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    Nordson Corporation Reports First Quarter Fiscal 2025 Results and Second Quarter Guidance

    2/19/25 4:30:00 PM ET
    $NDSN
    Industrial Machinery/Components
    Industrials
    Get the next $NDSN alert in real time by email

    First Quarter Highlights:

    • Sales were $615 million, a decrease of 2.8% year-over-year
    • Earnings per diluted share were $1.65
    • Adjusted earnings per diluted share were $2.06
    • Backlog grew 15% during the quarter

    Nordson Corporation (NASDAQ:NDSN) today reported results for the fiscal first quarter ended January 31, 2025. Sales were $615 million, compared to the prior year's first quarter sales of $633 million. The first quarter 2025 sales included a favorable acquisition impact of 8%, offset by an organic sales decrease of 9% and unfavorable currency translation of 2%.

    Net income was $95 million, or $1.65 of earnings per diluted share, compared to prior year's first quarter net income of $110 million, or $1.90 of earnings per diluted share. First quarter adjusted net income was $118 million versus prior year adjusted net income of $128 million. First quarter adjusted earnings per diluted share were $2.06, a 7% decrease from the prior year adjusted earnings per diluted share of $2.21.

    EBITDA in the first quarter was $188 million, or 31% of sales, a decrease of 4% compared to prior year EBITDA of $197 million, also at 31% of sales.

    Commenting on the Company's fiscal 2025 first quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, "We experienced weakness across multiple end markets as we exited calendar year 2024, resulting in sales performance at the low end of our guidance range for our first fiscal quarter. However, we were encouraged to see broad order entry acceleration during the quarter, and backlog grew by approximately $85 million. Despite weaker sales, our teams performed well operationally and delivered earnings in line with our guidance mid-point. Overall, I am pleased with this solid execution in the face of dynamic market conditions, and we are positioned for growth as end market demand improves."

    First Quarter Segment Results

    Industrial Precision Solutions sales of $300 million decreased 11% from the prior year, inclusive of an organic sales decrease of 8% and unfavorable currency translation of 3%. The organic sales decrease was driven primarily by weaker systems demand in polymer processing and industrial coatings product lines, which was partially offset by growth in systems and parts demand for adhesive product lines. Operating profit was $96 million, a decrease of $13 million from the prior year, reflecting the impact of lower volumes. EBITDA in the quarter was $113 million, or 38% of sales, a 10% decrease from the prior year first quarter EBITDA of $126 million, or 37% of sales.

    Medical and Fluid Solutions sales of $194 million increased 21% compared to the prior year first quarter, inclusive of an acquisition impact of 33%, partially offset by an organic decline of 11% and unfavorable currency translation of 1%. The organic sales decrease was driven by lower demand and tough year-over-year comparisons in the medical interventional solutions product line, where customer destocking trends continued to impact demand. Operating profit was $41 million, a decrease of $5 million from the prior year, reflecting contribution from the Atrion acquisition offset by lower organic demand. EBITDA in the quarter was $64 million, or 33% of sales, up 7% versus the prior year first quarter EBITDA of $60 million, or 37% of sales.

    Advanced Technology Solutions sales of $121 million decreased 11% compared to the prior year first quarter, driven by lower organic sales of 10% and unfavorable currency translation of 1%. The organic sales decrease compared to prior year was driven by lower systems deliveries in electronics processing and x-ray product lines, partially offset by growth in optical sensors and measurement and control product lines. Operating profit was flat year-over-year at $18 million despite lower sales due to strategic cost reduction actions and manufacturing footprint optimization actions. EBITDA in the quarter was $23 million, or 19% of sales, unchanged from the prior year first quarter EBITDA of $23 million, or 17% of sales.

    Effective November 1, 2024, the Measurement and Control Solutions (MCS) division, formally reported as part of the IPS segment, has been realigned to the ATS segment based on an assessment of our portfolio. Our segment reporting reflects this change and prior year financial information was revised to be comparable. See the appendix to this release for comparative segment data by quarter for 2024.

    Outlook

    The Company entered the second quarter with approximately $670 million in backlog, up approximately $85 million or 15% from the start of the year. Order entry continued to improve throughout the quarter. Based on current visibility and order entry trends, the Company expects second quarter fiscal 2025 sales to be in the range of $650 to $690 million. Second quarter adjusted earnings are forecasted to be in the range of $2.30 to $2.50 per diluted share.

