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Nordson Corporation (NASDAQ:NDSN) reported weaker-than-expected results for its second quarter Tuesday
The company, based in Westlake, Ohio, said sales were $551 million, which was a decrease of less than 1% compared to the prior year's second quarter sales of $554 million. This change in second-quarter 2019 sales included an increase of 3% organic volume, and a decrease related to the unfavorable effects of currency translation as compared to the prior year's second quarter of 4%.
Growth in the quarter related to the first year effect of the fiscal 2018 acquisition of Clada Medical Devices was not significant.
In the second quarter of fiscal year 2019, reported operating profit was $129 million, net income was $92 million, and GAAP diluted earnings per share were $1.58, inclusive of a $0.04 per share discrete tax benefit related to share-based compensation.
Prior-year second quarter operating profit, net income and GAAP diluted earnings per share were $129 million, $91 million and $1.55, respectively. A reconciliation of GAAP diluted earnings per share to adjusted diluted earnings per share and calculations for EBITDA, adjusted EBITDA, free cash flow before dividends, and adjusted free cash flow before dividends are included in the attached financial exhibits.
CEO Michael Hilton said, "As we look at the remainder of this fiscal year, we continue to forecast organic growth. However, with the impact of recent macroeconomic trends, we now expect organic growth in the low single digits for fiscal 2019."
Shares picked up 81 cents to $131.40
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