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Nordson Corporation Reports Third Quarter Fiscal 2025 Results and Updates Full Year Guidance

Third Quarter Highlights:
•Sales were $742 million, an increase of 12% year-over-year
•Earnings per diluted share were $2.22
•Adjusted earnings per diluted share were $2.73, up 13% year-over-year
•Free cash flow conversion of 180% of net income
•Board of Directors approved a new $500 million share repurchase authorization
WESTLAKE, Ohio--(BUSINESS WIRE)--August 18, 2025--Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal third quarter ended July 31, 2025. Sales were $742 million compared to the prior year’s third quarter sales of $662 million. The third quarter 2025 sales included a favorable acquisition impact of 8%, an organic sales increase of 2% and a favorable currency translation impact of 2%.
Net income was $126 million, or $2.22 of earnings per diluted share, compared to prior year’s third quarter net income of $117 million, or $2.04 of earnings per diluted share. Excluding charges associated with the exit of the medical contract manufacturing business and acquisition-related amortization and costs, third quarter adjusted net income was $155 million versus prior year adjusted net income of $138 million. Third quarter adjusted earnings per diluted share were $2.73, a 13% increase from the prior year adjusted earnings per diluted share of $2.41.
EBITDA in the third quarter was $239 million, or 32% of sales, an increase of 15% compared to prior year EBITDA of $208 million, or 31% of sales.

Commenting on the Company’s fiscal 2025 third quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “The Nordson team responded effectively to dynamic demand conditions in key end markets and delivered on its promises, realizing solid year-over-year organic growth in the quarter. In particular, the Advanced Technology Solutions segment delivered 15% organic sales growth. Operational excellence drove strong profit performance, increasing adjusted earnings per share by 13% and EBITDA by 15%. In this final full quarter of Atrion’s first year acquisition performance, our new employees again exceeded expectations and contributed to both sales and earnings results. Also this quarter, we maintained a strong balance sheet, delivering cash flow conversion of 180% of net income that we used to reduce debt, repurchase shares and return dividends to shareholders, while continuing to invest in the company.”
Third Quarter Segment Results
Industrial Precision Solutions sales of $351 million increased 1% from the prior year, inclusive of an organic sales decrease of 2% and favorable currency translation of 3%. The organic sales decrease was driven by weaker systems demand in polymer processing offsetting growth in most other product lines. Operating profit was $117 million, an increase of $2 million from the prior year. EBITDA in the quarter was $130 million, or 37% of sales, compared to prior year third quarter EBITDA of $131 million, or 37% of sales.
Medical and Fluid Solutions sales of $219 million increased 32% compared to the prior year third quarter, inclusive of an acquisition impact of 31% and a favorable currency impact of 1%. Organic sales were flat inclusive of the contract manufacturing business that is held for sale. Excluding the pending divestiture in both periods, organic sales increased 4% driven by medical fluid components and fluid solutions product lines. Operating profit was $53 million, an increase of $4 million from the prior year. Excluding acquisition costs and charges associated with the exit of the medical contract manufacturing business, operating profit was $65 million, an increase of $17 million from the prior year reflecting increased leverage of selling, general and administrative expenses in the core business, as well as contribution from the Atrion acquisition. EBITDA in the quarter was $83 million, or 38% of sales, up 34% versus the prior year third quarter EBITDA of $62 million, or 37% of sales.
Advanced Technology Solutions sales of $171 million increased 17% compared to the prior year third quarter, inclusive of an organic sales increase of 15% and favorable currency translation of 3%. The organic sales increase compared to prior year was
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driven by robust growth in electronics dispense product lines. Operating profit was $37 million, an increase of $11 million due to the strong conversion on increased organic sales. EBITDA in the quarter was $42 million, or 24% of sales, up 35% from the prior year third quarter EBITDA of $31 million, or 21% of sales.
Outlook
Backlog is down approximately 5% sequentially following a strong third quarter. This supports achieving the Company’s original full year sales and earnings guidance, assuming completion of the pending divestiture of the medical contract manufacturing business in the fourth quarter. Fiscal full year sales are now tracking slightly below the mid-point and full year adjusted earnings per share are now tracking slightly above the mid-point of our original guidance.

