Second Quarter:
Sales were $635 million, an 8% increase over prior year
Operating profit was $184 million, an 11% increase over prior year
Earnings per share were $1.88 compared to $2.12 in the prior year
Adjusted earnings were $2.43 per diluted share, a 15% increase over the prior year
Guidance:
Updating previously issued full-year fiscal 2022 guidance: increasing adjusted earnings per diluted share growth to 18% to 21% and narrowing revenue growth to 8% to 9% over fiscal 2021
WESTLAKE, Ohio--(BUSINESS WIRE)--Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal second quarter ended April 30, 2022. Sales were $635 million, an 8% increase compared to the prior year’s second quarter sales of $590 million. The increase in second quarter 2022 sales included organic volume growth of 7% and a favorable acquisition impact of 4%, partially offset by unfavorable effects from currency translation of 3%. The organic sales increase was driven by strong demand across most end markets, offset by unfavorable impacts from COVID-related lockdowns in China.
Operating profit in the second quarter was $184 million, or 29% of sales, compared to prior year operating profit of $166 million. This 11% increase in operating profit was driven primarily by sales volume leverage. EBITDA for the second quarter of 2022 totaled $209 million, or 33% of sales.
Net income was $110 million, or $1.88 earnings per diluted share. Adjusted net income, which excludes the $41 million non-cash pension annuitization charge ($32 million after tax), was $142 million, an $18 million increase from the prior year earnings of $124 million. Second quarter 2022 adjusted diluted earnings per share were $2.43, a 15% increase over the prior year diluted earnings per share of $2.12.
“I am very proud of the Nordson team’s efforts and our impressive second quarter financial performance, despite the ongoing COVID-related lockdowns in China and foreign currency headwinds. We remain focused on the safety of our employees and delivering on the strong broad-based demand from our customers. The ongoing deployment of the NBS Next growth framework is delivering tangible results in terms of strong order entry and 70% organic incremental margins,” said Sundaram Nagarajan, president and chief executive officer.
Second Quarter Segment Results
Industrial Precision Solutions sales of $316 million increased 6% compared to the prior year second quarter, driven by a 3% organic sales increase and a favorable acquisition impact of 7%, partially offset by an unfavorable currency impact of 4%. The organic sales increase was driven by continued demand in consumer non-durable and industrial end markets, which was offset by weakness in Asia-Pacific related to the COVID shutdowns in China. Operating profit in the quarter was $102 million, or 32% of sales, a decrease of 2% compared to the prior year second quarter, as favorable sales volume leverage was offset by unfavorable sales mix compared to the prior year second quarter.
Advanced Technology Solutions sales of $319 million increased 10% compared to the prior year second quarter. Organic sales increased 11%, partially offset by an unfavorable currency impact. The organic sales increase was driven by robust demand across electronics dispense, test and inspection, and biopharma fluid component product lines. Operating profit totaled $98 million, or 31% of sales, an increase of 29% compared to the prior year second quarter operating profit.
The Company continues to be encouraged as order entry remained strong throughout the second quarter with a favorable book-to-bill ratio. Backlog entering the second half of fiscal 2022 exceeds $1 billion, as the Company continues to see extended shipment request dates in conjunction with large orders from its customers in electronics, industrial and medical end markets.
For the full year, the Company is increasing its previously issued adjusted earnings guidance to growth in the range of 18% to 21% and narrowing its previously issued year-over-year revenue guidance to growth of 8% to 9% over fiscal 2021.
Fiscal 2022 third quarter revenue and adjusted earnings are forecasted to be comparable to the prior year results.
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Tuesday, May 24, 2022 at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. For persons unable to listen to the live broadcast, a replay will be available for 14 days after the event. 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 such 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 current 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 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, www.twitter.com/Nordson_Corp or www.facebook.com/nordson.
NORDSON CORPORATION |
||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
||||||||||||||||
(Dollars in thousands except for per-share amounts) |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
April 30, 2022 |
|
April 30, 2021 |
|
April 30, 2022 |
|
April 30, 2021 |
|||||||||
Sales |
$ |
635,403 |
|
|
$ |
589,538 |
|
|
$ |
1,244,569 |
|
|
$ |
1,116,104 |
|
|
Cost of sales |
|
277,768 |
|
|
|
251,839 |
|
|
|
546,800 |
|
|
|
488,445 |
|
|
Gross profit |
|
