strategy with the milestone of achieving $3 billion in annual sales and greater than 30% EBITDA margins by 2025. The strategy is delivering results and has ample runway to accelerate. Our diversified portfolio, built on our leadership in niche end markets with differentiated products, is delivering balanced results in the ever-changing macro environment. Our acquisition strategy is generating growth, and I am pleased with the integration and deployment of the NBS Next growth framework. We also continued to generate strong free cash flow in the year, allowing us to consistently reinvest in the business while returning cash to our shareholders.”
Outlook
Following four consecutive years of record-setting performance, we enter fiscal 2025 with approximately $580 million in backlog.
Based on the combination of order entry, backlog, current exchange rates and anticipated end market expectations, we anticipate delivering sales in the range of $2,750 to $2,870 million in fiscal 2025. Full year fiscal 2025 adjusted earnings are forecasted in the range of $9.70 to $10.50 per diluted share.
First quarter fiscal 2025 sales are forecasted in the range of $615 to $655 million with adjusted earnings in the range of $1.95 to $2.15 per diluted share.
Commenting on fiscal 2025 guidance, Nagarajan said, “Considering the evolving global macro-environment, we are entering 2025 with a conservative viewpoint. The fiscal first quarter is seasonally Nordson’s weakest quarter due to the holiday and calendar year-end slowdowns and cautious customer spending. While we remain confident about the long-term growth drivers of our end markets, we are being prudent about our expectations for end market recovery timing, particularly for our electronics and agricultural product lines. Even in uncertain times, our team delivers operational excellence and strong cash flow due to our close-to-the-customer business model, diversified niche end markets, differentiated products and the NBS Next growth framework.”
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, December 12, 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.
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, U.S. and international economic conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions, including the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflict between Russia and Ukraine, acts of terror, natural disasters and pandemics, including the recent coronavirus (COVID-19) pandemic and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.
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 Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, linkedin/Nordson, or www.facebook.com/nordson.
NORDSON CORPORATION |
|||||||||||||||
CONSOLIDATED STATEMENT OF INCOME (Unaudited)
|
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
October 31, 2024 |
|
October 31, 2023 |
|
October 31, 2024 |
|
