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NORDSON (NDSN)

Nordson Corporation is an innovative precision technology company that engineers, manufactures, and markets differentiated products and systems used for precision dispensing, applying, and controlling adhesives, coatings, polymers, sealants, biomaterials, and other fluids . They also offer solutions for testing and inspecting quality, treating and curing surfaces, and various medical products such as catheters, cannulas, medical balloons, and medical tubing . The company operates in three primary segments: Industrial Precision Solutions, Medical and Fluid Solutions, and Advanced Technology Solutions .

  1. Industrial Precision Solutions - Delivers proprietary dispensing and processing technology to diverse end markets, including industrial, agricultural, consumer durables, and non-durables, with best-in-class profitability.
  2. Medical and Fluid Solutions - Provides fluid management solutions for medical and high-tech industrial markets, significantly expanding their addressable market through strategic acquisitions.
  3. Advanced Technology Solutions - Serves electronics end markets with products that integrate proprietary technologies for surface treatment, precise material dispensing, and test and inspection applications.

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NamePositionExternal RolesShort Bio

Daniel R. Hopgood

Executive

Executive Vice President and Chief Financial Officer

Vice Chair of the Ohio, Northern Kentucky, and West Virginia board of the American Cancer Society

Appointed as CFO on May 20, 2024, with a background in finance roles at Eaton Corporation.

James E. DeVries

Executive

Executive Vice President

None

Over 38 years at Nordson, instrumental in NBS Next growth framework.

Jennifer L. McDonough

Executive

Executive Vice President, General Counsel, and Secretary

None

Joined Nordson on November 1, 2021, leads global legal function.

Joseph P. Kelley

Executive

Executive Vice President - Industrial Precision Solutions

None

Transitioned to current role on November 1, 2023, previously CFO.

Sarah Siddiqui

Executive

Executive Vice President - Chief Human Resources Officer

None

Appointed on February 20, 2023, previously at Collins Aerospace.

Srinivas Subramanian

Executive

Executive Vice President - Advanced Technology Solutions

None

Joined Nordson in 2006, promoted to current role on August 1, 2022 [N/A].

Stephen P. Lovass

Executive

Executive Vice President - Medical and Fluid Solutions

None

Executive Vice President since August 1, 2022, previously Corporate Vice President.

Sundaram Nagarajan

Executive

President and Chief Executive Officer

Board Member at Wesco International, Inc.

Sundaram Nagarajan has been the CEO of Nordson since August 1, 2019. He previously held executive roles at Illinois Tool Works Inc..

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Annette Clayton

Board

Director

Director at NXP Semiconductors N.V., Duke Energy Corporation, Oshkosh Corporation

Appointed to the Board on February 14, 2024, extensive leadership experience in manufacturing and engineering.

Christopher L. Mapes

Board

Director

Executive Chairman at Lincoln Electric Holdings, Inc.; Director at A.O. Smith Corporation, The Timken Company

Appointed to the Board on January 16, 2024, extensive experience in global manufacturing.

Dr. John A. DeFord

Board

Director

Chairman, CEO, and President of Samothrace Medical Innovations, Inc.; Director at Globus Medical Inc., Maravai LifeSciences Holdings, Inc.

Director since 2020, holds 14 U.S. patents, extensive experience in medical devices.

Frank M. Jaehnert

Board

Director

Director at Itron, Inc.

Director since 2012, former CEO of Brady Corporation, expertise in corporate strategy and governance.

Ginger M. Jones

Board

Director

Director at Tronox Holdings plc, Holley Inc.

Director since 2019, over 30 years of accounting and finance expertise.

Jennifer A. Parmentier

Board

Director

CEO of Parker-Hannifin Corporation

Director since 2020, extensive experience in business strategy and operations.

Milton M. Morris

Board

Director

Principal of MEHL BioMedical, LLC; Director at Embecta Corporation, Myomo, Inc.

Director since 2022, significant experience in medical device markets.

Victor L. Richey, Jr.

Board

Chair of the Board

Director at Thermon Group Holdings, Inc.; Former Executive Chair at ESCO Technologies Inc.

Director since 2010, extensive experience in business strategy and governance.

  1. Margins at Atrion have significantly declined since 2022. Beyond the general supply chain issues you've mentioned, can you provide specific actions you're taking to restore margins to Nordson levels, and what is your timeline for achieving this?

  2. Despite the year-over-year growth in your test and inspection products, particularly in optical and acoustic lines, the semiconductor cycle is known to be volatile. How sustainable is this growth, and what steps are you taking to mitigate potential future downturns in the semiconductor market?

