Nordson's Q3 Sales Up on Electronics Equipment Spike
WESTLAKE, OH -- Nordson reported sales at its Advanced Technology Systems segment rose 15% year-over-year in the fiscal third quarter, led by demand for automated dispensing equipment for mobile device assembly.
Sales were also aided by continued demand for electronic test and inspection and surface treatment equipment, the company said.
"We also are pleased by robust growth in our semiautomated dispensing systems and single use fluid management components related to medical and industrial end-markets,” said CEO and president Michael Hilton.
Geographically, organic sales growth was strongest in Japan, Asia Pacific and the Americas. Operating margin for the Advanced Technology segment was 32% in the third quarter, up four percentage points over a year ago, with incremental operating margin of 57%.
The Advanced Technology Systems unit includes Asymtek, Dage, YesTech, EFD and March, among others.
Overall sales for the quarter ending July 31 were $459 million, a 14% increase over the prior year. Organic volumes were up eight percentage points, acquisitions added five percentage points and currency translation effects one point. Operating profit was $114 million, up from $93 million, and net income was net income was $78 million, up from $65 million.
Operating margin in the quarter was 25%, two percentage points higher than a year ago.
“Order rates began to gain momentum during our second quarter and continued to be strong into our third quarter, resulting in year-to-date performance that has outpaced the levels of a year ago,” said Hilton.
Nordson guided for fiscal fourth-quarter sales to be 10 to 14% higher from last year, of which organic growth would make up seven to 11 percentage points.