Reflecting on the full year outlook, Nagarajan said, “Following a strong third quarter, I am pleased that we are able to affirm our full year sales guidance and earnings expectations. NBS Next is driving organic growth by enhancing our new product vitality, best-in-class quality and delivery, while also empowering our teams to respond quickly to changing customer demand. Through our close-to-customer business model, diverse product portfolio and in-region, for-region manufacturing strategy, we have continuously demonstrated resilience and the ability to deliver solid growth and best-in-class profitability in varying market scenarios.”
Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, August 21, 2025, at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com.
The Company’s definition of adjusted earnings excludes restructuring, business exit and acquisition related cost / amortization for both current and historical periods. It is not possible for the Company to identify the amount or significance of future adjustments associated with acquisition and integration costs, restructuring costs, acquisition-related amortization, certain non-operating or income tax items, or other non-routine costs that the Company adjusts in the presentation of adjusted earnings guidance. These items are dependent on future events that are not reasonably estimable at this time. Accordingly, the Company is unable to reconcile without unreasonable effort the forecasted range of adjusted earnings guidance to a comparable GAAP range.
Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic and political conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions and the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements, including changes in tariffs by the U.S. or other nations; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflicts in Europe and the Middle East, acts of terror, natural disasters and pandemics and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.

Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serves global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, linkedin/Nordson, or www.facebook.com/nordson.

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NORDSON CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands except for per-share amounts)
Three Months EndedNine Months Ended
July 31, 2025July 31, 2024July 31, 2025July 31, 2024
Sales$741,509 $661,604 $2,039,867 $1,945,439 
Cost of sales334,992 292,603 923,550 862,134 
Gross profit406,517 369,001 1,116,317 1,083,305 
Gross margin %54.8 %55.8 %54.7 %55.7 %
Selling & administrative expenses206,539 201,943 606,642 588,196 
Divestiture and related charges12,211 — 12,211 — 
Operating profit187,767 167,058 497,464 495,109 
Interest expense - net(25,698)(17,776)(77,335)(56,729)
Other income (expense) - net(2,945)152 (5,380)(971)
Income before income taxes159,124 149,434 414,749 437,409 
Income taxes33,340 32,107 81,909 92,293 
Net income$125,784 $117,327 $332,840 $345,116 
Weighted-average common shares outstanding:
Basic56,438 57,229 56,784 57,171 
Diluted56,728 57,624 57,084 57,620 
Earnings per share:
Basic earnings$2.23 $2.05 $5.86 $6.04 
Diluted earnings$2.22 $2.04 $5.83 $5.99 


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NORDSON CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands)
July 31, 2025October 31, 2024
Cash and cash equivalents$147,788 $115,952 
Receivables - net588,951 594,663 
Inventories - net459,251 476,935 
Other current assets91,275 87,482 
Assets held for sale39,583 — 
Total current assets1,326,848 1,275,032 
Property, plant and equipment - net525,604 544,607 
Goodwill3,306,432 3,280,819 
Other assets850,829 900,508 
$6,009,713 $6,000,966 
Notes payable and debt due within one year$336,078 $103,928 
Accounts payable and accrued liabilities436,223 424,549 
Liabilities held for sale10,807 — 
Total current liabilities783,108 528,477 
Long-term debt1,785,745 2,101,197 
Other liabilities459,075 439,100 
Total shareholders' equity2,981,785 2,932,192 
$6,009,713 $6,000,966 

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NORDSON CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(Dollars in thousands)
Nine Months Ended
July 31, 2025July 31, 2024
Cash flows from operating activities:
Net income$332,840 $345,116 
Depreciation and amortization112,454 99,646 
Divestiture and related charges12,211 — 
Other non-cash items12,154 15,435 
Changes in operating assets and liabilities and other46,605 (385)
Net cash provided by operating activities    516,264 459,812 
Cash flows from investing activities:
Additions to property, plant and equipment(49,002)(43,786)
Other - net4,272 8,896 
Net cash used in investing activities(44,730)(34,890)
Cash flows from financing activities:
Repayment of long-term debt - net(94,664)(244,355)
Repayment of finance lease obligations(4,083)(4,505)
Dividends paid(133,008)(116,789)
Issuance of common shares5,419 29,142 
Purchase of treasury shares(218,194)(34,105)
Net cash used in financing activities(444,530)(370,612)
Effect of exchange rate change on cash:4,832 (4,665)
Net change in cash and cash equivalents31,836 49,645 
Cash and cash equivalents:
Beginning of period115,952 115,679 
End of period$147,788 $165,324 