    Reflecting on the outlook, Nagarajan continued, "Even as macroeconomic conditions remain choppy, the momentum in order entry, strength of our diversified portfolio and NBS Next competitive advantages give us confidence that we are well positioned for growth as end market uncertainties abate and capital investment demand improves throughout 2025. We have demonstrated the ability to deliver best-in-class profitability in varying market scenarios, while remaining invested in the long-term growth priorities of the Company."

    Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, February 20, 2025 at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. Information about Nordson's investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or [email protected].

    The Company's definition of adjusted earnings excludes acquisition related amortization for both current and historical periods. It is not possible for the Company to identify the amount or significance of future adjustments associated with acquisition and integration costs, restructuring costs, acquisition-related amortization, certain non-operating or income tax items, or other non-routine costs that the Company adjusts in the presentation of adjusted earnings guidance. These items are dependent on future events that are not reasonably estimable at this time. Accordingly, the Company is unable to reconcile without unreasonable effort the forecasted range of adjusted earnings guidance to a comparable GAAP range.

    Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as "may," "will," "should," "could," "expects," "anticipates," "believes," "projects," "forecasts," "outlook," "guidance," "continue," "target," or the negative of these terms or comparable terminology. These statements reflect management's current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions, including the Company's ability to successfully integrate acquisitions; the Company's ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflict between Russia and Ukraine, acts of terror, natural disasters and pandemics, including the recent coronavirus (COVID-19) pandemic and the other factors discussed in Item 1A (Risk Factors) in the Company's most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.

    Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company's direct sales model and applications expertise serves global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, linkedin/Nordson, or www.facebook.com/nordson.

     

    NORDSON CORPORATION

    CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

    (Dollars in thousands except for per-share amounts)

     

     

     

     

     

    Three Months Ended

     

     

    January 31, 2025

     

    January 31, 2024

    Sales

     

    $

    615,420

     

     

    $

    633,193

     

    Cost of sales

     

     

    279,524

     

     

     

    284,766

     

    Gross profit

     

     

    335,896

     

     

     

    348,427

     

    Gross margin %

     

     

    54.6

    %

     

     

    55.0

    %

     

     

     

     

     

    Selling & administrative expenses

     

     

    194,949

     

     

     

    188,992

     

    Operating profit

     

     

    140,947

     

     

     

    159,435

     

     

     

     

     

     

    Interest expense - net

     

     

    (25,618

    )

     

     

    (20,398

    )

    Other income (expense) - net

     

     

    1,526

     

     

     

    (338

    )

    Income before income taxes

     

     

    116,855

     

     

     

    138,699

     

     

     

     

     

     

    Income taxes

     

     

    22,203

     

     

     

    29,127

     

     

     

     

     

     

    Net income

     

    $

    94,652

     

     

    $

    109,572

     

     

     

     

     

     

    Weighted-average common shares outstanding:

     

     

     

     

    Basic

     

     

    57,129

     

     

     

    57,064

     

    Diluted

     

     

    57,486

     

     

     

    57,555

     

     

     

     

     

     

    Earnings per share:

     

     

     

     

    Basic earnings

     

    $

    1.66

     

     

    $

    1.92

     

    Diluted earnings

     

    $

    1.65

     

     

    $

    1.90

     

     

    NORDSON CORPORATION

    CONSOLIDATED BALANCE SHEETS (Unaudited)

    (Dollars in thousands)

     

     

     

     

     

    January 31, 2025

     

    October 31, 2024

    Cash and cash equivalents

    $

    130,424

     

    $

    115,952

    Receivables - net

     

    531,298

     

     

    594,663

    Inventories - net

     

    472,234

     

     

    476,935

    Other current assets

     

    92,068

     

     

    87,482

    Total current assets

     

    1,226,024

     

     

    1,275,032

     

     

     

     

    Property, plant and equipment - net

     

    538,448

     

     

    544,607

    Goodwill

     

    3,242,344

     

     

    3,280,819

    Other assets

     

    864,710

     

     

    900,508

     

    $

    5,871,526

     

    $

    6,000,966

     

     

     

     

    Notes payable and debt due within one year

    $

    101,063

     

    $

    103,928

    Accounts payable and accrued liabilities

     

    383,004

     

     

    424,549

    Total current liabilities

     

    484,067

     

     

    528,477

     

     

     

     

    Long-term debt

     

    2,085,177

     

     

