Earnings release
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Second Quarter Nordson Corporation Reports Record Results and Raises Fiscal Year 2021 Guidance Second Quarter : • Quarterly sales , operating profit , and earnings per share were all company records • Sales were $ 590 million , an 11 % increase over prior year Operating profit was $ 166 million , a 33 % increase over prior year Earnings were $ 2.12 per diluted share , a 34 % increase over prior year Guidance : Increased prior fiscal 2021 full year earnings guidance range by approximately 13 % to $ 7.20 to $ 7.50 per diluted share WESTLAKE , Ohio -- ( BUSINESS WIRE ) -- May 24 , 2021 -- Nordson Corporation ( Nasdaq : NDSN ) today reported results for the fiscal second quarter ended April 30 , 2021. Sales were a quarterly company record of $ 590 million , an 11 % increase compared to the prior year's second quarter sales of $ 529 million . Robust growth in electronics and consumer non - durable end markets , as well as strengthening medical and industrial end markets , were the primary drivers of this performance . The change in second quarter 2021 sales included an organic volume increase of 10 % , a favorable effect from currency translation of 4 % , offset by the net unfavorable impact of acquisitions and divestitures . When excluding the divested screws and barrels product line in the prior year for comparability purposes , sales growth would have been 15 % in the current year quarter . Operating profit in the quarter was $ 166 million , or 28 % of sales , compared to prior year adjusted operating profit of $ 125 million . This 33 % increase in adjusted operating profit was driven by sales volume leverage , improved sales mix , and benefits from structural cost reduction actions taken in fiscal year 2020 and the recent screws and barrels product line divestiture . EBITDA for the second quarter of 2021 totaled $ 192 million , or 33 % of sales . Net income was $ 124 million , a 35 % increase from the prior year adjusted earnings of $ 92 million . Second quarter 2021 diluted earnings per share were $ 2.12 , a 34 % increase over the prior year diluted earnings per share of $ 1.58 . “ Broader end market demand accelerated in the quarter more quickly and to a higher level than we previously anticipated . I am very pleased with the dedication and agility of our teams as we delivered record revenue and operating results in the quarter , ” said Nordson President and Chief Executive Officer Sundaram Nagarajan . “ Based on our backlog and order trends , we expect this strength to continue and are raising our sales and earnings guidance for the full year fiscal 2021. Our priorities remain consistent – protect the health and safety of our employees , fully participate in the market recovery by meeting the needs of our customers , and deploy the Ascend Strategy . With this clear focus , we will continue to progress toward our long - term objectives of delivering top - tier growth with leading margins and returns . ” Second Quarter Segment Results Industrial Precision Solutions sales of $ 299 million increased approximately 6 % compared to the prior year second quarter , driven by an 8 % organic increase and a favorable currency impact of 5 % , offset 7 % by a divestiture . The organic sales increase was driven by strong global demand in consumer non - durable and industrial end markets . When excluding the divested screws and barrels product line in the prior year for comparability purposes , sales growth would have been 13 % in the current year quarter . Operating profit was $ 104 million , or 35 % of sales , an increase of 36 % compared to the prior year second quarter . Advanced Technology Solutions sales of $ 291 million increased approximately 18 % compared to the prior year second quarter . Organic sales increased 13 % while favorable currency impacts added 3 % and acquisitions increased sales by approximately 2 % . This strong sales growth was driven by test and inspection product lines for electronics end markets and fluid management product lines for medical and industrial end markets . Operating profit totaled $ 77 million , or 26 % of sales , an increase of 30 % compared to the prior year second quarter . 1