The company reported adjusted earnings of $2.73 per share for the quarter ended July 31, while analysts expected it to post $2.64 per share, according to Fiscal.ai data.
Nordson stock (NDSN) rose 5.5% in premarket trading on Thursday after the company’s third-quarter earnings topped Wall Street’s estimates.
The company reported adjusted earnings of $2.73 per share for the quarter ended July 31, while analysts expected it to post $2.64 per share, according to Fiscal.ai data. The adhesive dispenser maker’s quarterly revenue of $741.5 million also topped estimates of $723.6 million.
The Westlake, Ohio-based company reported earnings of $126 million, or $2.22 per share, compared with $117 million, or $2.04 per share, a year earlier.
The medical and fluid solutions segment sales jumped 32% to $219 million compared to the same period last year. Last year, the company completed the $815 million acquisition of Atrion Corporation, a medical technology company specializing in infusion and cardiovascular solutions.
Retail sentiment on Stocktwits about Nordson was in the ‘extremely bullish’ territory, while the retail chatter was ‘high.’
Advanced technology solutions sales of $171 million increased 17%, driven by a rise in organic sales.
However, industrial precision solutions sales of $351 million increased a more modest 1% as a three percentage point favorable currency impact helped mitigate a 2% drop in organic sales.
The organic sales decrease was driven by weaker systems demand in polymer processing, offsetting growth in most other product lines.
“Fiscal full-year sales are now tracking slightly below the mid-point, and full-year adjusted earnings per share are now tracking slightly above the mid-point of our original guidance,” the company said. Nordson also noted that backlog fell 5% sequentially.
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