    2,101,197

    Other liabilities

     

    425,671

     

     

    439,100

    Total shareholders' equity

     

    2,876,611

     

     

    2,932,192

     

    $

    5,871,526

     

    $

    6,000,966

     

     

     

     

    NORDSON CORPORATION

    CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

    (Dollars in thousands)

     

     

     

    Three Months Ended

     

    January 31,

    2025

     

    January 31,

    2024

    Cash flows from operating activities:

     

     

     

    Net income

    $

    94,652

     

     

    $

    109,572

     

    Depreciation and amortization

     

    37,031

     

     

     

    33,544

     

    Other non-cash items

     

    3,160

     

     

     

    6,552

     

    Changes in operating assets and liabilities and other

     

    24,279

     

     

     

    22,688

     

    Net cash provided by operating activities

     

    159,122

     

     

     

    172,356

     

     

     

     

     

    Cash flows from investing activities:

     

     

     

    Additions to property, plant and equipment

     

    (21,399

    )

     

     

    (7,530

    )

    Other - net

     

    7,123

     

     

     

    1,805

     

    Net cash used in investing activities

     

    (14,276

    )

     

     

    (5,725

    )

     

     

     

     

    Cash flows from financing activities:

     

     

     

    Repayment of long-term debt

     

    (22,563

    )

     

     

    (107,195

    )

    Repayment of finance lease obligations

     

    (1,320

    )

     

     

    (1,488

    )

    Dividends paid

     

    (44,602

    )

     

     

    (38,855

    )

    Issuance of common shares

     

    1,001

     

     

     

    14,418

     

    Purchase of treasury shares

     

    (60,098

    )

     

     

    (7,371

    )

    Net cash used in financing activities

     

    (127,582

    )

     

     

    (140,491

    )

     

     

     

     

    Effect of exchange rate change on cash:

     

    (2,792

    )

     

     

    (5,618

    )

    Net change in cash and cash equivalents

     

    14,472

     

     

     

    20,522

     

     

     

     

     

    Cash and cash equivalents:

     

     

     

    Beginning of period

     

    115,952

     

     

     

    115,679

     

    End of period

    $

    130,424

     

     

    $

    136,201

     

     

     

     

     

    NORDSON CORPORATION

    SALES BY GEOGRAPHIC SEGMENT (Unaudited)

    (Dollars in thousands)

     

     

     

     

     

    Three Months Ended

     

    Sales Variance

     

    January 31,

    2025

     

    January 31,

    2024

     

    Organic

     

    Acquisitions

     

    Currency

     

    Total

    SALES BY SEGMENT

     

     

     

     

     

     

     

     

     

     

     

    Industrial Precision Solutions

    $

    300,448

     

    $

    337,742

     

    (8.4

    )%

     

    —

    %

     

    (2.6

    )%

     

    (11.0

    )%

    Medical and Fluid Solutions

     

    193,609

     

     

    159,526

     

    (11.2

    )%

     

    33.4

    %

     

    (0.8

    )%

     

    21.4

    %

    Advanced Technology Solutions

     

    121,363

     

     

    135,925

     

    (9.6

    )%

     

    —

    %

     

    (1.1

    )%

     

    (10.7

    )%

    Total sales

    $

    615,420

     

    $

    633,193

     

    (9.4

    )%

     

    8.4

    %

     

    (1.8

    )%

     

    (2.8

    )%

     

     

     

     

     

     

     

     

     

     

     

     

    SALES BY GEOGRAPHIC REGION

     

     

     

     

     

     

     

     

     

     

     

    Americas

    $

    267,836

     

    $

    274,012

     

    (14.8

    )%

     

    13.6

    %

     

    (1.1

    )%

     

    (2.3

    )%

    Europe

     

    167,762

     

     

    179,310

     

    (9.3

    )%

     

    5.6

    %

     

    (2.7

    )%

     

    (6.4

    )%

    Asia Pacific

     

    179,822

     

     

    179,871

     

    (1.2

    )%

     

    3.3

    %

     

    (2.1

    )%

     

    —

    %

    Total sales

    $

    615,420

     

    $

    633,193

     

    (9.4

    )%

     

    8.4

    %

     

    (1.8

    )%

     

    (2.8

    )%

     

     

     

     

     

     

     

     

     

     

     

     

    NORDSON CORPORATION

    RECONCILIATION OF NON-GAAP MEASURES - NET INCOME TO EBITDA (Unaudited)

