Financial News
Nordson Corporation Reports Record Third Quarter Results and Raises Fiscal Year 2021 Guidance
Third Quarter:
- Quarterly sales, operating profit, and earnings per share were all company records
- Sales were $647 million, a 20% increase over prior year
- Operating profit was $188 million, a 57% increase over prior year adjusted operating profit
- Earnings were $2.42 per diluted share, a 70% increase over prior year adjusted earnings per share
Guidance:
- Increased prior fiscal 2021 full-year revenue guidance range to 11% to 12% growth over prior year, and earnings guidance range by approximately 7% to $7.75 to $7.95 per diluted share
Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal third quarter ended July 31, 2021. Sales were a quarterly company record of $647 million, a 20% increase compared to the prior year’s third quarter sales of $538 million. The increase in third quarter 2021 sales included organic volume growth of 20% and favorable effects from currency translation of 4%, offset by a net unfavorable impact of acquisitions and divestitures of 4%. The organic sales increase was driven by continued demand across all end markets, including a seasonal increase of quarterly shipments into the electronics end market.
Operating profit in the quarter was $188 million, or 29% of sales, compared to prior year adjusted operating profit of $120 million. This 57% increase in adjusted operating profit was driven by sales volume leverage and benefits from structural cost reduction actions taken in fiscal year 2020, as well as the divestiture of the screws and barrels product line on February 1, 2021. EBITDA for the third quarter of 2021 totaled $215 million, or 33% of sales.
Net income was $142 million, a 71% increase from the prior year adjusted earnings of $83 million. Third quarter 2021 diluted earnings per share were $2.42, a 70% increase over the prior year adjusted diluted earnings per share of $1.42.
“In the fiscal third quarter, we continued to benefit from the robust end market demand and accelerated recovery that we experienced in our second quarter. We were particularly pleased to see strong growth return in our medical, electronics and industrial end markets. Our teams are doing an outstanding job of managing through external supply chain and labor headwinds in order to deliver on the needs of our customers. The comprehensive execution of the Ascend strategy with NBS Next growth framework at its core continues to help us deliver top tier growth with leading margins and returns,” said Sundaram Nagarajan, president and chief executive officer.
Third Quarter Segment Results
Industrial Precision Solutions sales of $345 million increased 20% compared to the prior year third quarter, driven by a 22% organic increase and a favorable currency impact of 5%, partially offset by a divestiture impact of 8%. The organic sales increase was driven by continued demand in consumer non-durable and industrial end markets, particularly in China. Operating profit was $124 million, or 36% of sales, an increase of 60% compared to the prior year third quarter adjusted operating profit.
Advanced Technology Solutions sales of $301 million increased 21% compared to the prior year third quarter. Organic sales increased 18% while favorable currency impacts added 2% and acquisitions increased sales by approximately 1%. Sales demand was strong in all product lines including those serving electronics and medical end markets, with the Americas and China leading the growth from a regional perspective. Operating profit totaled $81 million, or 27% of sales, an increase of 51% compared to the prior year third quarter adjusted operating profit.
“I am pleased with the broad-based organic growth and attractive incremental margins in both segments,” said Joseph Kelley, executive vice president and chief financial officer. “Rigorous application of the NBS Next growth framework in our divisions is helping us to focus and sustain profitable growth in our greatest opportunities.”
Outlook
Backlog entering the fourth quarter of fiscal year 2021 is approximately $700 million, or 70% above the prior year. Customer order patterns have clearly changed in terms of both volume and extended shipment request dates during this dynamic environment. Based on the continued strength in order entry and backlog, the Company is increasing its full-year revenue and earnings guidance.
