Nordson Sees Sequential Gains
Sales were down 28.5% and profits were off 25% from last year.
For the quarter, operating margin reached 18%, tying the company's third-quarter record, as demand improved sequentially in technology end-markets. Free cash flow was $35 million.
Nordson is the parent company of several leading electronics assembly suppliers, including Asymtek, Dage and EFD Inc. Its Advanced Technology segment saw 38% sequential sales growth.
Backlogs fell 23% year-over-year for the period ended Aug. 16, to approximately $95 million, but were up 14% sequentially.
“Due to the still challenging current economic conditions and our record performance in 2008, we continue to view patterns in sequential order rates as more indicative of the direction of our business than year-over-year comparisons at this time,” said chairman, president and chief executive Edward Campbell. “In the current 12-week period versus the immediately preceding 12-week period, order rates continued to improve in all segments.”
Nordson guided for fiscal fourth-quarter sales of $224 million to $235 million, the third consecutive quarter of sequential improvement.
