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WESTLAKE, Ohio--(BUSINESS WIRE)--Dec 11, 2024-- Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal fourth quarter ended October 31, 2024. Sales were $744 million, a 4% increase compared to the prior year’s fourth quarter sales of $719 million. The increase in fourth quarter 2024 sales included the favorable 6% impact of acquisitions and favorable currency translation of 1%, offset by an organic sales decrease of 3%. Net income was $122 million, or earnings per diluted share of $2.12, compared to prior year’s fourth quarter net income of $128 million, or earnings per diluted share of $2.22. Adjusted net income was $160 million, an increase from prior year adjusted net income of $156 million. Fourth quarter 2024 adjusted earnings per diluted share were $2.78 compared to prior year adjusted earnings per diluted share of $2.71. EBITDA in the fourth quarter was $241 million, or 32% of sales, an increase of 4% compared to prior year EBITDA of $227 million, also at 32% of sales. Commenting on the Company’s fiscal 2024 fourth quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “I appreciate our team’s focus and commitment to our customers, which delivered results above our fourth quarter guidance expectations. Our Advanced Technology Solutions segment delivered year-over-year fourth quarter sales growth, as electronics demand continued to steadily improve at fiscal year-end. During the down electronics cycle, our ATS team holistically implemented the NBS Next growth framework, making them responsive to the needs of our customers while also delivering a strong incremental operating performance. Our industrial product lines performed well against record comparisons from prior year. I’m also pleased with the early integration of our Atrion Medical acquisition, which contributed positively to the quarter.” Fourth Quarter Segment Results Industrial Precision Solutions sales of $392 million decreased 3% compared to the prior year fourth quarter, driven by a 5% organic sales decrease, a favorable acquisition impact of 1%, and a favorable currency impact of 1%. The organic sales decrease, following record organic sales in prior year fourth quarter, was driven by our industrial coatings, polymer processing and precision agriculture product lines, partially offset by double-digit growth in nonwovens product lines. Operating profit was $126 million in the quarter, or 32% of sales, a decrease of 4% compared to the prior year operating profit. The decrease in operating profit was driven by lower sales. EBITDA in the quarter was $143 million, or 37% of sales, a 3% decrease from the prior year fourth quarter EBITDA of $148 million, which also was 37% of sales. Medical and Fluid Solutions sales of $200 million increased 19% compared to the prior year fourth quarter, driven primarily by the acquisition of Atrion, which offset an organic sales decrease of 3% and a favorable currency impact of 1%. The organic sales decrease was driven by softness in medical interventional solutions product lines, partially offset by modest growth in our medical fluid components and fluid solutions product lines. Operating profit totaled $44 million in the quarter, or 22% of sales, a decrease of 8% compared to the prior year operating profit. EBITDA in the quarter was $72 million, or 36% of sales, an increase versus the prior year fourth quarter EBITDA of $62 million, or 37% of sales. Advanced Technology Solutions sales of $152 million increased 5% compared to the prior year fourth quarter, driven by an organic sales increase of 4% and a favorable currency impact of 1%. The organic sales increase was driven by double-digit growth in select test and inspection product lines and modest growth in our electronics processing product lines. Operating profit totaled $33 million in the quarter, or 22% of sales, an increase of 6% compared to the prior year operating profit due to higher sales and improved profit margins. EBITDA in the quarter was $41 million, or 27% of sales, an increase from the prior year fourth quarter EBITDA of $35 million, or 24% of sales. Fiscal 2024 Full Year Results Sales for the fiscal year ended October 31, 2024, were a record $2.7 billion, an increase of 2% compared to the prior year. This sales growth was driven by a favorable acquisition impact of 5%, partially offset by a 3% decrease in organic volume. Net income was $467 million, or earnings per diluted share of $8.11, compared to prior year’s net income of $487 million, or earnings per diluted share of $8.46. Adjusted net income was $561 million, a decrease from prior year adjusted net income of $567 million. Adjusted earnings per diluted share were $9.73 compared to prior year adjusted earnings per diluted share of $9.85. EBITDA was $849 million, or 32% of sales, compared to prior year EBITDA of $819 million, or 31% of sales. Free cash flow for the full-year was $492 million, which was a conversion rate of 105% of net income. Reflecting on fiscal 2024, Mr. Nagarajan continued, “In 2021, we launched our Ascend strategy with the milestone of achieving $3 billion in annual sales and greater than 30% EBITDA margins by 2025. The strategy is delivering results and has ample runway to accelerate. Our diversified portfolio, built on our leadership in niche end markets with differentiated products, is delivering balanced results in the ever-changing macro environment. Our acquisition strategy is generating growth, and I am pleased with the integration and deployment of the NBS