The Company expects full year sales growth in fiscal 2021 to be approximately 11% to 12% over fiscal year 2020, inclusive of a 3% headwind from the second quarter 2021 divestiture of the screws and barrels product line. Additionally, the Company is now forecasting full year 2021 earnings per diluted share in the range of $7.75 to $7.95. The increased guidance midpoint represents a strong second half of 2021 with year-over-year sales growth of 14% and earnings growth of 47%. The Company is expecting to enter fiscal 2022 with a backlog approximately 70% greater than the prior year.
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Tuesday, August 31, 2021 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, 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 |
|
Nine months ended |
||||||||||||
|
July 31, 2021 |
|
July 31, 2020 |
|
July 31, 2021 |
|
July 31, 2020 |
||||||||
|
|
|
|
|
|
|
|
||||||||
Sales |
$ |
646,858 |
|
|
$ |
538,181 |
|
|
$ |
1,762,962 |
|
|
$ |
1,562,575 |
|
Cost of sales |
281,587 |
|
|
257,373 |
|
|
770,032 |
|
|
728,975 |
|
||||
Gross profit |
365,271 |
|
|
280,808 |
|
|
992,930 |
|
|
833,600 |
|
||||
Gross margin % |
56.5 |
% |
|
52.2 |
% |
|
56.3 |
% |
|
53.3 |
% |
||||
|
|
|
|
|
|
|
|
||||||||
Selling & administrative expenses |
176,995 |
|
|
168,753 |
|
|
529,238 |
|
|
521,423 |
|
||||
Operating profit |
188,276 |
|
|
112,055 |
|
|
463,692 |
|
|
312,177 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Interest expense - net |
(5,647 |
) |
|
(6,880 |
) |
|
(18,889 |
) |
|
(24,047 |
) |
||||
Other expense - net |
(2,232 |
) |
|
(9,668 |
) |
|
(10,736 |
) |
|
(12,943 |
) |
||||
Income before income taxes |
180,397 |
|
|
95,507 |
|
|
434,067 |
|
|
275,187 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Income taxes |
38,215 |
|
|
8,526 |
|
|
90,159 |
|
|
44,123 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
142,182 |
|
|
$ |
86,981 |
|
|
$ |
343,908 |
|
|
$ |
231,064 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
58,112 |
|
|
57,693 |
|
|
58,080 |
|
|
$ |
57,679 |
|
|||
Diluted |
58,735 |
|
|
58,427 |
|
|
58,714 |
|
|
58,404 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic earnings |
$ |
2.45 |
|
|
$ |
1.51 |
|
|
$ |
5.92 |
|
|
$ |
4.01 |
|
Diluted earnings |
$ |
2.42 |
|
|
$ |
1.49 |
|
|
$ |
5.86 |
|
|
$ |
3.96 |
|
NORDSON CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) |
|||||||
|
July 31, 2021 |
|
October 31, 2020 |
||||
|
|
|
|
||||
Cash and cash equivalents |
$ |
174,235 |
|
|
$ |
208,293 |
|
Receivables - net |
516,685 |
|
|
471,873 |
|
||
Inventories - net |
303,977 |
|
|
277,033 |
|
||
Other current assets |
50,866 |
|
|
43,798 |
|
||
Assets held for sale |
— |
|
|
19,615 |
|
||
Total current assets |
1,045,763 |
|
|
1,020,612 |
|
||
|
|
|
|
||||
Property, plant & equipment - net |
358,208 |
|
|