357,635 |
|
|
|
337,699 |
|
|
|
697,769 |
|
|
|
627,659 |
|
|
Gross margin % |
|
56.3 |
% |
|
|
57.3 |
% |
|
|
56.1 |
% |
|
|
56.2 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Selling & administrative expenses |
|
173,662 |
|
|
|
171,308 |
|
|
|
357,936 |
|
|
|
352,243 |
|
|
Operating profit |
|
183,973 |
|
|
|
166,391 |
|
|
|
339,833 |
|
|
|
275,416 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense - net |
|
(4,942 |
) |
|
|
(6,690 |
) |
|
|
(10,127 |
) |
|
|
(13,242 |
) |
|
Other income (expense) - net (1) |
|
(39,764 |
) |
|
|
(3,843 |
) |
|
|
(38,472 |
) |
|
|
(8,504 |
) |
|
Income before income taxes |
|
139,267 |
|
|
|
155,858 |
|
|
|
291,234 |
|
|
|
253,670 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Income taxes |
|
29,633 |
|
|
|
31,714 |
|
|
|
61,191 |
|
|
|
51,944 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income |
$ |
109,634 |
|
|
$ |
124,144 |
|
|
$ |
230,043 |
|
|
$ |
201,726 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|||||||||
Basic |
|
57,784 |
|
|
|
58,068 |
|
|
|
57,971 |
|
|
58,063 |
|
||
Diluted |
|
58,382 |
|
|
|
58,652 |
|
|
|
58,606 |
|
|
|
58,703 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings per share: |
|
|
|
|
|
|
|
|||||||||
Basic earnings |
$ |
1.90 |
|
|
$ |
2.14 |
|
|
$ |
3.97 |
|
|
$ |
3.47 |
|
|
Diluted earnings |
$ |
1.88 |
|
|
$ |
2.12 |
|
|
$ |
3.93 |
|
|
$ |
3.44 |
|
|
(1) Includes pension settlement charge of $41,221. |
NORDSON CORPORATION |
||||||
CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||
(Dollars in thousands) |
||||||
|
April 30, 2022 |
|
October 31, 2021 |
|||
Cash and cash equivalents |
$ |
120,892 |
|
$ |
299,972 |
|
Receivables - net |
|
499,535 |
|
|
489,389 |
|
Inventories - net |
|
383,215 |
|
|
327,195 |
|
Other current assets |
|
56,197 |
|
|
48,282 |
|
Total current assets |
|
1,059,839 |
|
|
1,164,838 |
|
|
|
|
|
|||
Property, plant & equipment - net |
|
357,561 |
|
|
355,565 |
|
Goodwill |
|
1,821,091 |
|
|
1,713,148 |
|
Other assets |
|
557,852 |
|
|
557,410 |
|
|
$ |
3,796,343 |
|
$ |
3,790,961 |
|
|
|
|
|
|||
Current maturities of long-term debt and notes payable |
$ |
310,892 |
|
$ |
34,188 |
|
Accounts payable and accrued liabilities |
|
411,606 |
|
|
411,206 |
|
Total current liabilities |
|
722,498 |
|
|
445,394 |
|
|
|
|
|
|||
Long-term debt |
|
479,703 |
|
|
781,709 |
|
Other liabilities |
|
403,526 |
|
|
404,728 |
|
Total shareholders' equity |
|
2,190,616 |
|
|
2,159,130 |
|
|
$ |
3,796,343 |
|
$ |
3,790,961 |
|
|
|
|
|
NORDSON CORPORATION |
||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) |
||||||||
(Dollars in thousands) |
||||||||
|
Six Months Ended |
|||||||
|
April 30, 2022 |
|
April 30, 2021 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net income |
$ |
230,043 |
|
|
$ |
201,726 |
|
|
Depreciation and amortization |
|
50,355 |
|
|
|
51,336 |
|
|
Other non-cash items (1) |
|
51,449 |
|
|
|
14,858 |
|
|
Changes in working capital |
|
(85,070 |
) |
|
|
20,206 |
|
|
Other |
|
(32,276 |
) |
|
|
(40,412 |
) |
|
Net cash provided by operating activities |
|
214,501 |
|
|
|
247,714 |
|
|
|
|
|
|
|||||
Cash flows from investing activities: |
|
|
|
|||||
Additions to property, plant and equipment |
|
(24,776 |
) |
|
|
(18,743 |
) |
|
Acquisition of businesses, net of cash acquired |
|
(171,613 |
) |
|
|
— |
|
|
Other - net |
|
15 |
|
|
|
5,062 |
|
|
Net cash used in investing activities |
|
(196,374 |
) |
|
|
(13,681 |
) |
|
|
|
|
|
|||||
Cash flows from financing activities: |
|
|
|
|||||
Issuance (repayment) of long-term debt |
|
1,654 |
|
|
|
(250,101 |
) |
|
Repayment of finance lease obligations |
|
(2,620 |
) |
|
|
(3,399 |
) |
|
Dividends paid |
|
(59,301 |
) |
|
|
(45,342 |
) |
|
Issuance of common shares |
|
7,798 |
|
|
|
18,783 |
|
|
Purchase of treasury shares |
|
(140,466 |
) |
|
|
(30,274 |
) |
|
Net cash used in financing activities |
|
(192,935 |
) |
|
|
(310,333 |
) |
|
|
|
|
|
|||||
Effect of exchange rate change on cash |
|
(4,272 |
) |
|
|
1,327 |
|
|
Net change in cash and cash equivalents |
|
(179,080 |
) |
|
|
(74,973 |
) |
|
|
|
|
|
|||||
Cash and cash equivalents: |
|
|
|
|||||
Beginning of period |
|
299,972 |
|
|
|
208,293 |
|
|
End of period |
$ |
120,892 |
|
|
$ |
133,320 |
|
|
|
|
|
|
|||||
(1) Includes pension settlement charge of $41,221. |
NORDSON CORPORATION |
||||||||||||||||||
SALES BY GEOGRAPHIC SEGMENT (Unaudited) |
||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||
|
Three Months Ended |
|
Sales Variance |
|||||||||||||||
|
April 30, 2022 |
|
April 30, 2021 |
|
Organic |
|
Acquisitions / Divestitures |
|
Currency |
|
Total |
|||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Industrial precision solutions |
$ |
316,434 |
|
$ |
298,775 |
|
2.8 |
% |
|
7.1 |
% |
|
(4.0 |
)% |
|
5.9 |
% |
|
Advanced technology solutions |
|
318,969 |
|
|
290,763 |
|
11.3 |
% |
|
— |
% |
|
(1.6 |
)% |
|
9.7 |
% |
|
Total sales |
$ |
635,403 |
|
$ |
589,538 |
|
7.0 |
% |
|
3.6 |
% |
|
(2.8 |
)% |
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
|||||||
United States |
$ |
218,508 |
|
$ |
202,924 |
|
3.9 |
% |
|
3.8 |
% |
|
— |
% |
|
7.7 |
% |
|
Americas |
|
55,244 |
|
|
44,914 |
|
20.8 |
% |
|
1.9 |
% |
|
0.3 |
% |
|
23.0 |
% |
|
