WESTLAKE, OH - Nordson Corp. announced that its Board of Directors has authorized a $100 million share repurchase program. The company has completed the repurchase of the two million shares authorized under its previous program.
“The Board’s action reflects continued confidence in the long-term strength of our company and our ongoing commitment to creating shareholder value,” said Nordson President and CEO Michael F. Hilton. “Nordson continues to generate strong cash flow, which enables us to be opportunistic in repurchasing shares while also making investments to fund long-term organic and acquisitive growth opportunities.”
In August, the company reported the strongest third-quarter sales, operating profit, net income and diluted EPS in its history. For the quarter ending July 31, 2011, sales reached $312 million, a 12 percent increase over the prior year, with volume up 5 percent and the remainder of the increase coming from the favorable effects of currency translation. Third-quarter operating profit was $79 million, a 16 percent increase over the third quarter of last year, and operating margin reached 25 percent, also an increase from the level of a year ago. Third-quarter net income was $57 million and diluted earnings per share were $0.82 compared to $55 million and $0.80 a year ago.