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WESTLAKE, Ohio - Nordson Corporation (NASDAQ:NDSN) reported better-than-expected second quarter results and provided an optimistic outlook, sending its shares up 2% in after-hours trading on Wednesday.
The precision technology company posted adjusted earnings of $2.42 per share for the quarter ended April 30, beating analyst estimates of $2.36. Revenue rose 5% YoY to $683 million, surpassing the consensus forecast of $672.95 million.
"We started the second quarter with increasing momentum in order entry, and our results outperformed the mid-point of our sales and earnings guidance," said Nordson President and CEO Sundaram Nagarajan.
The company’s backlog grew approximately 5% during the quarter. Strength in electronics systems sales and steady growth in nonwovens systems, precision agriculture and medical fluid components drove the results. This was partially offset by weakness in industrial systems sales.
Looking ahead, Nordson provided an upbeat outlook for the third quarter. The company expects adjusted earnings per share between $2.55 and $2.75, compared to analyst estimates of $2.58. Third quarter sales are forecast to be in the range of $710 million to $750 million.
"Order entry and backlog support a third quarter performance that is in line with the full-year guidance we set at the beginning of our fiscal year," Nagarajan added.
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