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By Political Reporter- President Emmerson Mnangagwa’s spokesperson, George Charamba, has issued a chilling warning to the country’s most popular opposition leader, Nelson Chamisa, threatening aggressive state action if he fails to distance himself from what the ruling party claims is a neo-colonial agenda. Charamba, who interchangeably uses the user name dhonzamusoro007 on X (formerly Twitter) on Tuesday, accused Chamisa of being a pawn of Western powers and implied that the opposition leader’s silence over the alleged “Back-to-Rhodesia” campaign by his supporters signifies complicity. Char amba’s post read: “HE NEEDS TO PRONOUNCE HIMSELF ON THIS BACK-TO-RHODESIA CAMPAIGN WHICH IS BEING RAN BY HIS WELL-KNOWN ACOLYTES. In the absence of his public disavowal of that shabby campaign by his renegades, we will paste it on him and go for him full throttle!!! Certain recidivist politics are a NO, NO, NO!!!!!!!” Analysing this statement is a direct challenge to Chamisa, demanding public rejection of the alleged campaign or face intensified political persecution. The accusations of promoting a “Back-to-Rhodesia” agenda are a clear attempt by ZANU PF to portray Chamisa as a symbol of neo-colonialism, a narrative designed to tarnish his nationalist credentials and alienate voters. The “Back-to-Rhodesia” claim diverts public attention from ZANU PF’s governance failures and frames the opposition as unpatriotic, capitalising on the country’s strong anti-colonial sentiments. Charamba’s demand forces Chamisa into a lose-lose scenario—his silence could be interpreted as support for the campaign, while a public denial risks alienating his grassroots supporters. By framing Chamisa as a Western puppet, ZANU PF seeks to consolidate its image as the defender of the country’s sovereignty and delegitimise the opposition’s calls for democratic reforms. The “full throttle” warning signals potential escalation in state-sponsored crackdowns, including propaganda, legal charges, or suppression of opposition activities. ZANU PF has a long history of weaponising patriotism to suppress dissent. Opposition figures have faced arrests, violence, and smear campaigns, often under the guise of protecting the country’s sovereignty. Charamba’s statement follows this well-worn playbook, signaling a calculated effort to discredit Chamisa ahead of future elections. HE NEEDS TO PRONOUNCE HIMSELF ON THIS BACK-TO-RHODESIA CAMPAIGN WHICH IS BEING RAN BY HIS WELL-KNOWN ACOLYTES. In the absence of his public disavowal of that shabby campaign by his renegades, we will paste it on him and go for him full throttle!!! Certain recidivist politics are...
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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/en
Fleet Space lands $150 million, valuation rockets to $800 millionNew Delhi: India and Kuwait elevated their ties to a ‘Strategic Partnership’ Sunday, along with a memorandum of understanding in defence, as well as agreements in culture and sports during the two-day visit of Prime Minister Narendra Modi. The Gulf country also joined the India-led International Solar Alliance (ISA) as a member. “This MoU [on defence cooperation] will institutionalise bilateral cooperation in the area of defence. Key areas of cooperation would include training, exchange of personnel and experts, joint exercises, cooperation in defence industry, supply of defence equipment and collaboration in research and development,” said Arun Kumar Chatterjee, Secretary (Consular and Diaspora) in the Ministry of Exchange Affairs (MEA) during a special media briefing. The agreement in defence cooperation was in the works for a while, before being signed during Modi’s visit to the West Asian country. The two-day visit by Modi is the first visit by an Indian prime minister to Kuwait in 43 years. The PM met with the Amir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah Sunday morning. Subsequently, he held a meeting with Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Mubarak Al-Sabah followed by delegation- level talks with his Kuwait counterpart Ahmad Al-Abdullah Al-Ahmad Al-Sabah. During the meeting with the Amir, Modi was conferred with the Order of Mubarak Al-Kabeer, the highest national award of Kuwait. This is the Indian PM’s 20th foreign award. The Order of Mubarak Al-Kabeer instituted in 1974 has since been conferred on select global leaders including the late Queen Elizabeth II to name a few. The Amir of Kuwait “expressed” his appreciation for “India’s role as a valued partner in Kuwait and the Gulf Region.” The two prime ministers discussed a “roadmap to strengthen the strategic partnership” in areas such as trade, political, investments, energy, defence, security, health, education, technology, culture and education, according to Chatterjee. Also Read: Energy, defence, & economic deals on Modi’s Kuwait agenda as past friction points take backseat The two leaders also looked at ways to expand the economic cooperation between their countries. India is one of Kuwait’s largest trading partners, with bilateral trade in goods touching $10.47 billion in 2023-24. Kuwait is India’s sixth largest exporter of crude petroleum, accounting for 3 percent of its energy needs. According to the MEA, there is also around $10 billion worth of investments by Kuwait in the Indian economy. Modi invited the Kuwaiti Investment Authority to visit India to look at opportunities in investing in areas such as defence, energy, medical devices, pharmaceuticals, food parks among other sectors. The two countries have had historic ties, with the Indian rupee being the legal tender in the country till 1961. However, since the 1990-1991 Gulf War, ties had hit a rough patch over India’s support for Saddam Hussein and Iraq. Over the last three decades, ties have slowly strengthened. Kuwait is the last country within the Gulf Cooperation Council (GCC) for Modi to visit, having visited Saudi Arabia, Qatar, Bahrain, Oman and the UAE earlier during his tenure. Kuwait is the current chair of the GCC. On ties between India and the GCC, Chatterjee said, “In general the two sides discussed cooperation between India and the Gulf Cooperation Council, for which Kuwait is now the chair...We look forward to very intense cooperation between India and the GCC, through Kuwait’s chairmanship.” As a part of the two-day visit, Modi also visited a labour camp in Mina Abdullah Saturday and interacted with the roughly 1,500 Indian workforce living in the camp. There are around one million Indians living in Kuwait, making up 21 percent of the nation’s population and 30 percent of its workforce. Modi thanked the Amir of Kuwait for “looking after” the Indian community during their bilateral meeting. Earlier in June, a fire in living quarters of labourers in the Mangaf area, left at least 41 Indians dead. The prime minister addressed an event Saturday evening with the Indian community living in Kuwait and was the guest of honour for the inaugural match of the Arabian Gulf Cup. (Edited by Tony Rai) Also Read: As Trudeau stumbles, Jagmeet Singh’s NDP withdraws support & Conservatives push for early polls var ytflag = 0;var myListener = function() {document.removeEventListener('mousemove', myListener, false);lazyloadmyframes();};document.addEventListener('mousemove', myListener, false);window.addEventListener('scroll', function() {if (ytflag == 0) {lazyloadmyframes();ytflag = 1;}});function lazyloadmyframes() {var ytv = document.getElementsByClassName("klazyiframe");for (var i = 0; i < ytv.length; i++) {ytv[i].src = ytv[i].getAttribute('data-src');}} Save my name, email, and website in this browser for the next time I comment. Δ document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );