Nordson drops on downbeat annual forecast, weak Q2 results

Nordson

21/05/2024 14:22

** Shares in precision technology co Nordson  NDSN.O  fall
8.7% to $245.05 premarket
    ** Co sees FY24 revenue growth to be flat to 2%, down from
prior forecast of growth between 4% and 7%
    ** Expects annual adj. EPS in range of $9.35 to $9.75, below
Wall Street view of $10.15 - LSEG data 
    ** Co forecast Q3 revenue between $645 mln and $670 mln,
below analysts' avg. est. of $697 mln 
    ** Nordson sees Q3 adj. EPS in the range of $2.25 to $2.40,
missing market view of $2.66
    ** Q2 revenue of $650.60 comes below est. of $661.4 mln 
    ** Q2 net income is $118.20 mln, down from $127.6 mln a year
earlier
    ** Q2 organic sales decrease 4%, driven by ongoing pressure
in electronics product lines - Co 
    ** Four of 10 brokerages rate stock "buy" or higher, six
"hold"; their median PT is $292.48
    ** Up to Monday's close, stock had risen 1.6% YTD

 (Reporting by Khushi Singh in Bengaluru)
 ((Khushi.Singh@thomsonreuters.com;))