Europe |
|
172,256 |
|
|
156,451 |
|
14.4 |
% |
|
3.7 |
% |
|
(8.0 |
)% |
|
10.1 |
% |
|
Japan |
|
25,443 |
|
|
27,852 |
|
(5.0 |
)% |
|
6.3 |
% |
|
(10.0 |
)% |
|
(8.7 |
)% |
|
Asia Pacific |
|
163,952 |
|
|
157,397 |
|
1.8 |
% |
|
3.3 |
% |
|
(0.9 |
)% |
|
4.2 |
% |
|
Total sales |
$ |
635,403 |
|
$ |
589,538 |
|
7.0 |
% |
|
3.6 |
% |
|
(2.8 |
)% |
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended |
|
Sales Variance |
|||||||||||||||
|
April 30, 2022 |
|
April 30, 2021 |
|
Organic |
|
Acquisitions / Divestitures |
|
Currency |
|
Total |
|||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Industrial precision solutions |
$ |
640,367 |
|
$ |
587,191 |
|
7.3 |
% |
|
5.3 |
% |
|
(3.5 |
)% |
|
9.1 |
% |
|
Advanced technology solutions |
|
604,202 |
|
|
528,913 |
|
15.4 |
% |
|
— |
% |
|
(1.2 |
)% |
|
14.2 |
% |
|
Total sales |
$ |
1,244,569 |
|
$ |
1,116,104 |
|
11.2 |
% |
|
2.7 |
% |
|
(2.4 |
)% |
|
11.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
|||||||
United States |
$ |
409,885 |
|
$ |
388,240 |
|
3.3 |
% |
|
2.3 |
% |
|
— |
% |
|
5.6 |
% |
|
Americas |
|
103,769 |
|
|
81,052 |
|
27.7 |
% |
|
0.7 |
% |
|
(0.4 |
)% |
|
28.0 |
% |
|
Europe |
|
328,241 |
|
|
291,602 |
|
15.5 |
% |
|
3.8 |
% |
|
(6.7 |
)% |
|
12.6 |
% |
|
Japan |
|
51,001 |
|
|
54,967 |
|
(0.9 |
)% |
|
3.2 |
% |
|
(9.5 |
)% |
|
(7.2 |
)% |
|
Asia Pacific |
|
351,673 |
|
|
300,243 |
|
14.8 |
% |
|
2.8 |
% |
|
(0.5 |
)% |
|
17.1 |
% |
|
Total sales |
$ |
1,244,569 |
|
$ |
1,116,104 |
|
11.2 |
% |
|
2.7 |
% |
|
(2.4 |
)% |
|
11.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
NORDSON CORPORATION |
||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED OPERATING PROFIT AND EBITDA (Unaudited) |
||||||||||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||||||||||||||
|
April 30, 2022 |
|
April 30, 2021 |
|
April 30, 2022 |
|
April 30, 2021 |
|||||||||||||||||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Industrial precision solutions |
$ |
316,434 |
|
|
|
|
$ |
298,775 |
|
|
|
|
$ |
640,367 |
|
|
|
|
$ |
587,191 |
|
|
|
|||||
Advanced technology solutions |
|
318,969 |
|
|
|
|
|
290,763 |
|
|
|
|
|
604,202 |
|
|
|
|
|
528,913 |
|
|
|
|||||
Total sales |
$ |
635,403 |
|
|
|
|
$ |
589,538 |
|
|
|
|
$ |
1,244,569 |
|
|
|
|
$ |
1,116,104 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
OPERATING PROFIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Industrial precision solutions |
$ |
102,196 |
|
|
|
|
$ |
104,283 |
|
|
|
|
$ |
204,384 |
|
|
|
|
$ |
187,686 |
|
|
|
|||||
Advanced technology solutions |
|
98,458 |
|
|
|
|
|
76,585 |
|
|
|
|
|
174,785 |
|
|
|
|
|
123,786 |
|
|
|
|||||
Corporate |
|
(16,681 |
) |
|
|
|
|
(14,477 |
) |
|
|
|
|
(39,336 |
) |
|
|
|
|
(36,056 |
) |
|
|
|||||
Total operating profit |
$ |
183,973 |
|
|
|
|
$ |
166,391 |
|
|
|
|
$ |
339,833 |
|
|
|
|
$ |
275,416 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
OPERATING PROFIT ADJUSTMENTS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Industrial precision solutions |
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
1,563 |
|
|
|
|
$ |
— |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
ADJUSTED OPERATING PROFIT (NON-GAAP) (2) |
|
|
% of Sales |
|
|
|
% of Sales |
|
|
|
% of Sales |
|
|
|
% of Sales |
|||||||||||||
Industrial precision solutions |
$ |
102,196 |
|
|
32 |
% |
|
$ |
104,283 |
|
|
35 |
% |
|
$ |
205,947 |
|
|
32 |
% |
|
$ |
187,686 |
|
|
32 |
% |
|
Advanced technology solutions |
|
98,458 |
|
|
31 |
% |
|
|
76,585 |
|
|
26 |
% |
|
|
174,785 |
|
|
29 |
% |
|
|
123,786 |
|
|
23 |
% |
|
Corporate |
|
(16,681 |
) |
|
|
|
|
(14,477 |
) |
|
|
|
|
(39,336 |
) |
|
|
|
|
(36,056 |
) |
|
|
|||||
Total operating profit - adjusted |
$ |
183,973 |
|
|
29 |
% |
|
$ |
166,391 |
|
|
28 |
% |
|
$ |
341,396 |
|
|
27 |
% |
|
$ |
275,416 |
|
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
DEPRECIATION & AMORTIZATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Industrial precision solutions |
$ |
6,916 |
|
|
|
|
$ |
6,468 |
|
|
|
|
$ |
14,358 |
|
|
|
|
$ |
13,451 |
|
|
|
|||||
Advanced technology solutions |
|
15,825 |
|
|
|
|
|
16,421 |
|
|
|
|
|
31,635 |
|
|
|
|
|
32,965 |
|
|
|
|||||
Corporate |
|
2,224 |
|
|
|
|
|
2,427 |
|
|
|
|
|
4,362 |
|
|
|
|
|
4,920 |
|
|
|
|||||
Total depreciation & amortization |
$ |
24,965 |
|
|
|
|
$ |
25,316 |
|
|
|
|
$ |
50,355 |
|
|
|
|
$ |
51,336 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
EBITDA (NON-GAAP) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Industrial precision solutions |
$ |
109,112 |
|
|
34 |
% |
|
$ |
110,751 |
|
|
37 |
% |
|
$ |
220,305 |
|
|
34 |
% |
|
$ |
201,137 |
|
|
34 |
% |
|
Advanced technology solutions |
|
114,283 |
|
|
36 |
% |
|
|
93,006 |
|
|
32 |
% |
|
|
206,420 |
|
|
34 |
% |
|
|
156,751 |
|
|
30 |
% |
|
Corporate |
|
(14,457 |
) |
|
|
|
|
(12,050 |
) |
|
|
|
|
(34,974 |
) |
|
|
|
|
(31,136 |
) |
|
|
|||||
Total EBITDA |
$ |
208,938 |
|
|
33 |
% |
|
$ |
191,707 |
|
|
33 |
% |
|
$ |
391,751 |
|
|
31 |
% |
|
$ |
326,752 |
|
|
29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) Represents non-cash inventory charges associated with the NDC acquisition. |