  3. Your full-year EPS guidance remains unchanged at the midpoint despite the slightly dilutive impact of the Atrion acquisition in Q4. Given this, what other factors or business segments are offsetting this dilution, and how confident are you in achieving this guidance?

  4. With ARAG experiencing lower volumes due to a downturn in the agricultural market, what contingency plans do you have if this market doesn't recover as quickly as you anticipate, and how will prolonged weakness impact your overall growth strategy?

  5. Europe has shown weaker organic growth compared to other regions. What strategic initiatives are you implementing to address the challenges in the European market, and how do you plan to drive growth in this region amidst the current economic conditions?

Program DetailsProgram 1Program 2Program 3Program 4
Approval DateDecember 2014 August 2015 August 2018 September 2022
End Date/DurationNo expiration No expiration No expiration No expiration
Total Additional Amount$300,000 $200,000 $500,000 $500,000
Remaining Authorization Amount$0 $0 $23,798 $500,000
DetailsTreasury shares Treasury shares Treasury shares Treasury shares
YearAmount Due (in $ millions)Debt TypeInterest Rate (%)% of Total Debt
2025103.9 Senior Notes3.07 4.7% = (103.9 / 2,223.9) * 100
2026330.0 Term Loan FacilityVariable (5.66) 14.8% = (330.0 / 2,223.9) * 100
202710.0 Senior Notes3.13 0.4% = (10.0 / 2,223.9) * 100
2028630.0 Revolving Credit Agreement & Notes5.60 28.3% = (630.0 / 2,223.9) * 100
2029620.0 4.500% Notes4.50 27.9% = (620.0 / 2,223.9) * 100
2033500.0 5.800% Notes5.80 22.5% = (500.0 / 2,223.9) * 100
NameStart DateEnd DateReason for Change
Ernst & Young LLP1956 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Atrion Corporation

2024

Nordson acquired Atrion for an enterprise value of $800 million (at $460.00 in cash per share) using a combination of its revolving credit facility, a $500 million term loan, and cash on hand, which strategically expanded its Medical and Fluid Solutions segment into infusion and cardiovascular therapies with key assets like FDA-registered manufacturing facilities and a three-business portfolio.

ARAG Group

2023

The acquisition of ARAG was completed for approximately €957 million net of debt, funded by a €760 million senior unsecured term loan facility and revolving credit, strategically expanding Nordson into the precision agriculture market via high-tech precision control systems, smart fluid components, and differentiated software capabilities, alongside substantial goodwill and intangible asset arrangements.

CyberOptics Corporation

2022

Completed on November 3, 2022, the all-cash acquisition was valued at $380 million with each share converted to receive $54.00 in cash, funded through the revolving credit facility, and strategically enhanced Nordson’s test and inspection capabilities in the semiconductor and electronics sectors through CyberOptics’ innovative 3D optical sensing technology and wireless measurement sensors.

Recent press releases and 8-K filings for NDSN.

Nordson reports Q3 FY2025 results and updates full year guidance
·$NDSN
Earnings
Guidance Update
Share Buyback
  • Nordson reported Q3 fiscal 2025 sales of $742 million, a 12 % year-over-year increase (organic +2 %, acquisitions +8 %, currency +2 %).
  • GAAP diluted earnings per share were $2.22, with adjusted EPS of $2.73, up 13 % year-over-year.
  • EBITDA in the quarter was $239 million (32 % of sales), a 15 % increase year-over-year.
  • Generated free cash flow conversion of 180 % of net income; board approved an additional $500 million share repurchase authorization.
  • Affirmed full-year sales guidance (tracking slightly below midpoint) and adjusted EPS guidance (tracking slightly above midpoint) despite a 5 % sequential backlog decline.
Aug 20, 2025, 12:00 AM
Nordson Reports Q2 2025 Results and Provides Q3 Guidance
·$NDSN
Earnings
Guidance Update
Share Buyback
  • Q2 fiscal 2025 performance: Nordson reported sales of $683 million (up 5% year-over-year), net income of $112 million, GAAP diluted EPS of $1.97 and adjusted diluted EPS of $2.42.
  • Q3 Guidance update: The company expects fiscal Q3 2025 sales in the range of $710–$750 million with adjusted EPS between $2.55 and $2.75.
  • Additional highlights: Order backlog grew approximately 5% during the quarter and the company repurchased $85 million in shares, reflecting strong operational execution.
May 28, 2025, 12:00 AM