Nordson Reports 3% Drop in Advanced Technology Sales
WESTLAKE, OH – Nordson's Advanced Technology Solutions sales of $140 million were a decrease of 3% compared to the prior year's third quarter.
As a whole, Nordson's quarterly sales were $649 million, a 2% decrease compared to 2022's third-quarter sales of $662 million.
"During the fiscal third quarter, our team delivered strong profitability with 32% EBITDA and solid cash flow against persisting demand weakness in electronics and biopharma end markets," said CEO Sundaram Nagarajan. "The team remains focused on the execution of our Ascend strategy to achieve top tier growth with leading margins and returns, as evidenced by the recently announced acquisition of ARAG and the steadfast deployment of the NBS Next growth framework. We are looking forward to the recovery of our cyclical end markets and the related incremental earnings power associated with the growth."
The company said it expects sales in the fourth quarter to be the strongest of the year, but narrowed its previously issued full-year revenue growth guidance to 0-2%.
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