NDSN Nordson Corporation

Fourth Quarter:

• Sales were $744 million, a 4% increase over prior year
• Earnings per diluted share were $2.12
• Adjusted earnings per diluted share were $2.78
• Atrion Medical acquisition integration progressing well

Full Year:

• Record sales of $2.7 billion, reflecting 2% growth over last year’s record sales
• Earnings per diluted share were $8.11
• EBITDA was a record $849 million, up 4% over prior year and 32% of sales
• Adjusted earnings per diluted share were $9.73

Fiscal 2025 Guidance:

• Fiscal 2025 forecasted sales range between $2,750 to $2,870 million and adjusted earnings in the range of $9.70 to $10.50

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) (Dollars in thousands except for per-share amounts) 

 

 

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) (Dollars in thousands) 

 

 

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) (Dollars in thousands) 

 

 

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) (Dollars in thousands) 

 

 

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) (Dollars in thousands) 

 

 

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) (Dollars in thousands) 

 

 

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) (Dollars in thousands) 

 

 

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) (Dollars in thousands) 

 

 

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. 

   

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241211087016/en/

Lara Mahoney Vice President, Investor Relations & Corporate Communications 440.204.9985 Lara.Mahoney@nordson.com