Nordson forecasts second-quarter profit below estimates on weak electronics demand
Feb 21 (Reuters) - Dispensing equipment maker Nordson Corp on Wednesday forecast second-quarter profit below Wall Street estimates on slow recovery of electronics and semiconductor markets amid high borrowing costs.
It now expects profit between $2.20 and $2.35 per share for the second quarter, while analysts were expecting $2.45 per share, according to LSEG data.
Shares of the company were down 0.7% in aftermarket trading.
Nordson also narrowed its forecast for full-year 2024 revenue growth to between 4% and 7%, down from its previous expectation of between 4% and 9%, compared to year ago.
The company has been grappling with slowdown in sales at its Advanced Technology Solutions business that serves the semiconductor market, which has come under pressure due to a slowdown in chip orders.
First-quarter sales at Advanced Technology Solutions decreased 18% from the year-ago quarter.
The company reported first-quarter adjusted profit of $2.21 per share, beating expectations of $2.04 per share, as per LSEG data.
The Westlake, Ohio-based manufacturer's quarterly revenue increased 4% to $633.2 million, beating estimates of $630.4 million. (Reporting by Kannaki Deka in Bengaluru; Editing by Shailesh Kuber)
