) reported in-line results for the fiscal second quarter of 2013
(ended April 30). Non-GAAP earnings per share came in at 84
cents, same as the Zacks Consensus Estimate and the year-ago
Nordson Corporation reported net sales of $382.1 million in the
quarter, up 21.2% year over year. The year-over-year growth was
achieved by a 23.2% increase in volumes, offset partially by a
2.0% negative foreign currency translation impact.
Backlog exiting the quarter stood at $200 million, up 3% compared
with the year-ago period while orders for the 12-week ended May
19, 2013 were down 2% over the same period a year-ago.
A brief discussion of revenue segments of Nordson Corporation has
been provided below:
Adhesive dispensing systems revenue increased 26.9% year over
year and represented 51.4% of total revenue in the quarter.
Revenue from Advanced technology systems, roughly 34% of total
revenue, grew 13.0% in the quarter while that from Industrial
coating systems expanded by 22.5% and stood at 14.6% of total
On a regional basis, revenue generated in the United States grew
34.1% year over year; the Americas by 39.4%; Europe by 8.5%;
Japan by 5.4% and Asia Pacific by 22.1%.
Cost of sales in the fiscal second quarter went up 31.6% year
over year and represented 43.2% of total revenue; up from 39.8%
in the year-ago quarter. Selling and administrative expenses, as
a percentage of total revenue, stood at 35.3%. Operating margin
in the quarter was 21.5%, down from 24.4% in the year-ago
Exiting the fiscal second quarter 2013, Nordson Corporation had
cash and marketable securities balance of $62.8 million, up from
$54.7 million in the previous quarter. Long-term debt stood at
$551.6 million up from $517.6 million in the sequential quarter.
During the quarter, Nordson Corporation distributed roughly $10
million as dividend and repurchased shares worth $22 million.
Free cash flow in the quarter was approximately $47 million.
For the fiscal third quarter of 2013, management of Nordson
Corporation anticipates sales to range within $404-$419 million,
up 6%-10% year over year. Organic growth is predicted to fall
within the 0%-4% range while acquisitions are expected to have a
7% positive impact. Currency translation is likely to impact
results negatively by 1%. Earnings per share are expected to be
within the $1.00-$1.09 range.
Nordson Corporation is a $4.7 billion company, operating in the
diversified machinery industry. The stock currently has a Zacks
Rank #3 (Hold). Other stocks to watch out for in the industry are
), with a Zacks Rank #1 (Strong Buy) while
Altra Holdings, Inc.
), each has a Zacks Rank #2 (Buy).
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NORDSON CORP (NDSN): Free Stock Analysis
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