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Nordson Corp. Reports Second Quarter 2010 Results

May 27, 2010
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Nordson delivered year-over-year sales increases in all three business segments and in every geographic region. Nordson Corp. has reported improved second quarter sales, operating profit, net income and diluted earnings per share compared to the same period last year. For the quarter ending April 30, 2010, sales were $252 million, a 33% increase over the prior year’s second quarter sales, with volume up 28% and the remainder of the increase coming from the favorable effects of currency translation. Second quarter operating profit reached a record $58 million. Net income was $32 million, more than double the level of a year ago. Diluted earnings per share were $0.94, inclusive of a $0.15 one-time charge related to recently enacted changes in the tax treatment of Medicare Part D and a $0.01 restructuring charge.

“Our global team has done an excellent job of executing as the economic recovery continues,” said Michael F. Hilton, president and CEO. “We are winning in the marketplace, capturing new business through our continued focus on technology differentiation, application expertise and emerging market penetration. Strong top-line growth is being supported by a lower-cost operating structure, which enabled operating margin in the quarter to reach 23%, the highest level in more than 20 years. This translated to excellent earnings per share performance, as we more than doubled the level of the previous year’s quarter.”

Nordson delivered year-over-year sales increases in all three business segments and in every geographic region. “Advanced Technology’s ability to serve very robust demand in technology end markets led to an 88% improvement in segment sales over the prior year’s second quarter and an excellent operating margin of 22% for the segment,” Hilton said. “Sales in Adhesive Dispensing Systems grew 17% over the prior year’s second quarter, and the operational efficiencies we have implemented helped push the segment’s operating margin to 34%. Sales within Industrial Coating Systems were essentially flat compared to the same period a year ago, though the renewed order activity from durable-goods manufacturers that began late in our first quarter and continued this quarter is encouraging. While systems sales have rebounded nicely, total company parts and consumables remained a larger portion of the overall product mix in the second quarter than is typical for Nordson.”

More info: www.nordson.com

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