October 31, 2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Sales |
$ |
744,482 |
|
|
$ |
719,313 |
|
|
$ |
2,689,921 |
|
|
$ |
2,628,632 |
|
Cost of sales |
|
341,658 |
|
|
|
335,220 |
|
|
|
1,203,792 |
|
|
|
1,203,227 |
|
Gross profit |
|
402,824 |
|
|
|
384,093 |
|
|
|
1,486,129 |
|
|
|
1,425,405 |
|
Gross margin % |
|
54.1 |
% |
|
|
53.4 |
% |
|
|
55.2 |
% |
|
|
54.2 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling & administrative expenses |
|
223,932 |
|
|
|
199,054 |
|
|
|
812,128 |
|
|
|
752,644 |
|
Operating profit |
|
178,892 |
|
|
|
185,039 |
|
|
|
674,001 |
|
|
|
672,761 |
|
|
|
|
|
|
|
|
|
||||||||
Interest expense - net |
|
(27,282 |
) |
|
|
(25,921 |
) |
|
|
(84,011 |
) |
|
|
(56,825 |
) |
Other income (expense) - net |
|
(3,538 |
) |
|
|
1,462 |
|
|
|
(4,509 |
) |
|
|
(597 |
) |
Income before income taxes |
|
148,072 |
|
|
|
160,580 |
|
|
|
585,481 |
|
|
|
615,339 |
|
|
|
|
|
|
|
|
|
||||||||
Income taxes |
|
25,904 |
|
|
|
32,802 |
|
|
|
118,197 |
|
|
|
127,846 |
|
|
|
|
|
|
|
|
|
||||||||
Net Income |
$ |
122,168 |
|
|
$ |
127,778 |
|
|
$ |
467,284 |
|
|
$ |
487,493 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
57,188 |
|
|
|
57,020 |
|
|
|
57,176 |
|
|
|
57,090 |
|
Diluted |
|
57,603 |
|
|
|
57,552 |
|
|
|
57,616 |
|
|
|
57,631 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic earnings |
$ |
2.14 |
|
|
$ |
2.24 |
|
|
$ |
8.17 |
|
|
$ |
8.54 |
|
Diluted earnings |
$ |
2.12 |
|
|
$ |
2.22 |
|
|
$ |
8.11 |
|
|
$ |
8.46 |
|
NORDSON CORPORATION |
|||||
CONSOLIDATED BALANCE SHEET (Unaudited)
|
|||||
|
October 31, 2024 |
|
October 31, 2023 |
||
|
|
|
|
||
Cash and cash equivalents |
$ |
115,952 |
|
$ |
115,679 |
Receivables - net |
|
594,663 |
|
|
590,886 |
Inventories - net |
|
476,935 |
|
|
454,775 |
Other current assets |
|
87,482 |
|
|
67,970 |
Total current assets |
|
1,275,032 |
|
|
1,229,310 |
|
|
|
|
||
Property, plant & equipment - net |
|
544,607 |
|
|
392,846 |
Goodwill |
|
3,280,819 |
|
|
2,784,201 |
Other assets |
|
900,508 |
|
|
845,413 |
|
$ |
6,000,966 |
|
$ |
5,251,770 |
|
|
|
|
||
Notes payable and debt due within one year |
$ |
103,928 |
|
$ |
115,662 |
Accounts payable and accrued liabilities |
|
424,549 |
|
|
466,427 |
Total current liabilities |
|
528,477 |
|
|
582,089 |
|
|
|
|
||
Long-term debt |
|
2,101,197 |
|
|
1,621,394 |
Other liabilities |
|
439,100 |
|
|
450,227 |
Total shareholders' equity |
|
2,932,192 |
|
|
2,598,060 |
|
$ |
6,000,966 |
|
$ |
5,251,770 |
NORDSON CORPORATION |
|||||||
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
|
|||||||
|
Twelve Months Ended |
||||||
|
October 31, 2024 |
|
October 31, 2023 |
||||
|
|
|
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net Income |
$ |
467,284 |
|
|
$ |
487,493 |
|
Depreciation and amortization |
|
136,175 |
|
|
|
111,898 |
|
Other non-cash items |
|
5,883 |
|
|
|
16,105 |
|
Changes in operating assets and liabilities and other |
|
(53,149 |