358,618 |
|
||
Goodwill |
1,718,565 |
|
|
1,713,354 |
|
||
Other assets |
547,544 |
|
|
582,072 |
|
||
|
$ |
3,670,080 |
|
|
$ |
3,674,656 |
|
|
|
|
|
||||
Current maturities of long-term debt and notes payable |
$ |
31,385 |
|
|
$ |
38,043 |
|
Accounts payable and accrued liabilities |
389,437 |
|
|
311,898 |
|
||
Liabilities held for sale |
— |
|
|
13,148 |
|
||
Total current liabilities |
420,822 |
|
|
363,089 |
|
||
|
|
|
|
||||
Long-term debt |
789,731 |
|
|
1,067,952 |
|
||
Other liabilities |
396,349 |
|
|
484,624 |
|
||
Total shareholders' equity |
2,063,178 |
|
|
1,758,991 |
|
||
|
$ |
3,670,080 |
|
|
$ |
3,674,656 |
|
|
|
|
|
||||
NORDSON CORPORATION CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (Dollars in thousands) |
|||||||
|
Nine Months Ended |
||||||
|
July 31, 2021 |
|
July 31, 2020 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income |
$ |
343,908 |
|
|
$ |
231,064 |
|
Depreciation and amortization |
78,233 |
|
|
84,164 |
|
||
Other non-cash items |
18,947 |
|
|
8,751 |
|
||
Changes in working capital |
12,565 |
|
|
2,455 |
|
||
Pension and postretirement plans |
(82,604 |
) |
|
(24,657 |
) |
||
Other long-term assets and liabilities |
4,407 |
|
|
8,181 |
|
||
Net cash provided by operating activities |
375,456 |
|
|
309,958 |
|
||
|
|
|
|
||||
Cash flows from investing activities: |
|
|
|
||||
Additions to property, plant and equipment |
(28,073 |
) |
|
(36,096 |
) |
||
Acquisitions |
— |
|
|
(125,260 |
) |
||
Other - net |
5,076 |
|
|
(1,836 |
) |
||
Net cash used in investing activities |
(22,997 |
) |
|
(163,192 |
) |
||
|
|
|
|
||||
Cash flows from financing activities: |
|
|
|
||||
Issuance (repayment) of long-term debt |
(292,290 |
) |
|
1,740 |
|
||
Repayment of finance lease obligations |
(5,111 |
) |
|
(5,814 |
) |
||
Dividends paid |
(68,021 |
) |
|
(65,737 |
) |
||
Issuance of common shares |
24,136 |
|
|
46,304 |
|
||
Purchase of treasury shares |
(46,840 |
) |
|
(51,897 |
) |
||
Net cash used in financing activities |
(388,126 |
) |
|
(75,404 |
) |
||
|
|
|
|
||||
Effect of exchange rate change on cash |
1,609 |
|
|
(743 |
) |
||
Net change in cash and cash equivalents |
(34,058 |
) |
|
70,619 |
|
||
|
|
|
|
||||
Cash and cash equivalents: |
|
|
|
||||
Beginning of period |
208,293 |
|
|
151,164 |
|
||
End of period |
$ |
174,235 |
|
|
$ |
221,783 |
|
|
|
|
|
||||
NORDSON CORPORATION SALES BY GEOGRAPHIC SEGMENT (Unaudited) (Dollars in thousands) |
|||||||||||||||||
|
Three Months Ended |
|
Sales Variance |
||||||||||||||
|
July 31, 2021 |
|
July 31, 2020 |
|
Organic |
|
Acquisitions / Divestitures |
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial precision solutions |
$ |
345,449 |
|
$ |
288,965 |
|
22.4 |
% |
|
(8.0 |
)% |
|
5.1 |
% |
|
19.5 |
% |
Advanced technology solutions |
301,409 |
|
249,216 |
|
17.8 |
% |
|