Next growth framework. We also continued to generate strong free cash flow in the year, allowing us to consistently reinvest in the business while returning cash to our shareholders.” Outlook Following four consecutive years of record-setting performance, we enter fiscal 2025 with approximately $580 million in backlog. Based on the combination of order entry, backlog, current exchange rates and anticipated end market expectations, we anticipate delivering sales in the range of $2,750 to $2,870 million in fiscal 2025. Full year fiscal 2025 adjusted earnings are forecasted in the range of $9.70 to $10.50 per diluted share. First quarter fiscal 2025 sales are forecasted in the range of $615 to $655 million with adjusted earnings in the range of $1.95 to $2.15 per diluted share. Commenting on fiscal 2025 guidance, Nagarajan said, “Considering the evolving global macro-environment, we are entering 2025 with a conservative viewpoint. The fiscal first quarter is seasonally Nordson’s weakest quarter due to the holiday and calendar year-end slowdowns and cautious customer spending. While we remain confident about the long-term growth drivers of our end markets, we are being prudent about our expectations for end market recovery timing, particularly for our electronics and agricultural product lines. Even in uncertain times, our team delivers operational excellence and strong cash flow due to our close-to-the-customer business model, diversified niche end markets, differentiated products and the NBS Next growth framework.” Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, December 12, 2024 at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com . Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com . Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions, including the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflict between Russia and Ukraine, acts of terror, natural disasters and pandemics, including the recent coronavirus (COVID-19) pandemic and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release. Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serves global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com , linkedin/Nordson , or www.facebook.com/nordson . View source version on businesswire.com : https://www.businesswire.com/news/home/20241211087016/en/ CONTACT: Lara Mahoney Vice President, Investor Relations & Corporate Communications 440.204.9985 Lara.Mahoney@nordson.com KEYWORD: OHIO UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ELECTRONIC DESIGN AUTOMATION PACKAGING ENGINEERING SEMICONDUCTOR TECHNOLOGY MANUFACTURING OTHER MANUFACTURING SOURCE: Nordson Corporation Copyright Business Wire 2024. PUB: 12/11/2024 04:30 PM/DISC: 12/11/2024 04:32 PM http://www.businesswire.com/news/home/20241211087016/enTop Arab diplomats visited the Syrian capital, Damascus, on Monday, the latest in a string of diplomatic overtures by the international community as Syria emerges from years of isolation under President Bashar Assad. The visits by ministers from Jordan and Qatar, just two weeks after Assad’s fall, suggest that Arab nations are eager for better relations with a country that had been a pariah and a source of instability in the region. Syria’s New Leader Holds Talks With Jordan’s Leadership Syria’s new leader, Ahmad al-Sharaa, held “extensive talks” with Jordan’s foreign minister, Ayman Safadi, in Damascus on Monday, according to a statement from the Jordanian Foreign Ministry. Hours later, Qatar’s minister of state for foreign affairs, Mohammed al-Khulaifi, arrived in Syria and met with its new leadership, according to the Qatari Foreign Ministry. They were among the first high-ranking Arab diplomats to visit Syria since Assad was toppled two weeks ago by the rebel coalition led by al-Sharaa. Top Arab diplomats vowed at a meeting in Jordan this month to “support a peaceful transition process” in Syria. Most Arab nations cut ties with Assad’s government because of his ruthless crackdown on pro-democracy protesters in 2011 during the Arab Spring, which ignited a civil war. But after years of financing anti-Assad militias, several of Assad’s detractors had reversed their stance in recent years, hoping that increased engagement might bring more stability to the region. Last year, the Saudi government in Riyadh invited Assad to the Arab League summit, more than a decade after the league suspended Syria’s membership. But the strategy didn’t pay off, said Julien Barnes-Dacey, Middle East and North Africa program director at the European Council on Foreign Relations. And Assad continued with his heavy-handed tactics. Now, Arab nations are jumping at the chance to start again with new leadership in Syria. “The Arab states see more opportunity now than they did after a year of engagement with Assad that delivered absolutely nothing,” Barnes-Dacey said. Initially there was trepidation given al-Sharaa’s former links to al-Qaida, which is as much a destabilizing factor in the Arab world as it is in the West, Barnes-Dacey said. But al-Sharaa’s repeated pronouncements that his government would be pragmatic, inclusive and respectful of the country’s many religious and ethnic groups have been well received. “Regional states are going to be happy to jump on that,” he said. Shifts in Regional Alliances The influx of Arab delegations reflects the potential for a profound shift in regional alliances, said Paul Salem, vice president for international engagement at the Middle East Institute in Washington. Even though like most Arab nations, Syria is