13.12.2017 22:30
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Nordson Corporation Reports Fiscal Year 2017 Fourth Quarter and Full Year Results

DRUCKEN

Nordson Corporation (Nasdaq: NDSN) today reported results for the fourth quarter of fiscal year 2017. For the quarter ending October 31, 2017, sales were $574 million, a 13 percent increase over the prior year’s fourth quarter. This change in sales included a 2 percent increase in organic volume, a 10 percent increase related to the first year effect of acquisitions, and a 1 percent increase related to the favorable effects of currency translation as compared to the prior year’s fourth quarter. Reported operating profit was $125 million, net income was $80 million, and GAAP diluted earnings per share were $1.37, inclusive of a $0.01 per share charge related to one-time items. Prior year fourth quarter sales, operating profit, net income and GAAP diluted earnings per share were $509 million, $111 million, $76 million and $1.31, respectively. A reconciliation of GAAP diluted EPS to adjusted diluted EPS is included in the attached financial exhibits.

Fourth quarter EBITDA increased 17 percent over the prior year fourth quarter to $150 million, or 26 percent of sales as compared to 25 percent in the prior year fourth quarter. Free cash flow before dividends was $111 million in the quarter, or 139 percent of net income. Calculations for EBITDA, adjusted EBITDA, free cash flow before dividends, and adjusted free cash flow before dividends are included in the attached exhibits.

"Nordson delivered strong results in the quarter against very challenging prior year comparisons where total company organic sales growth was 13 percent,” said Michael F. Hilton, Nordson President and Chief Executive Officer. "Driven largely by robust demand in electronics end markets within the Advanced Technology segment, results for the quarter exceeded our guidance.”

"This increase in volume, coupled with our continuous improvement initiatives, contributed to EBITDA margin improvement of 1 percentage point as compared to the prior year’s fourth quarter to 26 percent of sales,” Hilton added. "The current quarter’s reported diluted earnings per share and adjusted diluted earnings per share include intangible asset amortization expense of $6 million, or $0.07 per diluted share, related to fiscal 2017 acquisitions. These acquisitions continue to perform as expected and strengthen our position in various profitable growth sectors.”

Fourth Quarter Segment Results

Adhesive Dispensing Systems sales increased 6 percent compared to the prior year’s fourth quarter, inclusive of 4 percent organic growth and 2 percent related to the favorable effects of currency translation. "This marks the tenth consecutive quarter of organic growth in this segment. This is excellent performance, particularly against strong performance a year ago,” said Hilton. "All product lines and nearly every region contributed to the current quarter’s growth.” Reported operating margin in the segment improved 4 percentage points from the prior year to 28 percent in the quarter. The current quarter’s results for the segment include non-recurring restructuring charges of approximately $1 million related to a previously announced facility consolidation.

Advanced Technology Systems sales volume increased 29 percent compared to the prior year’s fourth quarter, including a 4 percent increase in organic volume and a 25 percent increase related to the first year effect of acquisitions. The effects of currency translation were immaterial. "Organic growth for this segment exceeded expectations in the current quarter and compares to an exceptional quarter a year ago where organic growth was 30 percent,” said Hilton. The quarter’s acquisitive growth includes one month of the fiscal 2016 LinkTech acquisition and the fiscal 2017 acquisitions of ACE, InterSelect, Plas-Pak and Vention Medical. Reported operating margin in the segment was 24 percent in the quarter, or 26 percent on an adjusted basis to exclude $6 million of intangible asset amortization expense related to current year acquisitions.

Industrial Coating Systems sales volume decreased 8 percent compared to the prior year’s fourth quarter, where organic growth was 12 percent. The effects of currency translation were immaterial. "Growth in most product lines was offset by strong prior year performance in our cold material product lines,” said Hilton. Reported operating margin in the segment was 18 percent.

Detailed results by operating segment and geography are included in the attached financial exhibits.

Fiscal 2017 Full Year Results

Sales for the fiscal year ended October 31, 2017 were $2.1 billion, an increase of 14 percent compared to the same period a year ago. This change in sales included organic volume growth of 8 percent and a 7 percent increase related to the first year effect of acquisitions, offset by a 1 percent impact due to the unfavorable effects of currency translation. Full year operating profit increased 18 percent to $458 million, net income was $296 million, and GAAP diluted earnings per share were $5.08, or $5.37 on a normalized basis to exclude one-time items. Prior year sales, operating profit, net income, and GAAP diluted earnings per share were $1.8 billion, $388 million, $272 million, and $4.73, respectively.