(2) Adjusted operating profit and EBITDA are non-GAAP measures used by management to evaluate the Company's ongoing operations and non-cash inventory charges related to the NDC acquisition. Adjusted operating profit is defined as operating profit plus certain adjustments, such as non-cash inventory charges associated with the NDC acquisition. EBITDA is defined as adjusted operating profit plus depreciation and amortization. |
NORDSON CORPORATION |
||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES - PROFITABILITY (Unaudited) |
||||||||||||||||
(Dollars in thousands) |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
April 30, 2022 |
|
April 30, 2021 |
|
April 30, 2022 |
|
April 30, 2021 |
|||||||||
GAAP AS REPORTED |
|
|
|
|
|
|
|
|||||||||
Operating profit |
$ |
183,973 |
|
|
$ |
166,391 |
|
|
$ |
339,833 |
|
|
$ |
275,416 |
|
|
Other / interest expense - net |
|
(44,706 |
) |
|
|
(10,533 |
) |
|
|
(48,599 |
) |
|
|
(21,746 |
) |
|
Net income |
|
109,634 |
|
|
|
124,144 |
|
|
|
230,043 |
|
|
|
201,726 |
|
|
Diluted earnings per share |
$ |
1.88 |
|
|
$ |
2.12 |
|
|
$ |
3.93 |
|
|
$ |
3.44 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding - diluted |
|
58,382 |
|
|
|
58,652 |
|
|
|
58,606 |
|
|
|
58,703 |
|
|
|
|
|
|
|
|
|
|
|||||||||
OPERATING PROFIT ADJUSTMENTS |
|
|
|
|
|
|
|
|||||||||
Inventory step-up amortization |
$ |
— |
|
|
$ |
— |
|
|
$ |
1,563 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||||||||
NON-OPERATING EXPENSE ADJUSTMENTS |
|
|
|
|
|
|
|
|||||||||
Pension settlement loss |
$ |
41,221 |
|
|
$ |
— |
|
|
$ |
41,221 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||||||||
Total adjustments |
$ |
41,221 |
|
|
$ |
— |
|
|
$ |
42,784 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjustments net of tax |
$ |
32,450 |
|
|
$ |
— |
|
|
$ |
33,795 |
|
|
$ |
— |
|
|
EPS effect of adjustments |
$ |
0.56 |
|
|
$ |
— |
|
|
$ |
0.58 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||||||||
NON-GAAP MEASURES-ADJUSTED PROFITABILITY |
|
|
|
|
|
|
|
|||||||||
Operating profit (1) |
$ |
183,973 |
|
|
$ |
166,391 |
|
|
$ |
341,396 |
|
|
$ |
275,416 |
|
|
Operating profit % of sales |
|
29.0 |
% |
|
|
28.2 |
% |
|
|
27.4 |
% |
|
|
24.7 |
% |
|
Net income (2) |
$ |
142,084 |
|
|
$ |
124,144 |
|
|
$ |
263,838 |
|
|
$ |
201,726 |
|
|
Diluted earnings per share (3) |
$ |
2.43 |
|
|
$ |
2.12 |
|
|
$ |
4.50 |
|
|
$ |
3.44 |
|
(1) Adjusted operating profit is defined as operating profit plus certain adjustments such as non-cash inventory charges related to the NDC acquisition. Adjusted operating profit as a percentage of sales is defined as adjusted operating profit divided by sales. |
(2) Adjusted net income is defined as net income plus tax effected adjustments and other discrete tax items. |
(3) Adjusted earnings per share is defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items. |
Management uses these non-GAAP measures 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.
вторая четверть:
Объем продаж составил 635 миллионов долларов, что на 8% больше, чем в предыдущем году
Операционная прибыль составила 184 миллиона долларов, что на 11% больше, чем в предыдущем году
Прибыль на акцию составила $1,88 по сравнению с $2,12 годом ранее
Скорректированная прибыль составила 2,43 доллара на разводненную акцию, что на 15% больше, чем годом ранее
Руководство:
Обновление ранее опубликованных рекомендаций на весь 2022 финансовый год: увеличение скорректированной прибыли на разводненную акцию до 18-21% и сокращение роста выручки до 8-9% в течение 2021 финансового года.
УЭСТЛЕЙК, Огайо-- (BUSINESS WIRE)--Корпорация Nordson (Nasdaq: NDSN) сегодня сообщила о результатах за второй финансовый квартал, закончившийся 30 апреля 2022 года. Объем продаж составил 635 миллионов долларов, что на 8% больше по сравнению с продажами во втором квартале предыдущего года в размере 590 миллионов долларов. Увеличение продаж во втором квартале 2022 года включало органический рост объема на 7% и благоприятное влияние приобретения на 4%, частично компенсированное неблагоприятным эффектом от пересчета валюты на 3%. Органический рост продаж был обусловлен высоким спросом на большинстве конечных рынков, компенсированным неблагоприятными последствиями карантина, связанного с COVID, в Китае.
Операционная прибыль во втором квартале составила 184 миллиона долларов, или 29% от объема продаж, по сравнению с операционной прибылью предыдущего года в размере 166 миллионов долларов. Это увеличение операционной прибыли на 11% было обусловлено главным образом левереджем по объему продаж. Показатель EBITDA за второй квартал 2022 года составил 209 миллионов долларов, или 33% от объема продаж.
Чистая прибыль составила 110 миллионов долларов, или 1,88 доллара прибыли на разводненную акцию. Скорректированная чистая прибыль, которая исключает расходы на безналичную пенсионную аннуитизацию в размере 41 миллиона долларов (32 миллиона долларов после уплаты налогов), составила 142 миллиона долларов, что на 18 миллионов долларов больше по сравнению с доходом предыдущего года в 124 миллиона долларов. Скорректированная разводненная прибыль на акцию за второй квартал 2022 года составила 2,43 доллара, что на 15% больше, чем разводненная прибыль на акцию за предыдущий год, составившая 2,12 доллара.