0.8 |
% |
|
2.3 |
% |
|
20.9 |
% |
||
Total sales |
$ |
646,858 |
|
$ |
538,181 |
|
20.2 |
% |
|
(3.8 |
)% |
|
3.8 |
% |
|
20.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
United States |
$ |
201,531 |
|
$ |
183,508 |
|
15.7 |
% |
|
(5.9 |
)% |
|
— |
% |
|
9.8 |
% |
Americas |
47,717 |
|
38,265 |
|
22.0 |
% |
|
(2.3 |
)% |
|
5.0 |
% |
|
24.7 |
% |
||
Europe |
162,298 |
|
132,107 |
|
17.5 |
% |
|
(2.1 |
)% |
|
7.5 |
% |
|
22.9 |
% |
||
Japan |
24,946 |
|
31,226 |
|
(13.3 |
)% |
|
(4.8 |
)% |
|
(2.0 |
)% |
|
(20.1 |
)% |
||
Asia Pacific |
210,366 |
|
153,075 |
|
34.0 |
% |
|
(2.3 |
)% |
|
5.7 |
% |
|
37.4 |
% |
||
Total sales |
$ |
646,858 |
|
$ |
538,181 |
|
20.2 |
% |
|
(3.8 |
)% |
|
3.8 |
% |
|
20.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Nine Months Ended |
|
Sales Variance |
||||||||||||||
|
July 31, 2021 |
|
July 31, 2020 |
|
Organic |
|
Acquisitions / Divestitures |
|
Currency |
|
Total |
||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||
Industrial precision solutions |
$ |
932,640 |
|
$ |
835,038 |
|
13.0 |
% |
|
(5.8 |
)% |
|
4.5 |
% |
|
11.7 |
% |
Advanced technology solutions |
830,322 |
|
727,537 |
|
10.0 |
% |
|
1.8 |
% |
|
2.3 |
% |
|
14.1 |
% |
||
Total sales |
$ |
1,762,962 |
|
$ |
1,562,575 |
|
11.6 |
% |
|
(2.2 |
)% |
|
3.4 |
% |
|
12.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SALES BY GEOGRAPHIC REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||
United States |
$ |
589,771 |
|
$ |
560,941 |
|
8.5 |
% |
|
(3.4 |
)% |
|
— |
% |
|
5.1 |
% |
Americas |
128,769 |
|
106,021 |
|
16.8 |
% |
|
3.2 |
% |
|
1.5 |
% |
|
21.5 |
% |
||
Europe |
453,900 |
|
394,554 |
|
9.2 |
% |
|
(1.9 |
)% |
|
7.7 |
% |
|
15.0 |
% |
||
Japan |
79,913 |
|
90,353 |
|
(9.0 |
)% |
|
(3.6 |
)% |
|
1.0 |
% |
|
(11.6 |
)% |
||
Asia Pacific |
510,609 |
|
410,706 |
|
21.1 |
% |
|
(1.7 |
)% |
|
4.9 |
% |
|
24.3 |
% |
||
Total sales |
$ |
1,762,962 |
|
$ |
1,562,575 |
|
11.6 |
% |
|
(2.2 |
)% |
|
3.4 |
% |
|
12.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
NORDSON CORPORATION RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED OPERATING PROFIT AND EBITDA (Unaudited) (Dollars in thousands) |
|||||||||||||||||||||||||||
|
Three months ended |
|
Nine months ended |
||||||||||||||||||||||||
|
July 31, 2021 |
|
July 31, 2020 |
|
July 31, 2021 |
|
July 31, 2020 |
||||||||||||||||||||
SALES BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Industrial precision solutions |
$ |
345,449 |
|
|
|
|
$ |
288,965 |
|
|
|
|
$ |
932,640 |
|
|
|
|
$ |
835,038 |
|
|
|
||||
Advanced technology solutions |
301,409 |
|
|
|
|
249,216 |
|
|
|
|
830,322 |
|
|
|
|
727,537 |
|
|
|
||||||||
Total sales |
$ |
646,858 |
|
|
|
|
$ |
538,181 |
|
|
|
|
$ |
1,762,962 |
|
|
|
|
$ |
1,562,575 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