a majority Sunni Muslim country, the Assad regime long played a key role in supporting the regional influence of Iran, which is largely Shiite. Arab states see an opportunity to change that dynamic. “Arab countries have been trying to get Syria back into the Arab fold for the last 45 years, since the Iran-Iraq war,” Salem said. It is not surprising, he added, that Qatar is taking the lead. Qatar was one of the few Arab countries that refused to reconcile with Assad, so the visit by al-Khulaifi, one of the country’s top-ranking diplomats, was a strong signal of support for the new government. In a news conference after their meeting, al-Khulaifi said that “Syria and its people need support during this crucial phase.” Al-Sharaa highlighted Qatar’s continued assistance for the Syrian people throughout the war, and thanked Qatar for what he described as its readiness to invest in Syria’s energy sector, ports and airports. The Qatari delegation was accompanied by a technical team from Qatar Airways that planned to assess whether the international airport in Damascus was ready to restart operations after it was shut down amid the rebel offensive, according to the Foreign Ministry. Safadi said in remarks after his meeting with al-Sharaa that Jordan’s goal was to “support and assist the Syrian people.” But he also brought up issues of direct concern to Jordan, including the presence of nearly 620,000 registered Syrian refugees in his country, emphasizing that their return must be “voluntary and safe.” Safadi also brought up issues of terrorism, arms smuggling and drug trafficking, “which we in Jordan have suffered from.” United Arab Emirates Speaks With New Syrian Leadership The foreign minister of the United Arab Emirates, Sheikh Abdullah bin Zayed Al Nahyan, spoke with Asaad Hassan al-Shibani, Syria’s newly appointed foreign minister. In the call, bin Zayed stressed his country’s “supportive stance” for a “comprehensive and inclusive transitional phase.” The UAE has long been suspicious of the rebel movement’s Islamist bent, said Barnes-Dacey, and was the first among Arab nations to reestablish ties with the Assad government, in 2018. On Sunday al-Sharaa met with the Turkish foreign minister, Hakan Fidan, and also met a prominent Lebanese Druze leader, Walid Jumblatt. Like his visitors Monday, the Turkish and Lebanese representatives had their list of needs, couched in offers of support. Turkey, host to 3.6 million Syrian refugees, also wants to see a return to stability so that they can eventually go home. But it is also seeking to build a Syria more closely aligned with its regional interests. Many of the rebel groups that helped push Assad out of power were financed by Turkey, and while al-Sharaa’s group was not, Turkey will still seek to use their presence to push for greater influence, Barnes-Dacey said. As a Lebanese politician as well as the leader of the Druze religious minority, which has about a million members scattered across Syria, Lebanon, Israel and Jordan, Jumblatt wasn’t seeking influence as much as reassurances. The Assad regime, which was founded by Assad’s father, Hafez Assad in 1971, had a long history of interfering in Lebanese politics, and it was implicated in the assassination of Jumblatt’s father, as well as the killings of former Prime Minister Rafic Hariri and several other prominent Lebanese politicians over the past 50 years. In his meeting with the Lebanese delegation, al-Sharaa acknowledged that Syria under the Assads had long been a “source of fear and anxiety” for Lebanon, and he vowed to end his country’s “negative interference.” — This article originally appeared in . By Aryn Baker and Euan Ward/Daniel Berehulak c. 2024 The New York Times CompanyJimmy Carter, 39th US president, Nobel winner, dies at 100
Super Micro Computer, Inc. SMCI stock is trading higher on Friday. On Wednesday the company announced that it submitted a compliance plan to Nasdaq. The Details: Super Micro, in the compliance plan, said it believes it will be able to file both its 2024 fiscal-year earnings and its 2025 fiscal-year first-quarter earnings within Nasdaq’s acceptable discretionary time. Previously, the company reported that it was unable to file its earnings on time for multiple reasons, including the resignation of its previous independent accounting firm, Ernest & Young. The company also explained that its management team needs to time to review the company’s financial statements and internal controls. On Monday the company announced that it has appointed BDO USA as its independent auditor. "BDO is a highly respected accounting firm with global capabilities. This is an important next step to bring our financial statements current, an effort we are pursuing with both diligence and urgency," said Charles Liang , president and CEO of SuperMicro. How To Buy Super Micro Computer Stock By now you're likely curious about how to participate in the market for Super Micro Computer – be it to purchase shares, or even attempt to bet against the company. Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so. If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline. Related Link: After Plunging 16%, MicroStrategy Makes Modest Recovery In Friday Pre-Market: Is There Still Hope For A $100K BTC Effect? SMCI Price Action: At the time of writing, Super Micro shares are trading 11.2% higher at $33.02, per data from Benzinga Pro . Image: Image via Shutterstock © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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