) |
|
|
25,786 |
|
Net cash provided by operating activities |
|
556,193 |
|
|
|
641,282 |
|
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Additions to property, plant and equipment |
|
(64,410 |
) |
|
|
(34,583 |
) |
Acquisitions of businesses, net of cash acquired |
|
(789,996 |
) |
|
|
(1,422,780 |
) |
Other - net |
|
10,008 |
|
|
|
20,484 |
|
Net cash used in investing activities |
|
(844,398 |
) |
|
|
(1,436,879 |
) |
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Issuance (repayment) of long-term debt |
|
464,353 |
|
|
|
976,043 |
|
Repayment of finance lease obligations |
|
(6,148 |
) |
|
|
(6,840 |
) |
Dividends paid |
|
(161,438 |
) |
|
|
(150,356 |
) |
Issuance of common shares |
|
31,067 |
|
|
|
21,373 |
|
Purchase of treasury shares |
|
(33,339 |
) |
|
|
(89,708 |
) |
Net cash provided by financing activities |
|
294,495 |
|
|
|
750,512 |
|
|
|
|
|
||||
Effect of exchange rate change on cash |
|
(6,017 |
) |
|
|
(2,693 |
) |
Net change in cash and cash equivalents |
|
273 |
|
|
|
(47,778 |
) |
|
|
|
|
||||
Cash and cash equivalents: |
|
|
|
||||
Beginning of period |
|
115,679 |
|
|
|
163,457 |
|
End of period |
$ |
115,952 |
|
|
$ |
115,679 |
|
NORDSON CORPORATION |
|||||||||||||||||
SALES BY GEOGRAPHIC SEGMENT (Unaudited)
|
|||||||||||||||||
|
Three Months Ended |
|
Sales Variance |
||||||||||||||
|
October 31, 2024 |
|
October 31, 2023 |
|
Organic |
|
Acquisitions |
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial precision solutions |
$ |
392,150 |
|
$ |
405,436 |
|
(5.5 |
)% |
|
1.2 |
% |
|
1.0 |
% |
|
(3.3 |
)% |
Medical and fluid solutions |
|
200,223 |
|
|
168,632 |
|
(3.2 |
)% |
|
21.4 |
% |
|
0.5 |
% |
|
18.7 |
% |
Advanced technology solutions |
|
152,109 |
|
|
145,245 |
|
3.9 |
% |
|
— |
% |
|
0.8 |
% |
|
4.7 |
% |
Total sales |
$ |
744,482 |
|
$ |
719,313 |
|
(3.0 |
)% |
|
5.7 |
% |
|
0.8 |
% |
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
Americas |
|
323,170 |
|
|
315,635 |
|
(6.0 |
)% |
|
8.9 |
% |
|
(0.5 |
)% |
|
2.4 |
% |
Europe |
|
185,350 |
|
|
184,297 |
|
(6.6 |
)% |
|
4.6 |
% |
|
2.6 |
% |
|
0.6 |
% |
Asia Pacific |
|
235,962 |
|
|
219,381 |
|
4.2 |
% |
|
2.0 |
% |
|
1.4 |
% |
|
7.6 |
% |
Total sales |
$ |
744,482 |
|
$ |
719,313 |
|
(3.0 |
)% |
|
5.7 |
% |
|
0.8 |
% |
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Twelve Months Ended |
|
Sales Variance |
||||||||||||||
|
October 31, 2024 |
|
October 31, 2023 |
|
Organic |
|
Acquisitions |
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial precision solutions |
$ |
1,484,249 |
|
$ |
1,391,046 |
|
0.1 |
% |
|
6.6 |
% |
|
— |
% |
|
6.7 |
% |
Medical and fluid solutions |
|
695,452 |
|
|
660,316 |
|
(0.2 |
)% |
|
5.4 |
% |
|
0.1 |
% |
|
5.3 |
% |
Advanced technology solutions |
|
510,220 |
|
|
577,270 |
|
(11.4 |
)% |
|
— |
% |
|
(0.2 |
)% |
|
(11.6 |
)% |
Total sales |
$ |
2,689,921 |
|
$ |
2,628,632 |
|
(2.5 |
)% |
|
4.8 |
% |
|
— |
% |
|
2.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
Americas |
|
1,178,626 |
|
|
1,149,760 |
|
(1.9 |
)% |
|
4.3 |
% |
|
0.1 |
% |
|
2.5 |
% |
Europe |
|
726,100 |
|
|
682,676 |
|
(5.1 |
)% |
|
10.2 |
% |
|
1.3 |
% |
|
6.4 |
% |
Asia Pacific |
|
785,195 |
|
|
796,196 |
|
(1.0 |
)% |
|
1.0 |
% |
|
(1.4 |
)% |
|
(1.4 |
)% |
Total sales |
$ |
2,689,921 |
|
$ |
2,628,632 |
|
(2.5 |
)% |
|
4.8 |
% |
|
— |
% |
|
2.3 |
% |
NORDSON CORPORATION |
||||||||
RECONCILIATION OF NON-GAAP MEASURES - NET INCOME TO EBITDA (Unaudited)
|
||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|||||
|
October 31, 2024 |
|
October 31, 2023 |
|
October 31, 2024 |
|
October 31, 2023 |
|
Net income |
122,168 |
|
127,778 |
|
|
467,284 |
|
487,493 |
Income taxes |
25,904 |
|
32,802 |
|
|
118,197 |
|
127,846 |
Interest expense - net |
27,282 |
|
25,921 |
|
|
84,011 |
|
56,825 |
Other expense - net |
3,538 |
|
(1,462 |
) |
|
4,509 |
|
597 |
Depreciation and amortization |
36,528 |
|
31,261 |
|
|
136,175 |
|
111,898 |
Inventory step-up amortization (1) |
4,759 |
|
4,556 |
|
|
7,703 |
|
8,862 |
Severance and other (1) |
12,717 |
|
— |
|
|
17,332 |
|
5,487 |
Acquisition-related costs (1) |
8,200 |
|
6,244 |
|
|
13,957 |
|
19,966 |
EBITDA (non-GAAP) (2) |
241,096 |
|
227,100 |
|
|
849,168 |
|
818,974 |
(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 - EBITDA (Unaudited)
|
|||||||||||||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
October 31, 2024 |
|
October 31, 2023 |
|
October 31, 2024 |
|
October 31, 2023 |
||||||||||||||||||||
SALES BY SEGMENT |
|||||||||||||||||||||||||||
Industrial precision solutions |
$ |
392,150 |
|
|
|
|
$ |
405,436 |
|
|
|
|
$ |
1,484,249 |
|
|
|
|
$ |
1,391,046 |
|
|
|
||||
Medical and fluid solutions |
|
200,223 |
|
|
|
|
|
168,632 |
|
|
|
|
|
695,452 |
|
|
|
|
|
660,316 |
|
|
|
||||
Advanced technology solutions |
|
152,109 |
|
|
|
|
|
145,245 |
|
|
|
|
|
510,220 |
|
|
|
|
|
577,270 |
|
|
|
||||
Total sales |
$ |
744,482 |
|
|
|
|
$ |
719,313 |
|
|
|
|
$ |
2,689,921 |
|
|
|
|
$ |
2,628,632 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
OPERATING PROFIT |
|||||||||||||||||||||||||||
Industrial precision solutions |
$ |
126,254 |
|
|
|
|
$ |
131,450 |
|
|
|
|
$ |
470,559 |
|
|
|
|
$ |
460,889 |
|
|
|
||||
Medical and fluid solutions |
|
44,264 |
|
|
|
|
|
48,041 |
|
|
|
|
|
187,731 |
|
|
|
|
|
189,367 |
|
|
|
||||
Advanced technology solutions |
|
33,464 |
|
|
|
|
|
31,526 |
|
|
|
|
|
94,231 |
|
|
|
|
|
101,662 |
|
|
|
||||
Corporate |
|
(25,090 |
) |
|
|
|
|
(25,978 |
) |
|
|
|
|
(78,520 |
) |
|
|
|
|
(79,157 |
) |
|
|
||||
Total operating profit |
$ |
178,892 |
|
|
|
|
$ |
185,039 |
|
|
|
|
$ |
674,001 |
|
|
|
|
$ |
672,761 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
OPERATING PROFIT ADJUSTMENTS (1) |
|||||||||||||||||||||||||||
Industrial precision solutions |
$ |
2,899 |
|
|
|
|
$ |
4,658 |
|
|
|
|
$ |
8,976 |
|
|
|
|
$ |