"Full year organic growth of 8 percent against a very challenging prior year where we generated organic growth of 7 percent is outstanding performance and reflective of both the value we bring to our customers and the quality of the global Nordson team,” said Hilton. "In addition to executing on driving growth initiatives we also delivered on increasing performance where, excluding one-time charges highlighted in the EPS reconciliation financial exhibit and approximately $15 million of intangible asset amortization expense for fiscal 2017 acquisitions, operating margin improved from 22 percent to 24 percent.”

Full year EBITDA increased 19 percent to $547 million and adjusted EBITDA increased 22 percent to $565 million, both compared to the prior year. EBITDA margin and adjusted EBITDA margin were 26 percent and 27 percent, respectively, both up over 100 basis points as compared to the prior year. Free cash flow before dividends of $282 million is 95 percent of net income, or 100 percent on an adjusted free cash flow basis. In addition to funding organic and acquisitive growth initiatives, Nordson paid $64 million in dividends for a full year payout ratio of 22 percent and reduced leverage on the balance sheet to just under 2.5 times trailing-twelve-months EBITDA.

Backlog

Backlog for the quarter ended October 31, 2017 was approximately $402 million, an increase of 45 percent compared to the same period a year ago, inclusive of 28 percent organic growth and 17 percent growth due to acquisitions. Backlog amounts are calculated at October 31, 2017 exchange rates.

Outlook

For the first quarter of fiscal 2018, sales are expected to increase 30 percent to 34 percent compared to the first quarter a year ago. This growth includes organic volume up 15 percent to 19 percent, 11 percent growth from the first year effect of acquisitions, and a positive currency effect of 4 percent based on the current exchange rate environment. At the midpoint of this outlook, operating margin is expected to be approximately 22 percent and GAAP diluted earnings per share are expected to be in the range of $1.29 to $1.39, inclusive of $6 million or $0.07 per diluted share of intangible asset amortization expense related to fiscal 2017 acquisitions. EBITDA and EBITDA margin are expected to be $146 million and 27 percent at the midpoint of the guidance, respectively.

"Our first quarter guidance is very strong, reflective of our current backlog, and is largely driven by the Advanced Technology segment, where strong demand in electronics and medical end markets is driving performance,” said Hilton. "This exceptional growth against very challenging comparisons to the same period a year ago where we generated 10 percent total company organic growth is a result of our technology leadership and diversification efforts. The short cycle nature of our end markets does not provide much visibility beyond a fiscal quarter, however, we do expect growth rates to moderate beyond our first quarter, particularly when you consider our challenging comparisons to prior year.”

Nordson management will provide additional commentary on these results and outlook during a conference call Thursday, December 14, 2017 at 8:30 a.m. eastern time which can be accessed at www.nordson.com/investors. 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 Gregory A. Thaxton, Senior Vice President and Chief Financial Officer at (440) 414-5388 or greg.thaxton@nordson.com.

Except for historical information and comparisons contained herein, statements included in this release may constitute "forward-looking statements,” as defined by the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors, as discussed in the company’s filing with the Securities and Exchange Commission that could cause actual results to differ.

Nordson Corporation engineers, manufactures and markets differentiated products and systems used for the precision dispensing of adhesives, coatings, sealants, biomaterials, polymers, plastics and other materials, fluid management, test and inspection, UV curing and plasma surface treatment, all supported by application expertise and direct global sales and service. Nordson serves a wide variety of consumer non-durable, durable and technology end markets including packaging, nonwovens, electronics, medical, appliances, energy, transportation, construction, and general product assembly and finishing. Founded in 1954 and headquartered in Westlake, Ohio, the company has operations and support offices in more than 35 countries. Visit Nordson on the web at http://www.nordson.com, @Nordson_Corp, or www.facebook.com/nordson.

 

NORDSON CORPORATION

FINANCIAL HIGHLIGHTS

(Dollars in thousands except for per-share amounts)

   

FOURTH QUARTER PERIOD

Period Ending October 31, 2017

(Unaudited)

   

CONSOLIDATED STATEMENT OF INCOME

Fourth Quarter Year-to-Date
2017 2016 2017 2016
 
Net sales $ 573,938 $ 509,283 $ 2,066,982 $ 1,808,994
Cost of sales 261,850 234,316 927,981 815,495
Selling & administrative expenses   187,300     164,104     681,299     605,068  
 
Operating profit 124,788 110,863 457,702 388,431
 
Interest expense - net (11,436 ) (5,606 ) (35,477 ) (20,594 )
Other income (expense) - net   (482 )   106     (1,934 )   657  
 
Income before income taxes 112,870 105,363 420,291 368,494
Income taxes   33,035     29,496     124,489     96,651  
 
Net Income $ 79,835   $ 75,867   $ 295,802   $ 271,843  
 
 
 
