Nordson Analysts Slash Their Forecasts After Q2 Results
Nordson Corporation (NASDAQ:NDSN) reported mixed second-quarter earnings and issued soft third-quarter revenue guidance, after the closing bell on Monday.
Nordson posted quarterly earnings of $2.34 per share, beating market expectations of $2.31 per share. The company's quarterly sales came in at $650.64 million versus estimates of $661.41 million, according to data from Benzinga Pro.
Nordson President and Chief Executive Officer Sundaram Nagarajan said, “Once again, the teams delivered a solid operating performance, delivering strong gross margins and 31% EBITDA margin. Our sales were in line with management expectations with the IPS and MFS segments delivering organic growth. While we see positive early indicators, our Advanced Technology Solutions segment remains impacted by the electronics cycle. I am pleased with our ability to manage profitability during this period.”
Nordson said it sees third-quarter earnings of $2.25 to $2.40 per share. The company also expects third-quarter revenue of $645 million to $670 million, versus estimates of $705.06 million.
Nordson shares gained 1.1% to trade at $245.82 on Wednesday.
These analysts made changes to their price targets on Nordson after the company reported quarterly results.
- Baird slashed the price target on Nordson from $303 to $272. Baird analyst Michael Halloran maintained an Outperform rating.
- DA Davidson cut Nordson price target from $315 to $295. DA Davidson analyst Matthew Summerville maintained a Buy rating.
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