4,658 |
|
|
|
||||
Medical and fluid solutions |
|
10,761 |
|
|
|
|
|
— |
|
|
|
|
|
10,761 |
|
|
|
|
|
1,479 |
|
|
|
||||
Advanced technology solutions |
|
3,816 |
|
|
|
|
|
— |
|
|
|
|
|
5,895 |
|
|
|
|
|
14,304 |
|
|
|
||||
Corporate |
|
8,200 |
|
|
|
|
|
6,142 |
|
|
|
|
|
13,360 |
|
|
|
|
|
13,874 |
|
|
|
||||
Total adjustments |
$ |
25,676 |
|
|
|
|
$ |
10,800 |
|
|
|
|
$ |
38,992 |
|
|
|
|
$ |
34,315 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
DEPRECIATION & AMORTIZATION |
|||||||||||||||||||||||||||
Industrial precision solutions |
$ |
14,035 |
|
|
|
|
$ |
12,062 |
|
|
|
|
$ |
56,856 |
|
|
|
|
$ |
33,228 |
|
|
|
||||
Medical and fluid solutions |
|
17,239 |
|
|
|
|
|
13,547 |
|
|
|
|
|
58,061 |
|
|
|
|
|
54,988 |
|
|
|
||||
Advanced technology solutions |
|
3,340 |
|
|
|
|
|
3,529 |
|
|
|
|
|
13,433 |
|
|
|
|
|
15,185 |
|
|
|
||||
Corporate |
|
1,914 |
|
|
|
|
|
2,123 |
|
|
|
|
|
7,825 |
|
|
|
|
|
8,497 |
|
|
|
||||
Total depreciation & amortization |
$ |
36,528 |
|
|
|
|
$ |
31,261 |
|
|
|
|
$ |
136,175 |
|
|
|
|
$ |
111,898 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EBITDA (NON-GAAP) (2) |
|||||||||||||||||||||||||||
Industrial precision solutions |
$ |
143,188 |
|
|
37 |
% |
|
$ |
148,170 |
|
|
37 |
% |
|
$ |
536,391 |
|
|
36 |
% |
|
$ |
498,775 |
|
|
36 |
% |
Medical and fluid solutions |
|
72,264 |
|
|
36 |
% |
|
|
61,588 |
|
|
37 |
% |
|
|
256,553 |
|
|
37 |
% |
|
|
245,834 |
|
|
37 |
% |
Advanced technology solutions |
|
40,620 |
|
|
27 |
% |
|
|
35,055 |
|
|
24 |
% |
|
|
113,559 |
|
|
22 |
% |
|
|
131,151 |
|
|
23 |
% |
Corporate |
|
(14,976 |
) |
|
|
|
|
(17,713 |
) |
|
|
|
|
(57,335 |
) |
|
|
|
|
(56,786 |
) |
|
|
||||
Total EBITDA |
$ |
241,096 |
|
|
32 |
% |
|
$ |
227,100 |
|
|
32 |
% |
|
$ |
849,168 |
|
|
32 |
% |
|
$ |
818,974 |
|
|
31 |
% |
(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)
|
|||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
October 31, 2024 |
|
October 31, 2023 |
|
October 31, 2024 |
|
October 31, 2023 |
||||||||
GAAP AS REPORTED |
|
|
|
|
|
|
|
||||||||
Operating profit |
$ |
178,892 |
|
|
$ |
185,039 |
|
|
$ |
674,001 |
|
|
$ |
672,761 |
|
Other / interest expense - net |
|
(30,820 |
) |
|
|
(24,459 |
) |
|
|
(88,520 |
) |
|
|
(57,422 |
) |
Net income |
|
122,168 |
|
|
|
127,778 |
|
|
|
467,284 |
|
|
|
487,493 |
|
Diluted earnings per share |
$ |
2.12 |
|
|
$ |
2.22 |
|
|
$ |
8.11 |
|
|
$ |
8.46 |
|
|
|
|
|
|
|
|
|
||||||||
Shares outstanding - diluted |
|
57,603 |
|
|
|
57,552 |
|
|
|
57,616 |
|
|
|
57,631 |
|
|
|
|
|
|
|
|
|
||||||||
OPERATING PROFIT ADJUSTMENTS |
|||||||||||||||
Inventory step-up amortization |
$ |
4,759 |
|
|
$ |
4,556 |
|
|
$ |
7,703 |
|
|
$ |
8,862 |
|
Severance and other |
|
12,717 |
|
|
|
— |
|
|
|
17,332 |
|
|
|
5,487 |
|
Acquisition costs |
|
8,200 |
|
|
|
6,244 |
|
|
|
13,957 |
|
|
|
19,966 |
|
|
|
|
|
|
|
|
|
||||||||
ACQUISITION AMORTIZATION OF INTANGIBLES |