    (Dollars in thousands)

     

     

     

    Three Months Ended

     

    January 31, 2025

     

    January 31, 2024

    Net income

    $

    94,652

     

     

    $

    109,572

    Income taxes

     

    22,203

     

     

     

    29,127

    Interest expense - net

     

    25,618

     

     

     

    20,398

    Other (income) expense - net

     

    (1,526

    )

     

     

    338

    Depreciation and amortization

     

    37,030

     

     

     

    33,544

    Inventory step-up amortization (1)

     

    3,135

     

     

     

    2,944

    Severance and other (1)

     

    5,961

     

     

     

    —

    Acquisition-related costs (1)

     

    1,030

     

     

     

    597

    EBITDA (non-GAAP) (2)

    $

    188,103

     

     

    $

    196,520

     

    (1) Represents severance as well as fees and non-cash inventory charges associated with acquisitions.

    (2) EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as severance, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization.

     

    NORDSON CORPORATION

    RECONCILIATION OF NON-GAAP MEASURES - EBITDA (Unaudited)

    (Dollars in thousands)

     

     

     

    Three Months Ended

     

    January 31, 2025

     

    January 31, 2024

    SALES BY SEGMENT

     

     

     

     

     

     

     

    Industrial Precision Solutions

    $

    300,448

     

     

     

     

    $

    337,742

     

     

     

    Medical and Fluid Solutions

     

    193,609

     

     

     

     

     

    159,526

     

     

     

    Advanced Technology Solutions

     

    121,363

     

     

     

     

     

    135,925

     

     

     

    Total sales

    $

    615,420

     

     

     

     

    $

    633,193

     

     

     

     

     

     

     

     

     

     

     

    OPERATING PROFIT

     

     

     

     

     

     

     

    Industrial Precision Solutions

    $

    95,712

     

     

     

     

    $

    109,098

     

     

     

    Medical and Fluid Solutions

     

    40,936

     

     

     

     

     

    46,100

     

     

     

    Advanced Technology Solutions

     

    18,123

     

     

     

     

     

    18,304

     

     

     

    Corporate

     

    (13,824

    )

     

     

     

     

    (14,067

    )

     

     

    Total operating profit

    $

    140,947

     

     

     

     

    $

    159,435

     

     

     

     

     

     

     

     

     

     

     

    OPERATING PROFIT ADJUSTMENTS (1)

     

     

     

     

    Industrial Precision Solutions

    $

    4,611

     

     

     

     

    $

    3,541

     

     

     

    Medical and Fluid Solutions

     

    5,255

     

     

     

     

     

    —

     

     

     

    Corporate

     

    260

     

     

     

     

     

    —

     

     

     

    Total adjustments

    $

    10,126

     

     

     

     

    $

    3,541

     

     

     

     

     

     

     

     

     

     

     

    DEPRECIATION & AMORTIZATION

     

     

     

     

     

     

    Industrial Precision Solutions

    $

    12,453

     

     

     

     

    $

    12,920

     

     

     

    Medical and Fluid Solutions

     

    18,141

     

     

     

     

     

    13,705

     

     

     

    Advanced Technology Solutions

     

    4,648

     

     

     

     

     

    4,901

     

     

     

    Corporate

     

    1,788

     

     

     

     

     

    2,018

     

     

     

    Total depreciation & amortization

    $

    37,030

     

     

     

     

    $

    33,544

     

     

     

     

     

     

     

     

     

     

     

    EBITDA (NON-GAAP) (2)

     

     

     

     

     

     

     

    Industrial Precision Solutions

    $

    112,776

     

     

    38

    %

     

    $

    125,559

     

     

    37

    %

    Medical and Fluid Solutions

     

    64,332

     

     

    33

    %

     

     

    59,805

     

     

    37

    %

    Advanced Technology Solutions

     

    22,771

     

     

    19

    %

     

     

    23,205

     

     

    17

    %

    Corporate

     

    (11,776

    )

     

     

     

     

    (12,049

    )

     

     

    Total EBITDA

    $

    188,103

     

     

    31

    %

     

    $

    196,520

     

     

    31

    %

     

     

     

     

     

     

     

     

    (1) Represents severance as well as fees and non-cash inventory charges associated with acquisitions.

    (2) EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as severance, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization.

