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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