Nordson beats Q4 profit estimates on higher demand for industrial precision products
Dec 13 (Reuters) - Dispensing equipment maker Nordson Corp beat Wall Street estimates for fourth-quarter profit on Wednesday, on strong demand for products from its industrial precision solutions segment.
The company's industrial precision solutions unit posted a 14% year-on-year growth in sales, which helped offset a decline in its advanced technology solutions and medical and fluid solutions segments.
"Our medical interventional solutions and several industrial precision product lines delivered double-digit growth in the quarter, while demand weakness in electronics and biopharma end markets persisted as expected," said Nordson CEO Sundaram Nagarajan.
Nordson's advanced technology solutions unit serves the semiconductor market, which has come under pressure due to a slowdown in chip orders.
In response, the company has implemented cost controls that included outsourcing some functions.
The company reported quarterly adjusted earnings of $141.8 million, or $2.46 per share, beating estimates of $138.2 million, or $2.39 per share, as per LSEG data.
The Westlake, Ohio-based manufacturer's quarterly revenue was $719.3 mln, beating analysts' estimate of $706.8 million.
Nordson sees first quarter 2024 adjusted earnings in the range of $2.00 to $2.10 per share, slightly above LSEG estimate of $1.99. (Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Krishna Chandra Eluri)