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NORDSON CORPORATION
SALES BY GEOGRAPHIC SEGMENT (Unaudited)
(Dollars in thousands)
Three Months EndedSales Variance
July 31, 2025July 31, 2024OrganicAcquisitionsCurrencyTotal
SALES BY SEGMENT
Industrial Precision Solutions$350,784 $348,997 (2.0)%— %2.5 %0.5 %
Medical and Fluid Solutions219,465 166,737 (0.4)%31.0 %1.0 %31.6 %
Advanced Technology Solutions171,260 145,870 14.6 %— %2.8 %17.4 %
Total sales$741,509 $661,604 2.1 %7.8 %2.2 %12.1 %
SALES BY GEOGRAPHIC REGION
Americas$314,568 $287,016 (3.2)%13.0 %(0.2)%9.6 %
Europe186,620 179,370 (6.1)%4.8 %5.3 %4.0 %
Asia Pacific240,321 195,218 17.4 %2.9 %2.8 %23.1 %
Total sales$741,509 $661,604 2.1 %7.8 %2.2 %12.1 %
Nine Months EndedSales Variance
July 31, 2025July 31, 2024OrganicAcquisitionsCurrencyTotal
SALES BY SEGMENT
Industrial Precision Solutions$970,079 $1,031,717 (5.7)%— %(0.3)%(6.0)%
Medical and Fluid Solutions615,883 495,229 (7.1)%31.5 %— %24.4 %
Advanced Technology Solutions453,905 418,493 8.0 %— %0.5 %8.5 %
Total sales$2,039,867 $1,945,439 (3.1)%8.1 %(0.1)%4.9 %
SALES BY GEOGRAPHIC REGION
Americas$874,868 $855,456 (10.0)%13.1 %(0.8)%2.3 %
Europe526,878 540,750 (8.7)%5.0 %1.1 %(2.6)%
Asia Pacific638,121 549,233 13.1 %3.1 %— %16.2 %
Total sales$2,039,867 $1,945,439 (3.1)%8.1 %(0.1)%4.9 %
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NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - NET INCOME TO EBITDA (Unaudited)
(Dollars in thousands)
Three Months EndedNine Months Ended
July 31, 2025July 31, 2024July 31, 2025July 31, 2024
Net income$125,784 $117,327 $332,840 $345,116 
Income taxes33,340 32,107 81,909 92,293 
Interest expense - net25,698 17,776 77,335 56,729 
Other (income) expense - net2,945 (152)5,380 971 
Depreciation and amortization37,847 33,382 112,454 99,646 
Inventory step-up amortization (1)
— — 3,135 2,944 
Severance and other (1)
451 2,536 16,725 4,615 
Acquisition-related costs (1)
235 5,160 1,778 5,757 
Divestiture and related charges (2)
12,211 — 12,211 — 
EBITDA (non-GAAP) (3)
$238,511 $208,136 $643,767 $608,071 
(1) Represents cost reduction actions as well as fees and non-cash inventory charges associated with acquisitions.
(2) Represents asset impairment and other charges associated with the exit of the medical contract manufacturing business.
(3) EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as cost reduction actions, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization.

