WESTLAKE, OH – Nordson reported fiscal fourth quarter sales of $559 million down 5% year-over-year.

For the quarter ended Oct. 31, organic sales decreased approximately 7%, offset in part by a 1% increase in acquisitions and a favorable effect from currency translation of approximately 2%.

Continued strength in test and inspection product lines serving electronics end-markets and growth in the medical product lines were offset by weakness in industrial and automotive end markets, the firm said.

Net income was $18 million, down 82.5% compared to the fourth quarter of fiscal 2019.

Adjusted earnings, which excludes nonrecurring charges and discrete tax benefits of $2 million, totaled $93 million, down 11% compared to the same period last year. Operating profit was $37 million, a decrease of 73.6% year-over-year.

Advanced Technology Solutions sales of $250 million increased approximately 1% compared to the prior year fiscal fourth quarter. Acquisitions and favorable currency impacts increased sales by approximately 2% and 1%, respectively, which was principally offset by organic volume decreases of 3%. Continued sales growth in test and inspection product lines, coupled with stable demand in medical product lines, was offset by weaker demand in fluid dispense product lines serving industrial end markets. Operating profit, which included $1 million of the step-up in acquired inventory amortization, totaled $51 million. Adjusted operating profit was $52 million, or 21% of sales, which was down slightly compared to prior year profits.

Nordson ATS brands include Asymtek, Dage, March, Select, Sonoscan, YesTech and EFD.

"I am proud of the dedication shown by our global team through their ongoing commitment to superior customer service and continued deployment of the NBS Next growth framework,” said Nordson president and CEO Sundaram Nagarajan. “Fourth quarter sales were the strongest quarter of the year. We also continued to make progress on strategically positioning our portfolio for sustainable long-term growth with the acquisition of vivaMOS and the recently announced divestiture of the screws and barrels product line. This combination of focusing on Nordson strengths and prioritizing future profitable growth opportunities has us well positioned heading into fiscal year 2021."

For the fiscal year ended Oct. 31 sales were $2.1 billion, a decrease of 3% year-over-year. This change in sales included a decrease in organic volume of 4%, offset by growth related to acquisitions. The full year impact of currency translation differences was not significant. Full year operating profit was $350 million, a decrease of 27.5% compared to fiscal 2019. Adjusted operating profit was $454 million, down 7%.

"Throughout this unprecedented year, the safety of our people and the value they deliver to our customers remained among our top priorities. We continue to make progress by deploying the NBS Next growth framework and aligning the organization to remain invested in our key strengths during this unique macroeconomic environment. The commitment of our employees, combined with the resilience of our diverse end markets, resulted in sound financial performance in fiscal 2020. We are entering fiscal 2021 from this solid foundation, and we have strong backlog entering the fiscal first quarter. I am confident in our ability to deliver long-term profitable growth."

Backlog for the fiscal fourth quarter was approximately $416 million, up 5% compared to the same period a year ago, and the trailing twelve-week order entry was 5% above prior year levels. Based on these current order entry trends, backlog amounts and the correlation to sales timing, Nordson expects fiscal 2021 first quarter sales growth to be approximately 2 to 3%, with adjusted earnings growth in the range of 15 to 20%.

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