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 .
- 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.
- Medical and Fluid Solutions - Provides fluid management solutions for medical and high-tech industrial markets, significantly expanding their addressable market through strategic acquisitions.
- 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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| Name | Position | External Roles | Short 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.. | View Report → |
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. |
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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?
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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?
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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?
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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?
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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?
Research analysts who have asked questions during NORDSON earnings calls.
Walter Liptak
Seaport Research Partners
4 questions for NDSN
Andrew Buscaglia
BNP Paribas
3 questions for NDSN
Jeffrey Hammond
KeyBanc Capital Markets
3 questions for NDSN
Matt Summerville
D.A. Davidson & Co.
3 questions for NDSN
Michael Halloran
Baird
3 questions for NDSN
Saree Boroditsky
Jefferies
3 questions for NDSN
Christopher Dankert
Loop Capital Markets
2 questions for NDSN
Christopher Glynn
Oppenheimer & Co. Inc.
2 questions for NDSN
Brad Hewitt
Wolfe Research, LLC
1 question for NDSN
Edward Magi
BNP Paribas
1 question for NDSN
Michael Pesendorfer
Baird
1 question for NDSN
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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 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.
- 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.
- Q2 sales were $590 million, up 11% YoY, with gross profit of $338 million (57% margin), operating profit of $166 million (28%) and EBITDA of $192 million (33%).
- Industrial Precision Solutions sales rose to $299 million (+6% YoY) with operating profit of $104 million (35%), while Advanced Technology Solutions sales grew to $291 million (+18% YoY) with operating profit of $77 million (26%).
- End Q2 cash was $133 million, net debt $734 million (1.2× leverage), free cash flow $94 million (75% conversion; YTD >100%).
- Fiscal 2021 sales are guided to grow 8–10% (11–13% ex-divestiture) with EPS of $7.20–7.50, implying 34% earnings growth at midpoint.
- Sales of $589.5 million, up 11% YoY (organic growth +10%) in Q2 2021
- Q2 operating profit of $166.4 million (28% margin), a 33% increase YoY; EBITDA reached $191.7 million (33% margin)
- Strong end-market demand drove electronics and consumer non-durable growth, with improving medical and industrial markets
- Free cash flow of $94 million in Q2; net debt stood at $734 million with a 1.2x leverage ratio
- Lifted FY2021 guidance to $2.291–2.333 billion in sales (up 8–10%) and $7.20–7.50 EPS (up 31–37%)
- Introduced the Ascend strategy, anchored by the NBS Next data-driven growth framework, to deliver top-tier revenue growth with attractive margins through strategic discipline, owner mindset, and entrepreneurial division-led teams.
- Advanced Technology Solutions segment targets >5% organic sales growth, 50–52% gross margins, and 500 bp margin expansion via strategic discipline, continuous improvement, and in-line manufacturing of top products.
- Company aims for a 7%+ revenue CAGR to $3 billion and 30% EBITDA margin over five years by combining 4%+ organic growth with 3%+ from acquisitions.
- M&A strategy prioritizes medical device components, test & inspection, and precision technologies, using disciplined criteria (high growth rates, strong gross margins, ~20% EBITDA margins, and 3–5 year returns > cost of capital).
- Capital allocation directs ~60% to acquisitions, ~30% to dividends and buybacks, and ~10% to organic growth, while maintaining ~13% ROIC and 1.5–2.5× leverage targets.
- Total company sales increased 6% to $526.6 M, driven by 3% organic growth, 1% acquisitions and favorable currency; operating profit was $109.0 M (21% margin), EBITDA 26% of sales, and GAAP EPS $1.32 (+48%).
- Industrial Precision Solutions sales rose 9% to $288.4 M with a 29% operating margin ; Advanced Technology Solutions sales climbed 3% to $238.2 M with margin up 450 bps to 20%.
- Cash totaled $226 M, net debt was $794 M (1.3× trailing 12-month EBITDA), and free cash flow reached $135 M (175% of net income).
- Full-year 2021 guidance calls for 4–6% sales growth to $2.206–2.248 B, EPS of $6.30–6.70, and backlog of $495 M.
- Nordson posted Q1 sales of $527 million, a 6% YoY increase driven by organic volume, favorable currency, and acquisitions; gross margin expanded to 55% (+190 bps).
- Q1 net income rose 49% to $78 million, or $1.32 per share, reflecting cost controls, volume leverage, and margin expansion.
- Industrial Precision Solutions revenue was $288 million (+9%) with a 29% operating margin; Advanced Technology Solutions revenue was $238 million (+3%) with a 20% margin.
- Backlog grew 7% to $495 million entering Q2; full-year guidance is 4–6% sales growth (7–9% ex-divestiture) and $6.30–6.70 EPS.
- Divested the Screws & Barrels product line on Feb 1, 2021 to focus on higher-margin growth initiatives.
- In Q4 2020, sales decreased 5% to $558.5 million with organic growth down 7%; operating profit was $130.2 million (23% of sales) and EBITDA reached $159.4 million (29%).
- For fiscal 2020, sales fell 3% to $2.121 billion; operating profit was $453.6 million (21% of sales) and EBITDA totaled $566.9 million (27%).
- The Industrial Precision Solutions segment saw Q4 sales decline 8% to $308 million with an adjusted operating margin of 30%.
- Nordson issued Q1 FY2021 guidance of 2–3% sales growth and 15–20% increase in adjusted EPS to $1.02–$1.07.
- The company ended FY 2020 with net debt of $898 million (1.6× leverage) and generated free cash flow equal to 141% of adjusted net income.
- Q4 sales were $559 M, down 5% YoY; full-year 2020 sales were $2,100 M, down 3% YoY, with gross margin of 53% vs. 54% a year ago.
- Adjusted Q4 EPS was $1.59, an 11% decline YoY; adjusted operating margin was 23%, excluding an $87 M noncash impairment of the Screws & Barrels line, which is being divested.
- Q4 free cash flow was $178 M; full-year free cash flow reached $452 M (141% conversion of adjusted net income), and net debt ended at 1.6x trailing EBITDA leverage.
- Entering Q1 2021 with backlog and order entry both +5% vs. prior year, and expecting Q1 sales growth of 2–3% with adjusted EPS growth of 15–20%.
- Nordson reported Q3 2020 sales of $538.2 M, down 3.9% year-over-year; operating profit was $112.1 M (21% of sales), EBITDA was $148.2 M (28% of sales), and diluted EPS was $1.49
- Free cash flow before dividends was $82 M, representing 94% of net income, with year-to-date cash conversion at 119% of net income
- By segment, Industrial Precision Solutions sales were $289.0 M (–5.8%) and Advanced Technology Solutions sales were $249.2 M (–1.5%); organic declines of 4.5% and 3.3%, respectively
- Regionally, Asia Pacific sales grew 3.2% to $153.1 M, while Americas and Europe sales declined 18.7% and 7.9%, respectively