- Sales increase 14% from the previous year to $331 million in the fourth quarter; full year sales increase 18% over the prior year to $1.2 billion
- Operating profit increases to $79 million in the fourth quarter and $316 million for the year; full year operating margin reaches 26% of sales
- Diluted EPS expands to $0.81 in the fourth quarter and $3.25 for the year
- First quarter 2012 guidance: Sales expected in the range of $270 million to $281 million
Nordson Corporation today reported record fourth quarter and full year results for the fiscal year ended October 31, 2011. Sales for the quarter were $331 million, an increase of 14% over the fourth quarter of the prior year. This sales improvement included an 8% increase in organic volume and a 3% increase from acquisitions, with the remainder coming from positive currency translation effects. Fourth quarter operating profit and net income increased over the same period a year ago to $79 million and $55 million, respectively. Diluted earnings per share for the quarter increased to $0.81 and include a $0.03 per share charge for short-term purchase accounting related to the acquisition of Value Plastics and a $0.02 per share charge related to restructuring activities.
“Our continued focus on meeting customer needs with innovative precision technology, application expertise and direct global service enabled us to deliver another quarter of excellent performance,” said Nordson President and Chief Executive Officer Michael F. Hilton. “Strong top line growth coupled with the efficiency of our global team resulted in very strong operating margin of 24% for the quarter. Diluted earnings per share grew by 15% compared to a year ago, excluding one-time items in both periods. Strong free cash flow in the quarter enabled us to continue funding initiatives in new product development, supply chain optimization and continuous improvement activities. In addition to these investments in the business, we maintained our commitment to returning value to shareholders as we increased our dividend for the 48th consecutive year and we continued our share repurchase program during the quarter. In addition, we completed the acquisition of Value Plastics, a high performing growth company.”
Fourth Quarter Segment & Regional Results
“Quarterly sales grew at a double digit rate in all segments and all geographies compared to the same period a year ago, as customers continued to respond to the value we provide,” said Hilton. “Results were very strong in the Adhesive Dispensing Systems segment, where sales expanded by 14%and operating margin was 34%, excluding restructuring charges incurred in the quarter. The Advanced Technology Systems segment also delivered an excellent quarter, as sales grew by 15% and operating margin was 25%, excluding short-term purchase accounting charges. We are also pleased with our results in the Industrial Coating Systems segment, where sales increased by 11% and operating margin reached 15%.”
Detailed results by operating segment and geography are included in the attached tables, as is an earnings per share reconciliation table.