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NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - EBITDA (Unaudited)
(Dollars in thousands)
Three Months EndedNine Months Ended
July 31, 2025July 31, 2024July 31, 2025July 31, 2024
SALES BY SEGMENT
Industrial Precision Solutions$350,784 $348,997 $970,079 $1,031,717 
Medical and Fluid Solutions219,465 166,737 615,883 495,229 
Advanced Technology Solutions171,260 145,870 453,905 418,493 
Total sales$741,509 $661,604 $2,039,867 $1,945,439 
OPERATING PROFIT
Industrial Precision Solutions$116,720 $115,023 $308,153 $340,043 
Medical and Fluid Solutions52,500 48,374 150,241 143,467 
Advanced Technology Solutions36,877 26,032 86,558 65,029 
Corporate(18,330)(22,371)(47,488)(53,430)
Total operating profit$187,767 $167,058 $497,464 $495,109 
OPERATING PROFIT ADJUSTMENTS (1)
Industrial Precision Solutions$— $2,536 $9,823 $6,077 
Medical and Fluid Solutions12,968 — 19,589 — 
Advanced Technology Solutions(71)— 3,217 2,078 
Corporate— 5,160 1,220 5,161 
Total adjustments$12,897 $7,696 $33,849 $13,316 
DEPRECIATION & AMORTIZATION
Industrial Precision Solutions$13,410 $13,047 $38,477 $38,404 
Medical and Fluid Solutions17,685 13,553 54,193 40,822 
Advanced Technology Solutions4,740 4,841 14,058 14,509 
Corporate2,012 1,941 5,726 5,911 
Total depreciation & amortization$37,847 $33,382 $112,454 $99,646 
EBITDA (NON-GAAP) (2)
Industrial Precision Solutions$130,130 37%$130,606 37%$356,453 37%$384,524 37%
Medical and Fluid Solutions83,153 38%61,927 37%224,023 36%184,289 37%
Advanced Technology Solutions41,546 24%30,873 21%103,833 23%81,616 20%
Corporate(16,318)(15,270)(40,542)(42,358)
Total EBITDA$238,511 32%$208,136 31%$643,767 32%$608,071 31%
(1) Represents cost reduction actions, fees and non-cash inventory charges associated with acquisitions, and asset impairment and other charges associated with the exit of the medical contract manufacturing business.
(2) EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as cost reduction actions, fees and non-cash inventory charges associated with acquisitions and business exit costs, plus depreciation and amortization.
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NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED NET INCOME AND EARNINGS PER SHARE (Unaudited)
(Dollars in thousands)
Three Months EndedNine Months Ended
July 31, 2025July 31, 2024July 31, 2025July 31, 2024
GAAP AS REPORTED
Operating profit$187,767 $167,058 $497,464 $495,109 
Other / interest expense - net(28,643)(17,624)(82,715)(57,700)
Net income125,784 117,327 332,840 345,116 
Diluted earnings per share$2.22 $2.04 $5.83 $5.99 
Shares outstanding - diluted56,728 57,624 57,084 57,620 
OPERATING PROFIT ADJUSTMENTS
Inventory step-up amortization$— $— $3,135 $2,944 
Acquisition costs235 5,160 1,778 5,757 
Severance and other 451 2,536 16,725 4,615 
Divestiture and related charges12,211 — 12,211 — 
ACQUISITION AMORTIZATION OF INTANGIBLES$20,092 $19,202 59,099 57,412 
NON-OPERATING EXPENSE ADJUSTMENTS
Entity liquidation$— $— $988 $— 
Total adjustments$32,989 $26,898 $93,936 $70,728 
Adjustments net of tax$29,084 $21,134 $78,451 $55,804 
EPS effect of adjustments$0.51 $0.37 $1.37 $0.97 
NON-GAAP MEASURES-ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE
Net income (1)
$154,868 $138,461 $411,291 $400,920 
Diluted earnings per share (2)
$2.73 $2.41 $7.20 $6.96 
(1) Adjusted net income is a non-GAAP measure defined as net income plus tax effected adjustments and other discrete tax items. Refer to the “Reconciliation of Non-GAAP measures - EBITDA” table for definition of adjustments to operating income.
(2) Adjusted earnings per share is a non-GAAP measure defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items.

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NORDSON CORPORATION
RECONCILIATION OF NON-GAAP MEASURES - OPERATING CASH FLOW TO FREE CASH FLOW (Unaudited)
(Dollars in thousands)

Year to Date
July 31, 2025April 30, 2025
Net cash provided by operating activities$516,264 $278,292 
Additions to property, plant and equipment(49,002)(37,439)
Free Cash Flow - Year to Date (1)
$467,262 $240,853 
Free Cash Flow - Quarter to Date (1)
$226,409  
Net Income - Year to Date$332,840 $345,116 
Free Cash Flow Conversion - Year to Date (2)
140 %70 %
Net Income - Quarter to Date$125,784 
Free Cash Flow Conversion - Quarter to Date (2)
180 %
Year to Date
July 31, 2024April 30, 2024
Net cash provided by operating activities$459,812 $294,964 
Additions to property, plant and equipment(43,786)(21,907)
Free Cash Flow - Year to Date (1)
$416,026 $273,057 
Free Cash Flow - Quarter to Date (2)
$142,969  
(1) Free Cash Flow is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Net cash provided by operating activities minus Additions to property, plant and equipment.
(2) Free Cash Flow Conversion is a non-GAAP measure used by management to evaluate the Company's ongoing operations and is defined as Free Cash Flow divided by Net Income.




Management uses certain non-GAAP measures, such as adjusted net income, adjusted EPS and EBITDA, internally to make strategic decisions, forecast future results, and evaluate the Company's current performance. Given management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in the Company's core business across different time periods. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to other companies' non-GAAP financial measures, even if they have similar names. Amounts may not add due to rounding.

Contact
Lara Mahoney
Vice President, Investor Relations & Corporate Communications
440.204.9985
Lara.Mahoney@nordson.com
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