“Я очень горжусь усилиями команды Nordson и нашими впечатляющими финансовыми показателями за второй квартал, несмотря на продолжающиеся карантины, связанные с COVID, в Китае и встречные валютные колебания. Мы по-прежнему сосредоточены на безопасности наших сотрудников и удовлетворении широкого спроса со стороны наших клиентов. Продолжающееся внедрение NBS Next growth framework приносит ощутимые результаты с точки зрения увеличения объема заказов и органической дополнительной прибыли на 70%”, - сказал Сундарам Нагараджан, президент и главный исполнительный директор.
Результаты сегмента за Второй квартал
Объем продаж промышленных прецизионных решений в размере 316 миллионов долларов увеличился на 6% по сравнению со вторым кварталом предыдущего года, что обусловлено органическим увеличением продаж на 3% и благоприятным влиянием приобретения на 7%, частично компенсируемым неблагоприятным влиянием валютных курсов на 4%. Органический рост продаж был обусловлен сохраняющимся спросом на потребительских непродовольственных и промышленных конечных рынках, который был компенсирован слабостью в Азиатско-Тихоокеанском регионе, связанной с закрытием COVID в Китае. Операционная прибыль за квартал составила 102 миллиона долларов, или 32% от объема продаж, что на 2% меньше по сравнению со вторым кварталом предыдущего года, поскольку благоприятное влияние на объем продаж было компенсировано неблагоприятной структурой продаж по сравнению со вторым кварталом предыдущего года.
Объем продаж передовых технологических решений в размере 319 миллионов долларов увеличился на 10% по сравнению со вторым кварталом предыдущего года. Органические продажи выросли на 11%, частично компенсированные неблагоприятным влиянием валютных курсов. Органический рост продаж был обусловлен устойчивым спросом на линейки продуктов для дозирования электроники, тестирования и контроля, а также жидких компонентов biopharma. Операционная прибыль составила 98 миллионов долларов, или 31% от продаж, увеличившись на 29% по сравнению с операционной прибылью за второй квартал предыдущего года.
Компания по-прежнему воодушевлена, поскольку количество заказов оставалось высоким в течение всего второго квартала при благоприятном соотношении балансов к счетам. Отставание во второй половине 2022 финансового года превышает 1 миллиард долларов, поскольку Компания продолжает увеличивать сроки запросов на отгрузку в связи с крупными заказами от своих клиентов на рынках электроники, промышленности и медицины.
На весь год Компания увеличивает ранее опубликованный прогноз скорректированной прибыли до роста в диапазоне от 18% до 21% и сужает ранее опубликованный прогноз по выручке в годовом исчислении до роста от 8% до 9% в течение 2021 финансового года.
Прогнозируется, что выручка и скорректированная прибыль за третий квартал 2022 финансового года будут сопоставимы с результатами предыдущего года.
Руководство Nordson предоставит дополнительные комментарии к этим результатам и прогнозам во время своей ранее анонсированной веб-трансляции во вторник, 24 мая 2022 года, в 8:30 утра по восточному времени, доступ к которой можно получить по адресу https://investors .Nordson.com . Для тех, кто не может слушать прямую трансляцию, повтор будет доступен в течение 14 дней после события. Информацию об услугах Nordson по связям с инвесторами и акционерами можно получить у Лары Махони, вице-президента по связям с инвесторами и корпоративным коммуникациям, по телефону (440) 204-9985 или lara.mahoney@Nordson.com .
Некоторые заявления, содержащиеся в этом релизе, являются прогнозными заявлениями по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Заявления прогнозного характера могут быть идентифицированы с помощью такой терминологии, как “может”, “будет”, “должен”, “может”, “ожидает”, “ожидает”, “полагает”, “проекты”, “прогнозы”, “перспективы”, “руководство”, “продолжать”, “цель” или отрицательное значение таких терминов или сопоставимой терминологии. Эти заявления отражают текущие ожидания руководства и связаны с рядом рисков и неопределенностей. Эти риски и неопределенности включают, но не ограничиваются ими, экономические условия в США и за рубежом; финансовые и рыночные условия; курсы обмена валют и девальвации; возможные приобретения, включая способность Компании успешно интегрировать приобретения; способность Компании успешно отказаться от бизнеса или избавиться от бизнеса, который, как считается, не соответствует ее целям. стратегический план; последствия изменений в торговой политике США и торговых соглашениях; последствия изменений в налоговом законодательстве; и возможные последствия событий, находящихся вне нашего контроля, таких как политические беспорядки, включая конфликт между Россией и Украиной, террористические акты, стихийные бедствия и пандемии, включая нынешний коронавирус (Пандемия COVID-19) и другие факторы, обсуждаемые в пункте 1A (Факторы риска) в последнем Годовом отчете Компании по форме 10-K и в Формах 10-Q, поданных в Комиссию по ценным бумагам и биржам, которые следует внимательно изучить. Компания не берет на себя никаких обязательств по обновлению или пересмотру каких-либо прогнозных заявлений в настоящем пресс-релизе.
Nordson Corporation - это инновационная компания, занимающаяся прецизионными технологиями, которая использует масштабируемую структуру роста для обеспечения роста на высшем уровне с высокой рентабельностью и доходностью. Модель прямых продаж и опыт компании в области приложений служат клиентам по всему миру с помощью широкого спектра критически важных приложений. Его разнообразный конечный рынок включает потребительские товары длительного пользования, медицинские товары, электронику и промышленные конечные рынки. Основанная в 1954 году со штаб-квартирой в Уэстлейке, штат Огайо, компания имеет операционные и вспомогательные офисы в более чем 35 странах. Посетите Nordson в Интернете по адресу www.Nordson.com , www.twitter.com/Nordson_Corp или www.facebook.com/Nordson .