Return on sales 14 % 15 % 14 % 15 %
Return on average shareholders' equity 29 % 36 % 30 % 37 %
 
               
 
Average common shares outstanding (000's) 57,643 57,206 57,533 57,060

Average common shares and common share equivalents (000's)

58,301 57,864 58,204 57,530
 
Per share:
 
Basic earnings $ 1.38 $ 1.33 $ 5.14 $ 4.76
Diluted earnings $ 1.37 $ 1.31 $ 5.08 $ 4.73
 
Dividends paid $ .30 $ .27 $ 1.11 $ .99
 
Total dividends $ 17,291 $ 15,428 $ 63,840 $ 56,436
 
   

CONSOLIDATED BALANCE SHEET

October 31 October 31
2017 2016
 
Cash and marketable securities $ 90,383 $ 67,239
Receivables 505,087 428,560
Inventories 264,266 220,361
Other current assets   28,636   29,415
Total current assets 888,372 745,575
 
Property, plant & equipment - net 346,411 273,129
Other assets   2,179,756   1,401,879
$ 3,414,539 $ 2,420,583
 
Notes payable and debt due within one year $ 326,587 $ 40,234
Accounts payable and accrued liabilities   321,159   291,309
Total current liabilities 647,746 331,543
 
Long-term debt 1,256,397 942,771
Other liabilities 354,903 294,666
Total shareholders' equity   1,155,493   851,603
$ 3,414,539 $ 2,420,583
 
         
 
Other information:
 
 
Employees 7,532 6,127
 
Common shares outstanding (000's) 57,715 57,307

         

NORDSON CORPORATION

FINANCIAL HIGHLIGHTS

(Dollars in thousands)

 

FOURTH QUARTER PERIOD

Period Ending October 31, 2017

(Unaudited)

         
Fourth Quarter % Growth over 2016 Year-to-Date % Growth over 2016

SALES BY BUSINESS SEGMENT

2017 2016 Volume Currency Total 2017 2016 Volume Currency Total
 
 
Adhesive dispensing systems $ 247,873 $ 234,305 3.8 % 2.0 % 5.8 % $ 916,019 $ 879,573 4.3 % -0.2 % 4.1 %
Advanced technology systems 251,716 194,542 29.2 % 0.2 % 29.4 % 897,623 676,329 33.4 % -0.7 % 32.7 %
Industrial coating systems   74,349     80,436   -8.1 % 0.5 % -7.6 %   253,340     253,092   0.8 % -0.7 % 0.1 %
 
Total sales by business segment $ 573,938   $ 509,283   11.6 % 1.1 % 12.7 % $ 2,066,982   $ 1,808,994   14.8 % -0.5 % 14.3 %
 
 
 
Fourth Quarter Year-to-Date

OPERATING PROFIT BY BUSINESS SEGMENT

2017 2016 2017 2016
 
Adhesive dispensing systems $ 68,354 $ 55,383 $ 253,580 $ 229,143
Advanced technology systems 60,008 49,712 228,062 159,531
Industrial coating systems 13,462 18,430 43,991 43,511
Corporate   (17,036 )   (12,662 )   (67,931 )   (43,754 )
 
Total operating profit by business segment $ 124,788   $ 110,863   $ 457,702   $ 388,431  
 
 
 
Fourth Quarter % Growth over 2016 Year-to-Date % Growth over 2016

SALES BY GEOGRAPHIC REGION

2017 2016 Volume Currency Total 2017 2016 Volume Currency Total
 
United States $ 183,088 $ 147,397 24.2 % - 24.2 % $ 647,657 $ 531,117 21.9 % - 21.9 %
Americas 39,055 33,834 13.7 % 1.7 % 15.4 % 147,026 124,657 18.0 % -0.1 % 17.9 %
Europe 149,339 129,635 9.3 % 5.9 % 15.2 % 530,812 503,869 5.5 % -0.2 % 5.3 %
Japan 50,685 38,476 42.7 % -11.0 % 31.7 % 147,189 122,054 24.5 % -3.9 % 20.6 %
Asia Pacific   151,771     159,941   -6.1 % 1.0 % -5.1 %   594,298     527,297   13.2 % -0.5 % 12.7 %
 
Total Sales by Geographic Region $ 573,938   $ 509,283   11.6 % 1.1 % 12.7 % $ 2,066,982   $ 1,808,994   14.8 % -0.5 % 14.3 %
 
                                         
 