OPERATING PROFIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Industrial precision solutions |
$ |
123,829 |
|
|
|
|
$ |
74,744 |
|
|
|
|
$ |
311,515 |
|
|
|
|
$ |
207,603 |
|
|
|
||||
Advanced technology solutions |
80,769 |
|
|
|
|
49,952 |
|
|
|
|
204,556 |
|
|
|
|
140,928 |
|
|
|
||||||||
Corporate |
(16,322 |
) |
|
|
|
(12,641 |
) |
|
|
|
(52,379 |
) |
|
|
|
(36,354 |
) |
|
|
||||||||
Total operating profit |
$ |
188,276 |
|
|
|
|
$ |
112,055 |
|
|
|
|
$ |
463,692 |
|
|
|
|
$ |
312,177 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
OPERATING PROFIT ADJUSTMENTS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Industrial precision solutions |
$ |
— |
|
|
|
|
$ |
2,813 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
3,477 |
|
|
|
||||
Advanced technology solutions |
— |
|
|
|
|
3,413 |
|
|
|
|
— |
|
|
|
|
6,383 |
|
|
|
||||||||
Corporate |
— |
|
|
|
|
1,387 |
|
|
|
|
— |
|
|
|
|
1,387 |
|
|
|
||||||||
Total adjustments |
$ |
— |
|
|
|
|
$ |
7,613 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
11,247 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
ADJUSTED OPERATING PROFIT (NON-GAAP) (2) |
|
|
% of Sales |
|
|
|
% of Sales |
|
|
|
% of Sales |
|
|
|
% of Sales |
||||||||||||
Industrial precision solutions |
$ |
123,829 |
|
|
36 |
% |
|
$ |
77,557 |
|
|
27 |
% |
|
$ |
311,515 |
|
|
33 |
% |
|
$ |
211,080 |
|
|
25 |
% |
Advanced technology solutions |
80,769 |
|
|
27 |
% |
|
53,365 |
|
|
21 |
% |
|
204,556 |
|
|
25 |
% |
|
147,311 |
|
|
20 |
% |
||||
Corporate |
(16,322 |
) |
|
|
|
(11,254 |
) |
|
|
|
(52,379 |
) |
|
|
|
(34,967 |
) |
|
|
||||||||
Total operating profit - adjusted |
$ |
188,276 |
|
|
29 |
% |
|
$ |
119,668 |
|
|
22 |
% |
|
$ |
463,692 |
|
|
26 |
% |
|
$ |
323,424 |
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
DEPRECIATION & AMORTIZATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Industrial precision solutions |
$ |
5,964 |
|
|
|
|
$ |
9,865 |
|
|
|
|
$ |
19,414 |
|
|
|
|
$ |
28,990 |
|
|
|
||||
Advanced technology solutions |
18,474 |
|
|
|
|
16,266 |
|
|
|
|
51,439 |
|
|
|
|
47,832 |
|
|
|
||||||||
Corporate |
2,460 |
|
|
|
|
2,369 |
|
|
|
|
7,380 |
|
|
|
|
7,342 |
|
|
|
||||||||
Total depreciation & amortization |
$ |
26,898 |
|
|
|
|
$ |
28,500 |
|
|
|
|
$ |
78,233 |
|
|
|
|
$ |
84,164 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EBITDA (NON-GAAP) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Industrial precision solutions |
$ |
129,793 |
|
|
38 |
% |
|
$ |
87,422 |
|
|
30 |
% |
|
$ |
330,929 |
|
|
35 |
% |
|
$ |
240,070 |
|
|
29 |
% |
Advanced technology solutions |
99,243 |
|
|
33 |
% |
|
69,631 |
|
|
28 |
% |
|
255,995 |
|
|
31 |
% |
|
195,143 |
|
|
27 |
% |
||||
Corporate |
(13,862 |
) |
|
|
|
(8,885 |
) |
|
|
|
(44,999 |
) |
|
|
|
(27,625 |
) |
|
|
||||||||
Total EBITDA |
$ |
215,174 |
|
|
33 |
% |
|
$ |
148,168 |