Nordson CORPORATION |
||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) |
||||||||||||||||
(Dollars in thousands except for per-share amounts) |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
April 30, 2022 |
|
April 30, 2021 |
|
April 30, 2022 |
|
April 30, 2021 |
|||||||||
Sales |
$ |
635,403 |
|
|
$ |
589,538 |
|
|
$ |
1,244,569 |
|
|
$ |
1,116,104 |
|
|
Cost of sales |
|
277,768 |
|
|
|
251,839 |
|
|
|
546,800 |
|
|
|
488,445 |
|
|
Gross profit |
|
357,635 |
|
|
|
337,699 |
|
|
|
697,769 |
|
|
|
627,659 |
|
|
Gross margin % |
|
56.3 |
% |
|
|
57.3 |
% |
|
|
56.1 |
% |
|
|
56.2 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Selling & administrative expenses |
|
173,662 |
|
|
|
171,308 |
|
|
|
357,936 |
|
|
|
352,243 |
|
|
Operating profit |
|
183,973 |
|
|
|
166,391 |
|
|
|
339,833 |
|
|
|
275,416 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense - net |
|
(4,942 |
) |
|
|
(6,690 |
) |
|
|
(10,127 |
) |
|
|
(13,242 |
) |
|
Other income (expense) - net (1) |
|
(39,764 |
) |
|
|
(3,843 |
) |
|
|
(38,472 |
) |
|
|
(8,504 |
) |
|
Income before income taxes |
|
139,267 |
|
|
|
155,858 |
|
|
|
291,234 |
|
|
|
253,670 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Income taxes |
|
29,633 |
|
|
|
31,714 |
|
|
|
61,191 |
|
|
|
51,944 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Net income |
$ |
109,634 |
|
|
$ |
124,144 |
|
|
$ |
230,043 |
|
|
$ |
201,726 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|||||||||
Basic |
|
57,784 |
|
|
|
58,068 |
|
|
|
57,971 |
|
|
58,063 |
|
||
Diluted |
|
58,382 |
|
|
|
58,652 |
|
|
|
58,606 |
|
|
|
58,703 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings per share: |
|
|
|
|
|
|
|
|||||||||
Basic earnings |
$ |
1.90 |
|
|
$ |
2.14 |
|
|
$ |
3.97 |
|
|
$ |
3.47 |
|
|
Diluted earnings |
$ |
1.88 |
|
|
$ |
2.12 |
|
|
$ |
3.93 |
|
|
$ |
3.44 |
|
|
(1) Includes pension settlement charge of $41,221. |
Nordson CORPORATION |
||||||
CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||
(Dollars in thousands) |
||||||
|
April 30, 2022 |
|
October 31, 2021 |
|||
Cash and cash equivalents |
$ |
120,892 |
|
$ |
299,972 |
|
Receivables - net |
|
499,535 |
|
|
489,389 |
|
Inventories - net |
|
383,215 |
|
|
327,195 |
|
Other current assets |
|
56,197 |
|
|
48,282 |
|
Total current assets |
|
1,059,839 |
|
|
1,164,838 |
|
|
|
|
|
|||
Property, plant & equipment - net |
|
357,561 |
|
|
355,565 |
|
Goodwill |
|
1,821,091 |
|
|
1,713,148 |
|
Other assets |
|
557,852 |
|
|
557,410 |
|
|
$ |
3,796,343 |
|
$ |
3,790,961 |
|
|
|
|
|
|||
Current maturities of long-term debt and notes payable |
$ |
310,892 |
|
$ |
34,188 |
|
Accounts payable and accrued liabilities |
|
411,606 |
|
|
411,206 |
|
Total current liabilities |
|
722,498 |
|
|
445,394 |
|
|
|
|
|
|||
Long-term debt |
|
479,703 |
|
|
781,709 |
|
Other liabilities |
|
403,526 |
|
|
404,728 |
|
Total shareholders' equity |
|
2,190,616 |
|
|
2,159,130 |
|
|
$ |
3,796,343 |
|
$ |
3,790,961 |
|
|
|
|
|
Nordson CORPORATION |
||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) |
||||||||
(Dollars in thousands) |
||||||||
|
Six Months Ended |
|||||||
|
April 30, 2022 |
|
April 30, 2021 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net income |
$ |
230,043 |
|
|
$ |
201,726 |
|
|
Depreciation and amortization |
|
50,355 |
|
|
|
51,336 |
|
|
Other non-cash items (1) |
|
51,449 |
|
|
|
14,858 |
|
|
Changes in working capital |
|
(85,070 |
) |
|
|
20,206 |
|
|
Other |
|
(32,276 |
) |
|
|
(40,412 |
) |
|
Net cash provided by operating activities |
|
214,501 |
|
|
|
247,714 |
|
|
|
|
|
|
|||||
Cash flows from investing activities: |
|
|
|
|||||
Additions to property, plant and equipment |
|
(24,776 |
) |
|
|
(18,743 |
) |
|
Acquisition of businesses, net of cash acquired |
|
(171,613 |
) |
|
|
— |
|
|
Other - net |
|
15 |
|
|
|
5,062 |
|
|
Net cash used in investing activities |
|
(196,374 |
) |
|
|
(13,681 |
) |
|
|
|
|
|
|||||
Cash flows from financing activities: |
|
|
|
|||||
Issuance (repayment) of long-term debt |
|
1,654 |
|
|
|
(250,101 |
) |
|
Repayment of finance lease obligations |
|
(2,620 |
) |
|
|
(3,399 |
) |
|
Dividends paid |
|
(59,301 |
) |
|
|
(45,342 |
) |
|
Issuance of common shares |
|
7,798 |
|
|
|
18,783 |
|
|
Purchase of treasury shares |
|
(140,466 |
) |
|
|
(30,274 |
) |
|
Net cash used in financing activities |
|
(192,935 |
) |
|
|
(310,333 |
) |
|
|
|
|
|
|||||
Effect of exchange rate change on cash |
|
(4,272 |
) |
|
|
1,327 |
|
|
Net change in cash and cash equivalents |
|
(179,080 |
) |
|
|
(74,973 |
) |
|
|
|
|
|
|||||
Cash and cash equivalents: |
|
|
|
|||||
Beginning of period |
|
299,972 |
|
|
|
208,293 |
|
|
End of period |
$ |
120,892 |
|
|
$ |
133,320 |
|
|
|
|
|
|
|||||
(1) Includes pension settlement charge of $41,221. |
Nordson CORPORATION |
||||||||||||||||||
SALES BY GEOGRAPHIC SEGMENT (Unaudited) |
||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||