 
Fourth Quarter Year-to-Date

FREE CASH FLOW BEFORE DIVIDENDS

2017 2016 2017 2016
 
Net income $ 79,835 $ 75,867 $ 295,802 $ 271,843
Depreciation and amortization 25,488 17,480 90,854 70,304
Other non-cash charges 23,644 7,100 26,685 20,313
Changes in operating assets and liabilities   4,515     35,977     (63,668 )   (31,302 )
Net cash provided by operating activities 133,482 136,424 349,673 331,158
 
Additions to property, plant and equipment (22,234 ) (15,399 ) (71,558 ) (60,851 )
Proceeds from the sale of property, plant and equipment   101     256     4,007     1,300  
 
Free cash flow before dividends $ 111,349   $ 121,281   $ 282,122   $ 271,607  
 
Adjustments:
Acquisition costs and adjustments, net of tax(1)   -     152     12,695     1,486  
Free cash flow before dividends, adjusted $ 111,349   $ 121,433   $ 294,817   $ 273,093  

(1)

 

Represents one-time costs, net of tax, associated with our 2017 and 2016 acquisitions, including the step up in the value of acquired inventory and acquisition transaction costs that are required to be expensed as incurred.

 

     

NORDSON CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Dollars in thousands except for per-share amounts)

 
FOURTH QUARTER PERIOD

Period Ending October 31, 2017

(Unaudited)
 
 
EBITDA and EBITDA per diluted share Fourth Quarter Year-to-Date
2017 2016 2017 2016
 
Net income $ 79,835 $ 75,867 $ 295,802 $ 271,843
Adjustments:
Depreciation and amortization expense 25,488 17,480 90,854 70,304
Interest expense, net 11,436 5,606 35,477 20,594
Income taxes   33,035   29,496   124,489   96,651
EBITDA $ 149,794 $ 128,449 $ 546,622 $ 459,392
Adjustments:
Acquisition costs and adjustments (1)   -   211   17,898   2,099
EBITDA As Adjusted $ 149,794 $ 128,660 $ 564,520 $ 461,491
 
EBITDA per diluted share $ 2.57 $ 2.22 $ 9.39 $ 7.99
EBITDA As Adjusted per diluted share $ 2.57 $ 2.22 $ 9.70 $ 8.02
 

(1) Represents one-time costs associated with our 2017 and 2016 acquisitions, including the step up in the value of acquired inventory and acquisition transaction costs that are required to be expensed as incurred.

 
EBITDA and EBITDA per diluted share are non-GAAP financial measures used by management to evaluate the Company's ongoing operations. EBITDA is defined as earnings before interest, taxes, depreciation and amortization and EBITDA As Adjusted is defined as EBITDA plus certain acquisition costs and adjustments. EBITDA per diluted share is defined as EBITDA divided by the Company's diluted weighted average shares outstanding. EBITDA As Adjusted per diluted share is defined as EBITDA As Adjusted divided by the Company's diluted weighted average shares outstanding.
 
   
Fourth Quarter Year-to-Date
2017   2016 2017   2016
 
Diluted EPS as reported (U.S. GAAP) $ 1.37 $ 1.31 $ 5.08 $ 4.73
 
Short-term inventory purchase accounting adjustments - - 0.05 0.03
Acquisition costs - - 0.17 -
Severance and restructuring 0.01 0.08 0.03 0.13
Litigation settlement - - - (0.01 )
Discrete tax items - - 0.04 (0.19 )
Other pre-tax items related to discrete tax benefits   -   -   -   (0.01 )
 
Diluted EPS as adjusted (Non-GAAP) $ 1.38 $ 1.39 $ 5.37 $ 4.68  
 
Adjusted Diluted EPS is not a measurement of financial performance under GAAP, and should not be considered as an alternative to EPS determined in accordance with GAAP. Management believes that EPS as adjusted to exclude the items in the table above assist in understanding the results of Nordson Corporation. Our calculations of this non-GAAP financial measure may not be comparable to the calculations of similarly titled measures reported by other companies.

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Analysen zu Nordson Corp.

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09.01.2018Nordson Mkt PerformBarrington Research
15.12.2017Nordson HoldGabelli & Co
23.08.2017Nordson BuyGabelli & Co
22.02.2017Nordson OutperformBarrington Research
16.12.2016Nordson OutperformBarrington Research
23.08.2017Nordson BuyGabelli & Co
22.02.2017Nordson OutperformBarrington Research
16.12.2016Nordson OutperformBarrington Research
10.06.2016Nordson BuyGabelli & Co
25.05.2016Nordson OutperformBarrington Research
09.01.2018Nordson Mkt PerformBarrington Research
15.12.2017Nordson HoldGabelli & Co
25.05.2016Nordson Sector PerformRBC Capital Markets
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14.12.2015Nordson Sector PerformRBC Capital Markets

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