Nordson Corp. Q2 FY2024 results: revenue $651 million, up 0.1% on the year

Nordson Corp. (NDSN) reported revenue of $651 million for Q2 FY2024, the quarter ended 30 April 2024, up 0.1% on the same quarter a year earlier. Net income was $118 million, down 7.3% on the year, and diluted earnings per share $2.05. The figures are the company's own, from the 10-Q it filed with the SEC on 23 May 2024.

Revenue$651 millionup 0.1%

Net income$118 milliondown 7.3%

Diluted EPS$2.05

QuarterQ2 FY2024ended 30 April 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	651	633	n/a	n/a
Cost of revenue	285	285	n/a	n/a
Gross profit	366	348	n/a	n/a
Gross margin	56.2%	55.0%	n/a
Selling, general and administrative	197	189	n/a	n/a
Operating income	169	159	n/a	n/a
Operating margin	25.9%	25.2%	n/a
Interest expense	20.1	21.4	n/a	n/a
Pre-tax income	149	139	n/a	n/a
Income tax	31.1	29.1	n/a	n/a
Effective tax rate	20.8%	21.0%	n/a
Net income	118	110	n/a	n/a
Net margin	18.2%	17.3%	n/a
Diluted EPS	$2.05	$1.90	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	123	172	n/a	n/a
Capital expenditure	14.4	7.5	n/a	n/a
Free cash flow	108	165	n/a	n/a
Free cash flow margin	16.6%	26.0%	n/a
Depreciation and amortisation	32.7	33.5	n/a	n/a
Share-based compensation	5.4	4.7	n/a	n/a
Buybacks	0.6	7.4	n/a	n/a
Dividends paid	38.9	38.9	n/a	n/a
Dividend per share	$0.68	$0.68	n/a	n/a
Diluted shares, weighted	58m	58m	n/a	n/a
Shares outstanding at period end	57m	57m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	5,172	5,247	n/a	n/a
Cash and equivalents	125	136	n/a	n/a
Receivables	530	538	n/a	n/a
Inventory	444	451	n/a	n/a
Goodwill	2,783	2,805	n/a	n/a
Long-term debt	1,525	1,625	n/a	n/a
Borrowings, as the company tags them	1,545	1,642	n/a	n/a
Operating lease liabilities	84.8	91.7	n/a	n/a
Finance lease liabilities	12.3	11.8	n/a	n/a
Shareholders' equity	2,788	2,724	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	719	633	651	662	744	615	683	742	752	669	741	818
Cost of revenue	335	285	285	293	342	280	309	335	328	303	337	364
Gross profit	384	348	366	369	403	336	374	407	423	366	404	454
Gross margin	53%	55%	56%	56%	54%	55%	55%	55%	56%	55%	55%	55%
SG&A	199	189	197	202	224	195	205	207	209	200	207	231
Operating income	185	159	169	167	179	141	169	188	214	166	197	223
Operating margin	26%	25%	26%	25%	24%	23%	25%	25%	28%	25%	27%	27%
Interest expense	27.0	21.4	20.1	18.8	28.6	26.6	26.6	26.3	24.8	23.1	21.9	20.8
Pre-tax income	161	139	149	149	148	117	139	159	183	165	141	186
Tax rate	20%	21%	21%	21%	17%	19%	19%	21%	17%	19%	17%	18%
Net income	128	110	118	117	122	94.7	112	126	152	133	117	153
Net margin	18%	17%	18%	18%	16%	15%	16%	17%	20%	20%	16%	19%
Diluted EPS	$2.22	$1.90	$2.05	$2.04	$2.12	$1.65	$1.97	$2.22	$2.67	$2.38	$2.09	$2.73
Operating cash flow	163	172	123	165	96.4	159	119	238	203	140	181	249
Capital expenditure	10.3	7.5	14.4	21.9	20.6	21.4	16.0	11.6	9.1	17.5	10.2	12.6
Free cash flow	153	165	108	143	75.8	138	103	226	194	123	170	237
Buybacks	11.5	7.4	0.6	26.2	-0.8	60.1	86.2	71.9	88.2	86.0	43.3	29.5
Dividends paid	38.8	38.9	38.9	39.0	44.6	44.6	44.3	44.1	46.1	45.8	45.9	45.7
Shares outstanding	57m	57m	57m	57m	57m	57m	57m	56m	56m	56m	56m	56m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 April 2024, filed 23 May 2024, accession 0000072331-24-000075: the filing on EDGAR. All of Nordson Corp.'s filings: EDGAR company page.

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