|
Three Months Ended |
|
Sales Variance |
|||||||||||||||
|
April 30, 2022 |
|
April 30, 2021 |
|
Organic |
|
Acquisitions / Divestitures |
|
Currency |
|
Total |
|||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Industrial precision solutions |
$ |
316,434 |
|
$ |
298,775 |
|
2.8 |
% |
|
7.1 |
% |
|
(4.0 |
)% |
|
5.9 |
% |
|
Advanced technology solutions |
|
318,969 |
|
|
290,763 |
|
11.3 |
% |
|
— |
% |
|
(1.6 |
)% |
|
9.7 |
% |
|
Total sales |
$ |
635,403 |
|
$ |
589,538 |
|
7.0 |
% |
|
3.6 |
% |
|
(2.8 |
)% |
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
|||||||
United States |
$ |
218,508 |
|
$ |
202,924 |
|
3.9 |
% |
|
3.8 |
% |
|
— |
% |
|
7.7 |
% |
|
Americas |
|
55,244 |
|
|
44,914 |
|
20.8 |
% |
|
1.9 |
% |
|
0.3 |
% |
|
23.0 |
% |
|
Europe |
|
172,256 |
|
|
156,451 |
|
14.4 |
% |
|
3.7 |
% |
|
(8.0 |
)% |
|
10.1 |
% |
|
Japan |
|
25,443 |
|
|
27,852 |
|
(5.0 |
)% |
|
6.3 |
% |
|
(10.0 |
)% |
|
(8.7 |
)% |
|
Asia Pacific |
|
163,952 |
|
|
157,397 |
|
1.8 |
% |
|
3.3 |
% |
|
(0.9 |
)% |
|
4.2 |
% |
|
Total sales |
$ |
635,403 |
|
$ |
589,538 |
|
7.0 |
% |
|
3.6 |
% |
|
(2.8 |
)% |
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Six Months Ended |
|
Sales Variance |
|||||||||||||||
|
April 30, 2022 |
|
April 30, 2021 |
|
Organic |
|
Acquisitions / Divestitures |
|
Currency |
|
Total |
|||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Industrial precision solutions |
$ |
640,367 |
|
$ |
587,191 |
|
7.3 |
% |
|
5.3 |
% |
|
(3.5 |
)% |
|
9.1 |
% |
|
Advanced technology solutions |
|
604,202 |
|
|
528,913 |
|
15.4 |
% |
|
— |
% |
|
(1.2 |
)% |
|
14.2 |
% |
|
Total sales |
$ |
1,244,569 |
|
$ |
1,116,104 |
|
11.2 |
% |
|
2.7 |
% |
|
(2.4 |
)% |
|
11.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
|||||||
United States |
$ |
409,885 |
|
$ |
388,240 |
|
3.3 |
% |
|
2.3 |
% |
|
— |
% |
|
5.6 |
% |
|
Americas |
|
103,769 |
|
|
81,052 |
|
27.7 |
% |
|
0.7 |
% |
|
(0.4 |
)% |
|
28.0 |
% |
|
Europe |
|
328,241 |
|
|
291,602 |
|
15.5 |
% |
|
3.8 |
% |
|
(6.7 |
)% |
|
12.6 |
% |
|
Japan |
|
51,001 |
|
|
54,967 |
|
(0.9 |
)% |
|
3.2 |
% |
|
(9.5 |
)% |
|
(7.2 |
)% |
|
Asia Pacific |
|
351,673 |
|
|
300,243 |
|
14.8 |
% |
|
2.8 |
% |
|
(0.5 |
)% |
|
17.1 |
% |
|
Total sales |
$ |
1,244,569 |
|
$ |
1,116,104 |
|
11.2 |
% |
|
2.7 |
% |
|
(2.4 |
)% |
|
11.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nordson CORPORATION |
||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED OPERATING PROFIT AND EBITDA (Unaudited) |
||||||||||||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||||||||||||||
|
April 30, 2022 |
|
April 30, 2021 |
|
April 30, 2022 |
|
April 30, 2021 |
|||||||||||||||||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Industrial precision solutions |
$ |
316,434 |
|
|
|
|
$ |
298,775 |
|
|
|
|
$ |
640,367 |
|
|
|
|
$ |
587,191 |
|
|
|
|||||
Advanced technology solutions |
|
318,969 |
|
|
|
|
|
290,763 |
|
|
|
|
|
604,202 |
|
|
|
|
|
528,913 |
|
|
|
|||||
Total sales |
$ |
635,403 |
|
|
|
|
$ |
589,538 |
|
|
|
|
$ |
1,244,569 |
|
|
|
|
$ |
1,116,104 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
OPERATING PROFIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Industrial precision solutions |
$ |
102,196 |
|
|
|
|
$ |
104,283 |
|
|
|
|
$ |
204,384 |
|
|
|
|
$ |
187,686 |
|
|
|
|||||
Advanced technology solutions |
|
98,458 |
|
|
|
|
|
76,585 |
|
|
|
|
|
174,785 |
|
|
|
|
|
123,786 |
|
|
|
|||||
Corporate |
|
(16,681 |
) |
|
|
|
|
(14,477 |
) |
|
|
|
|
(39,336 |
) |
|
|
|
|
(36,056 |
) |
|
|
|||||
Total operating profit |
$ |
183,973 |
|
|
|
|
$ |
166,391 |
|
|
|
|
$ |
339,833 |
|
|
|
|
$ |
275,416 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
OPERATING PROFIT ADJUSTMENTS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Industrial precision solutions |
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
1,563 |
|
|
|
|
$ |
— |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
ADJUSTED OPERATING PROFIT (NON-GAAP) (2) |
|
|
% of Sales |
|
|
|
% of Sales |
|
|
|
% of Sales |
|
|
|
% of Sales |
|||||||||||||
Industrial precision solutions |
$ |
102,196 |
|
|
32 |
% |
|
$ |
104,283 |
|
|
35 |
% |
|
$ |
205,947 |
|
|
32 |
% |
|
$ |
187,686 |
|
|
32 |
% |
|
Advanced technology solutions |
|
98,458 |
|
|
31 |
% |
|
|
76,585 |
|
|
26 |
% |
|
|
174,785 |
|
|
29 |
% |
|
|
123,786 |
|
|
23 |
% |
|
Corporate |
|
(16,681 |
) |
|
|
|
|
(14,477 |
) |
|
|
|
|
(39,336 |
) |
|
|
|
|
(36,056 |
) |
|
|
|||||
Total operating profit - adjusted |
$ |
183,973 |
|
|
29 |
% |
|
$ |
166,391 |
|
|
28 |
% |
|
$ |
341,396 |
|
|
27 |
% |
|
$ |
275,416 |
|
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
DEPRECIATION & AMORTIZATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Industrial precision solutions |
$ |
6,916 |
|
|
|
|
$ |
6,468 |
|
|
|
|
$ |
14,358 |
|
|
|
|
$ |
13,451 |
|
|
|
|||||
Advanced technology solutions |
