Nordson Corp. Reports Fourth-Quarter and Year-End Results
December 29, 2009
WESTLAKE, OH – Nordson Corp. has reported results for the fourth quarter and fiscal year 2009. For the quarter ending Oct. 31, 2009, sales were $237 million, an increase of 15 percent over the third quarter of 2009. Net loss for the quarter was $209 million, or $6.22 per diluted share, inclusive of non-cash goodwill and other long-lived asset impairment charges of $7.08 per share. Excluding the impairment charges, adjusted earnings for the quarter were $29 million, or $0.85 per diluted share, inclusive of a $0.04 per share charge related to previously announced cost reduction activities. Prior-year fourth-quarter sales, net income and diluted earnings per share were $298 million, $31 million and $0.90, respectively.
“Nordson delivered another quarter of very strong operating performance,” said Chairman, President and Chief Executive Officer Edward P. Campbell. “Excluding non-cash impairment charges, operating margin was 20 percent, exceeding the outstanding performance of the previous quarter and the prior year’s fourth quarter. We also continued to generate a very high level of free cash, which at $40 million in the quarter more than triples the level of a year ago.”
For the full 2009 fiscal year, sales were $819 million. Net loss for the year was $160 million, or $4.77 per diluted share, inclusive of the $7.08 per share non-cash impairment charges. Excluding impairment charges, adjusted earnings for the year were $78 million, or $2.31 per diluted share, inclusive of $0.31 per share in charges related to previously announced cost reduction activities and $0.20 per share in gains related to one-time tax benefits and the sale of real estate. Prior-year sales, net income and diluted earnings per share on a full year basis were $1.1 billion, $118 million and $3.43, respectively.
For the first quarter of fiscal 2010, sales are expected to increase in the range of 13 to 17 percent over the first quarter a year ago. Diluted earnings per share are expected to be in the range of $0.61 to $0.71, including an anticipated $0.10 per share one-time tax benefit and a $0.01 per share charge for restructuring activities.
“I am extremely pleased with how strongly positioned Nordson begins 2010,” said Campbell. “All of the company’s markets are showing varying degrees of recovery, more lean and effective organizational structures are in place, our market leadership positions are intact, and we continue to post strong operating results. I have every confidence that Nordson’s leadership team will continue to deliver the excellent financial results that investors have come to expect.”