Nordson sales rise, 3Q profit grows by 18 percentThe Associated Press
WESTLAKE, Ohio -- Nordson Corp., which makes adhesives and industrial coatings, said Monday that its third-quarter profit rose 18 percent, driven by higher sales in its three business segments.
The results topped Wall Street's expectations and, coupled with a bullish fourth-quarter outlook, sent Nordson's shares surging almost 14 percent in extended trading.
The company indicated it expects fourth-quarter net income of 98 cents to $1.06 per share, excluding one-time items, on sales of between $408 million and $422 million. Analysts were looking for adjusted fourth-quarter earnings of 95 cents per share on sales of $391.6 million, according to FactSet.
CEO Michael F. Hilton said the forecast was based on order rates that are running 15 percent ahead of last year and a backlog of work that has grown 49 percent.
Net income in Nordson's fiscal third quarter, which ended July 31, rose to $66.7 million, or $1.03 per share, compared with $56.6 million, or 82 cents per share, a year earlier.
Excluding items such as acquisition costs and a tax benefit, the company said it would have earned $1.06 per share.
Revenue rose 22 percent to $379.9 million.
Analysts expected adjusted earnings of 99 cents per share on revenue of $358.4 million.
Third-quarter sales Nordson's adhesive-dispensing systems division rose 14 percent. Advanced-technology systems sales were up 37 percent and industrial coatings rose 9 percent.
Nordson's shares rose $7.50 to $62.50 in extended trading. They ended the regular trading session down 25 cents at $55.