|
15,825 |
|
|
|
|
|
16,421 |
|
|
|
|
|
31,635 |
|
|
|
|
|
32,965 |
|
|
|
|||||
Corporate |
|
2,224 |
|
|
|
|
|
2,427 |
|
|
|
|
|
4,362 |
|
|
|
|
|
4,920 |
|
|
|
|||||
Total depreciation & amortization |
$ |
24,965 |
|
|
|
|
$ |
25,316 |
|
|
|
|
$ |
50,355 |
|
|
|
|
$ |
51,336 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
EBITDA (NON-GAAP) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Industrial precision solutions |
$ |
109,112 |
|
|
34 |
% |
|
$ |
110,751 |
|
|
37 |
% |
|
$ |
220,305 |
|
|
34 |
% |
|
$ |
201,137 |
|
|
34 |
% |
|
Advanced technology solutions |
|
114,283 |
|
|
36 |
% |
|
|
93,006 |
|
|
32 |
% |
|
|
206,420 |
|
|
34 |
% |
|
|
156,751 |
|
|
30 |
% |
|
Corporate |
|
(14,457 |
) |
|
|
|
|
(12,050 |
) |
|
|
|
|
(34,974 |
) |
|
|
|
|
(31,136 |
) |
|
|
|||||
Total EBITDA |
$ |
208,938 |
|
|
33 |
% |
|
$ |
191,707 |
|
|
33 |
% |
|
$ |
391,751 |
|
|
31 |
% |
|
$ |
326,752 |
|
|
29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) Represents non-cash inventory charges associated with the NDC acquisition. |
(2) Adjusted operating profit and EBITDA are non-GAAP measures used by management to evaluate the Company's ongoing operations and non-cash inventory charges related to the NDC acquisition. Adjusted operating profit is defined as operating profit plus certain adjustments, such as non-cash inventory charges associated with the NDC acquisition. EBITDA is defined as adjusted operating profit plus depreciation and amortization. |
Nordson CORPORATION |
||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES - PROFITABILITY (Unaudited) |
||||||||||||||||
(Dollars in thousands) |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
April 30, 2022 |
|
April 30, 2021 |
|
April 30, 2022 |
|
April 30, 2021 |
|||||||||
GAAP AS REPORTED |
|
|
|
|
|
|
|
|||||||||
Operating profit |
$ |
183,973 |
|
|
$ |
166,391 |
|
|
$ |
339,833 |
|
|
$ |
275,416 |
|
|
Other / interest expense - net |
|
(44,706 |
) |
|
|
(10,533 |
) |
|
|
(48,599 |
) |
|
|
(21,746 |
) |
|
Net income |
|
109,634 |
|
|
|
124,144 |
|
|
|
230,043 |
|
|
|
201,726 |
|
|
Diluted earnings per share |
$ |
1.88 |
|
|
$ |
2.12 |
|
|
$ |
3.93 |
|
|
$ |
3.44 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding - diluted |
|
58,382 |
|
|
|
58,652 |
|
|
|
58,606 |
|
|
|
58,703 |
|
|
|
|
|
|
|
|
|
|
|||||||||
OPERATING PROFIT ADJUSTMENTS |
|
|
|
|
|
|
|
|||||||||
Inventory step-up amortization |
$ |
— |
|
|
$ |
— |
|
|
$ |
1,563 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||||||||
NON-OPERATING EXPENSE ADJUSTMENTS |
|
|
|
|
|
|
|
|||||||||
Pension settlement loss |
$ |
41,221 |
|
|
$ |
— |
|
|
$ |
41,221 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||||||||
Total adjustments |
$ |
41,221 |
|
|
$ |
— |
|
|
$ |
42,784 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||||||||
Adjustments net of tax |
$ |
32,450 |
|
|
$ |
— |
|
|
$ |
33,795 |
|
|
$ |
— |
|
|
EPS effect of adjustments |
$ |
0.56 |
|
|
$ |
— |
|
|
$ |
0.58 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|||||||||
NON-GAAP MEASURES-ADJUSTED PROFITABILITY |
|
|
|
|
|
|
|
|||||||||
Operating profit (1) |
$ |
183,973 |
|
|
$ |
166,391 |
|
|
$ |
341,396 |
|
|
$ |
275,416 |
|
|
Operating profit % of sales |
|
29.0 |
% |
|
|
28.2 |
% |
|
|
27.4 |
% |
|
|
24.7 |
% |
|
Net income (2) |
$ |
142,084 |
|
|
$ |
124,144 |
|
|
$ |
263,838 |
|
|
$ |
201,726 |
|
|
Diluted earnings per share (3) |
$ |
2.43 |
|
|
$ |
2.12 |
|
|
$ |
4.50 |
|
|
$ |
3.44 |
|
(1) Adjusted operating profit is defined as operating profit plus certain adjustments such as non-cash inventory charges related to the NDC acquisition. Adjusted operating profit as a percentage of sales is defined as adjusted operating profit divided by sales. |
(2) Adjusted net income is defined as net income plus tax effected adjustments and other discrete tax items. |
(3) Adjusted earnings per share is defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items. |
Руководство использует эти показатели, не относящиеся к GAAP, внутри Компании для принятия стратегических решений, прогнозирования будущих результатов и оценки текущей деятельности Компании. Учитывая использование руководством этих показателей, не относящихся к GAAP, Компания считает, что эти показатели важны для инвесторов в понимании текущих и будущих операционных результатов Компании глазами руководства. Кроме того, руководство считает, что эти показатели, не относящиеся к GAAP, полезны для инвесторов, поскольку позволяют им лучше оценивать изменения в основной деятельности Компании в разные периоды времени. Поскольку финансовые показатели, не относящиеся к GAAP, не стандартизированы, может оказаться невозможным сравнить эти финансовые показатели с финансовыми показателями других компаний, не относящимися к GAAP, даже если они имеют похожие названия. Суммы могут не суммироваться из-за округления.
Показать большеПоказать меньше