Nordson beats Q4 profit estimates on higher demand for industrial precision products

Nordson

13/12/2023 22:33

Dec 13 (Reuters) - Dispensing equipment maker Nordson
Corp  NDSN.O  beat Wall Street estimates for fourth-quarter
profit on Wednesday, on strong demand for products from its
industrial precision solutions segment.
    The company's industrial precision solutions unit posted a
14% year-on-year growth in sales, which helped offset a decline
in its advanced technology solutions and medical and fluid
solutions segments.
    "Our medical interventional solutions and several industrial
precision product lines delivered double-digit growth in the
quarter, while demand weakness in electronics and biopharma end
markets persisted as expected," said Nordson CEO Sundaram
Nagarajan.
    Nordson's advanced technology solutions unit serves the
semiconductor market, which has come under pressure due to a
slowdown in chip orders. 
    In response, the company has implemented cost controls that
included outsourcing some functions.    
    The company reported quarterly adjusted earnings of $141.8
million, or $2.46 per share, beating estimates of $138.2
million, or $2.39 per share, as per LSEG data.   
    The Westlake, Ohio-based manufacturer's quarterly revenue
was $719.3 mln, beating analysts' estimate of $706.8 million.
    Nordson sees first quarter 2024 adjusted earnings in the
range of $2.00 to $2.10 per share, slightly above LSEG estimate
of $1.99.

 (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by
Krishna Chandra Eluri)
 ((Aatreyee.Dasgupta@thomsonreuters.com;))