     

    NORDSON CORPORATION

    RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED NET INCOME AND EARNINGS PER SHARE (Unaudited)

    (Dollars in thousands)

     

     

     

    Three Months Ended

     

    January 31,

    2025

     

    January 31,

    2024

    GAAP AS REPORTED

     

     

     

    Operating profit

    $

    140,947

     

     

    $

    159,435

     

    Other / interest expense - net

     

    (24,092

    )

     

     

    (20,736

    )

    Net income

     

    94,652

     

     

     

    109,572

     

    Diluted earnings per share

    $

    1.65

     

     

    $

    1.90

     

     

     

     

     

    Shares outstanding - diluted

     

    57,486

     

     

     

    57,555

     

     

     

     

     

    OPERATING PROFIT ADJUSTMENTS

     

     

     

    Inventory step-up amortization

    $

    3,135

     

     

    $

    2,944

     

    Acquisition costs

     

    1,030

     

     

     

    597

     

    Severance and other

     

    5,961

     

     

     

    —

     

     

     

     

     

    ACQUISITION AMORTIZATION OF INTANGIBLES

    $

    19,311

     

     

    $

    19,387

     

    INTEREST

     

     

     

     

     

     

     

    Total adjustments

    $

    29,437

     

     

    $

    22,928

     

     

     

     

     

    Adjustments net of tax

    $

    23,844

     

     

    $

    18,113

     

    EPS effect of adjustments and other discrete tax items

    $

    0.41

     

     

    $

    0.31

     

     

     

     

     

    NON-GAAP MEASURES-ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE

     

     

     

    Adjusted Net income (1)

    $

    118,496

     

     

    $

    127,685

     

    Adjusted Diluted earnings per share (2)

    $

    2.06

     

     

    $

    2.21

     

     

    (1) Adjusted net income is a non-GAAP measure defined as net income plus tax effected adjustments and other discrete tax items.

    (2) Adjusted earnings per share is a non-GAAP measure defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items.

     

    NORDSON CORPORATION

     

    RECONCILIATION OF NON-GAAP MEASURES - OPERATING CASH FLOW TO FREE CASH FLOW (Unaudited)

    (Dollars in thousands)

     

     

    Year to Date

     

    January 31, 2025

    Net cash provided by operating activities

    $

    159,122

     

    Additions to property, plant and equipment

     

    (21,399

    )

    Free Cash Flow - Year to Date (1)

     

    137,723

     

     

     

    Net Income - Year to Date

    $

    94,652

     

    Free Cash Flow Conversion (2)

     

    146

    %

     

     

     

    Year to Date

     

    January 31, 2024

    Net cash provided by operating activities

    $

    172,356

     

    Additions to property, plant and equipment

     

    (7,530

    )

    Free Cash Flow - Year to Date (1)

     

    164,826

     

     

     

    (1) Free Cash Flow - Year to Date is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Net cash provided by operating activities minus Additions to property, plant and equipment.

    (2) Free Cash Flow Conversion - Year to Date is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Free Cash Flow - Year to Date divided by Net Income - Year to Date.

     

    NORDSON CORPORATION

    Appendix - RECONCILIATION OF NON-GAAP MEASURES - EBITDA (Unaudited)

    Amounts recast for Industrial Precision Solutions and Advanced Technology Solutions Segment Change

    (Dollars in thousands)

     

     

     

     

     

     

     

    Three Months Ended

     

    Twelve Months Ended

     

     

    January 31,

    2024

     

    April 30,

    2024

    July 31,

    2024

     

    October 31,

    2024

     

    October 31,

    2024

    SALES BY SEGMENT

     

     

     

     

     

     

     

     

     

     

    Industrial Precision Solutions

     

    $

    337,742

     

     

    $

    344,978

     

     

    $

    348,997

     

     

    $

    367,195

     

     

    $

    1,398,912

     

    Medical and Fluid Solutions

     

     

    159,526

     

     

     

    168,966

     

     

     

    166,737

     

     

     

    200,223

     

     

     

    695,452

     

    Advanced Technology Solutions

     

     

    135,925

     

     

     

    136,698

     

     

     

    145,870

     

     

     

    177,064

     

     

     

    595,557

     

    Total sales

     

    $

    633,193

     

     

    $

    650,642

     

     

    $

    661,604

     

     

    $

    744,482

     

     

    $

    2,689,921

     

     

     

     

     

     

     

     

     

     

     

     

    OPERATING PROFIT

     

     

     

     

     

     

     

     

     

     