$ |
19,560 |
|
|
$ |
17,880 |
|
|
$ |
76,972 |
|
|
$ |
59,719 |
|
INTEREST |
|
908 |
|
|
|
6,817 |
|
|
|
908 |
|
|
|
6,817 |
|
|
|
|
|
|
|
|
|
||||||||
Total adjustments |
$ |
46,144 |
|
|
$ |
35,497 |
|
|
$ |
116,872 |
|
|
$ |
100,851 |
|
|
|
|
|
|
|
|
|
||||||||
Adjustments net of tax |
$ |
38,071 |
|
|
$ |
28,247 |
|
|
$ |
93,278 |
|
|
$ |
79,898 |
|
EPS effect of adjustments and other discrete tax items |
$ |
0.66 |
|
|
$ |
0.49 |
|
|
$ |
1.62 |
|
|
$ |
1.39 |
|
|
|
|
|
|
|
|
|
||||||||
NON-GAAP MEASURES-ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE |
|||||||||||||||
Adjusted net income (1) |
$ |
160,239 |
|
|
$ |
156,025 |
|
|
$ |
560,562 |
|
|
$ |
567,391 |
|
Adjusted earnings per share (2) |
$ |
2.78 |
|
|
$ |
2.71 |
|
|
$ |
9.73 |
|
|
$ |
9.85 |
|
(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. |
||
NORDSON CORPORATION |
|||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES - OPERATING CASH FLOW TO FREE CASH FLOW (Unaudited)
|
|||||||||||||||
|
Year to Date |
||||||||||||||
|
October 31, 2024 |
|
July 31, 2024 |
|
April 30, 2024 |
|
January 31, 2024 |
||||||||
Net cash provided by operating activities |
$ |
556,193 |
|
$ |
459,812 |
|
|
$ |
294,964 |
|
|
$ |
172,356 |
|
|
Additions to property, plant and equipment |
|
(64,410 |
) |
|
(43,786 |
) |
|
|
(21,907 |
) |
|
|
(7,530 |
) |
|
Free Cash Flow - Year to Date (1) |
|
491,783 |
|
|
416,026 |
|
|
|
273,057 |
|
|
|
164,826 |
|
|
|
|
|
|
|
|
|
|||||||||
Free Cash Flow - Quarter to Date (2) |
|
75,757 |
|
|
142,969 |
|
|
|
108,231 |
|
|
|
164,826 |
|
|
|
|
|
|
|
|
|
|||||||||
Net Income - Year to Date |
$ |
467,284 |
|
|
|
|
|
|
|||||||
Free Cash Flow Conversion (3) |
|
105 |
% |
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||||
|
Year to Date |
||||||||||||||
|
October 31, 2023 |
July 31, 2023 |
|
April 30, 2023 |
|
January 31, 2023 |
|||||||||
Net cash provided by operating activities |
$ |
641,282 |
|
$ |
478,072 |
|
|
$ |
287,905 |
|
|
$ |
123,337 |
|
|
Additions to property, plant and equipment |
|
(34,583 |
) |
|
(24,244 |
) |
|
|
(15,349 |
) |
|
|
(9,302 |
) |
|
Free Cash Flow (1) |
|
606,699 |
|
|
453,828 |
|
|
|
272,556 |
|
|
|
114,035 |
|
|
|
|
|
|
|
|
|
|||||||||
Free Cash Flow - Quarter to Date (2) |
|
152,871 |
|
|
181,272 |
|
|
|
158,521 |
|
|
|
114,035 |
|
|
(1) |
Free Cash Flow - Year to Date is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Net cash provided by operating activities minus Additions to property, plant and equipment. |
||
(2) |
Free Cash Flow - Quarter to Date is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is equal to Free Cash Flow - Year to Date less prior period Free Cash Flow - Year to Date. |
||
(3) |
Free Cash Flow Conversion - Year to Date is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Free Cash Flow - Year to Date divided by Net Income - Year to Date. |
||
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. |
|||
