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Mike Holleran

Senior Research Analyst and Associate Director of Research at Baird

Michael Halloran is a Senior Research Analyst and Associate Director of Research at Robert W. Baird, specializing in Flow & Motion Solutions within the Industrials sector. He covers 24 companies including Flowserve, Dover, A.O. Smith, Zurn, Hayward, Nordson, and others across machinery, electrical equipment, and waste removal services, with a rating history of 61 recommendations (49% Buy, 51% Hold) and past StarMine rankings as the top earnings estimator in Electrical Equipment in 2012 and 2014. Halloran joined Baird in 2004 after roles at the Public Service Commission of Wisconsin and the Frank J. Remington Center, issuing 36 ratings over the past year. He holds a BS in Political Science from the University of Wisconsin-Madison, an MBA in Finance from the University of Wisconsin-Milwaukee, a JD from the University of Wisconsin Law School, and the CFA designation.

Mike Holleran's questions to NORDSON (NDSN) leadership

Question · Q1 2026

Mike Holleran from Baird asked for more context on the Advanced Technology Solutions (ATS) segment, specifically the moving pieces within dispense, X-ray, and Test & Inspection (T&I), including order trajectory and areas of highest confidence. He then requested a similar breakdown for the Industrial Precision Solutions (IPS) segment.

Answer

Sundaram Nagarajan, President and CEO, highlighted strong momentum in ATS, particularly in dispense businesses driven by AI computing needs. He noted X-ray businesses are inflecting, especially for complex chips, while AMI (acoustic emission) businesses maintain decent growth after two strong years. For IPS, Sundaram Nagarajan stated a return to 3% organic growth, sustained investments in packaging and product assembly, growth in precision agriculture, and stabilized polymer processing and automotive markets. Daniel Hopgood, EVP and CFO, added that IPS growth is largely in Asia Pacific, with muted inflection in European and North American markets.

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