    Industrial Precision Solutions

     

    $

    109,098

     

     

    $

    115,922

     

     

    $

    115,023

     

     

    $

    121,761

     

     

    $

    461,804

     

    Medical and Fluid Solutions

     

     

    46,100

     

     

     

    48,993

     

     

     

    48,374

     

     

     

    44,264

     

     

     

    187,731

     

    Advanced Technology Solutions

     

     

    18,304

     

     

     

    20,693

     

     

     

    26,032

     

     

     

    37,957

     

     

     

    102,986

     

    Corporate

     

     

    (14,067

    )

     

     

    (16,992

    )

     

     

    (22,371

    )

     

     

    (25,090

    )

     

     

    (78,520

    )

    Total operating profit

     

    $

    159,435

     

     

    $

    168,616

     

     

    $

    167,058

     

     

    $

    178,892

     

     

    $

    674,001

     

     

     

     

     

     

     

     

     

     

     

     

    OPERATING PROFIT ADJUSTMENTS (1)

     

     

     

     

     

     

     

     

     

     

    Industrial Precision Solutions

     

    $

    3,541

     

     

    $

    —

     

     

    $

    2,536

     

     

    $

    1,700

     

     

    $

    7,777

     

    Medical and Fluid Solutions

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    10,761

     

     

     

    10,761

     

    Advanced Technology Solutions

     

     

    —

     

     

     

    2,078

     

     

     

    —

     

     

     

    5,016

     

     

     

    7,094

     

    Corporate

     

     

    —

     

     

     

    —

     

     

     

    5,160

     

     

     

    8,200

     

     

     

    13,360

     

    Total adjustments

     

    $

    3,541

     

     

    $

    2,078

     

     

    $

    7,696

     

     

    $

    25,677

     

     

    $

    38,992

     

     

     

     

     

     

     

     

     

     

     

     

    DEPRECIATION & AMORTIZATION

     

     

     

     

     

     

     

     

     

     

    Industrial Precision Solutions

     

    $

    12,920

     

     

    $

    12,437

     

     

    $

    13,048

     

     

    $

    12,783

     

     

    $

    51,188

     

    Medical and Fluid Solutions

     

     

    13,705

     

     

     

    13,564

     

     

     

    13,553

     

     

     

    17,239

     

     

     

    58,061

     

    Advanced Technology Solutions

     

     

    4,901

     

     

     

    4,767

     

     

     

    4,841

     

     

     

    4,592

     

     

     

    19,101

     

    Corporate

     

     

    2,018

     

     

     

    1,952

     

     

     

    1,940

     

     

     

    1,915

     

     

     

    7,825

     

    Total depreciation & amortization

     

    $

    33,544

     

     

    $

    32,720

     

     

    $

    33,382

     

     

    $

    36,529

     

     

    $

    136,175

     

     

     

     

     

     

     

     

     

     

     

     

    EBITDA (NON-GAAP) (2)

     

     

     

     

     

     

     

     

     

     

    Industrial Precision Solutions

     

    $

    125,559

     

     

    $

    128,359

     

     

    $

    130,607

     

     

    $

    136,244

     

     

    $

    520,769

     

    Medical and Fluid Solutions

     

     

    59,805

     

     

     

    62,557

     

     

     

    61,927

     

     

     

    72,264

     

     

     

    256,553

     

    Advanced Technology Solutions

     

     

    23,205

     

     

     

    27,538

     

     

     

    30,873

     

     

     

    47,565

     

     

     

    129,181

     

    Corporate

     

     

    (12,049

    )

     

     

    (15,040

    )

     

     

    (15,271

    )

     

     

    (14,975

    )

     

     

    (57,335

    )

    Total EBITDA

     

    $

    196,520

     

     

    $

    203,414

     

     

    $

    208,136

     

     

    $

    241,098

     

     

    $

    849,168

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Represents severance as well as fees and non-cash inventory charges associated with acquisitions.

    (2) EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as severance, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization.

    Management uses certain non-GAAP measures, such as adjusted net income, adjusted EPS and EBITDA, internally to make strategic decisions, forecast future results, and evaluate the Company's current performance. Given management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in the Company's core business across different time periods. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to other companies' non-GAAP financial measures, even if they have similar names. Amounts may not add due to rounding.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250219407503/en/

    Lara Mahoney

    Vice President, Investor Relations & Corporate Communications

    440.204.9985

    [email protected]

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