|
|
28 |
% |
|
$ |
541,925 |
|
|
31 |
% |
|
$ |
407,588 |
|
|
26 |
% |
(1) |
Represents costs and adjustments related to cost structure simplification actions, and charges associated with our 2020 acquisition. |
|
(2) |
Adjusted operating profit and EBITDA are non-GAAP measures used by management to evaluate the Company's ongoing operations. Adjusted operating profit is defined as operating profit plus certain adjustments, such as cost structure simplification actions. 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 |
|
Nine Months Ended |
||||||||||||
|
July 31, 2021 |
|
July 31, 2020 |
|
July 31, 2021 |
|
July 31, 2020 |
||||||||
GAAP AS REPORTED |
|
|
|
|
|
|
|
||||||||
Operating profit |
$ |
188,276 |
|
|
$ |
112,055 |
|
|
$ |
463,692 |
|
|
$ |
312,177 |
|
Other / interest expense - net |
(7,879 |
) |
|
(16,548 |
) |
|
|
(29,625 |
) |
|
|
(36,990 |
) |
||
Net income |
142,182 |
|
|
86,981 |
|
|
|
343,908 |
|
|
|
231,064 |
|
||
Diluted earnings per share |
$ |
2.42 |
|
|
$ |
1.49 |
|
|
$ |
5.86 |
|
|
$ |
3.96 |
|
|
|
|
|
|
|
|
|
||||||||
Shares outstanding - diluted |
58,735 |
|
|
58,427 |
|
|
|
58,714 |
|
|
|
58,404 |
|
||
|
|
|
|
|
|
|
|
||||||||
OPERATING PROFIT ADJUSTMENTS |
|
|
|
|
|
|
|
||||||||
Inventory step-up amortization |
$ |
— |
|
|
$ |
1,229 |
|
|
$ |
— |
|
|
$ |
1,229 |
|
Severance and other |
$ |
— |
|
|
$ |
6,384 |
|
|
$ |
— |
|
|
$ |
10,018 |
|
|
|
|
|
|
|
|
|
||||||||
NON-OPERATING EXPENSE ADJUSTMENTS |
|
|
|
|
|
|
|
||||||||
Pension settlement loss |
$ |
— |
|
|
$ |
2,508 |
|
|
$ |
— |
|
|
$ |
2,508 |
|
|
|
|
|
|
|
|
|
||||||||
Total adjustments |
$ |
— |
|
|
$ |
10,121 |
|
|
$ |
— |
|
|
$ |
13,755 |
|
|
|
|
|
|
|
|
|
||||||||
Adjustments net of tax |
$ |
— |
|
|
$ |
7,966 |
|
|
$ |
— |
|
|
$ |
10,825 |
|
Other discrete tax items |
$ |
— |
|
|
$ |
(11,816 |
) |
|
$ |
— |
|
|
$ |
(14,491 |
) |
EPS effect of adjustments and other discrete tax items |
$ |
— |
|
|
$ |
(0.07 |
) |
|
$ |
— |
|
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
||||||||
NON-GAAP MEASURES-ADJUSTED PROFITABILITY |
|
|
|
|
|
|
|
||||||||
Operating profit (1) |
$ |
188,276 |
|
|
$ |
119,668 |
|
|
$ |
463,692 |
|
|
$ |
323,424 |
|
Operating profit % of sales |
29.1 |
% |
|
22.2 |
% |
|
|
26.3 |
% |
|
|
20.7 |
% |
||
Net income (2) |
$ |
142,182 |
|
|
$ |
83,131 |
|
|
$ |
343,908 |
|
|
$ |
227,398 |
|
Diluted earnings per share (3) |
$ |
2.42 |
|
|
$ |
1.42 |
|
|
$ |
5.86 |
|
|
$ |
3.89 |
|
(1) |
Adjusted operating profit is defined as operating profit plus certain adjustments such as cost structure simplification actions.
|
|
(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210830005514/en/
Contacts
Lara Mahoney
Vice President,
Investor Relations & Corporate Communications
440.204.9985
Lara.Mahoney@nordson.com
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