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Did Nordson beat or miss consensus estimates last quarter?

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What were the key takeaways from Nordson’s earnings call?

- **Revenue Growth**: Q3 2025 revenue $742 million (+12% YoY), driven by Atrion (+8%) and ATS (+17% organic). Adjusted EPS $2.73 (+13% YoY).
- **Cash Flow Strength**: Record free cash flow $226 million (180% of net income). Share buybacks $212 million YTD, new $500 million authorization.
- **Segment Performance**: ATS leads with 17% growth, MFS benefits from Atrion, IPS stabilizes after trough in plastics.
- **Margins & Efficiency**: EBITDA margin 32% (+70bps YoY). Restructuring to save $15 million annually by 2026.
- **Strategic Moves**: Atrion integration ahead of schedule, disciplined M&A, balanced capital allocation.

**【CEO Summary Section】**
- Q3 2025 revenue of $742 million (+12% YoY), above midpoint of guidance, driven by 8% contribution from Atrion acquisition. Advanced Technology Solutions (ATS) segment delivered 17% organic growth, second consecutive quarter of double-digit growth.
- Adjusted EPS of $2.73 (+13% YoY), EBITDA of $239 million (+15% YoY). Free cash flow of $226 million (180% of net income), record quarterly level.
- Share repurchases of $70 million in Q3, total $212 million YTD. New $500 million buyback authorization approved, total remaining $800 million.
- Atrion integration ahead of schedule, contributing to EPS accretion a year earlier than expected. Restructuring actions to save $15 million annually by 2026.

**【CFO Financial Commentary】**
- Total sales: $742 million (+12% YoY). Organic growth 2% (3% excluding medical contract manufacturing). Currency impact +2%.
- Gross margin 55%, stable. SG&A leverage improved, operating profit +15% YoY. EBITDA margin 32% (+70bps YoY).
- Net income $126 million ($2.22 EPS). Adjusted EPS $2.73 (+13% YoY). Tax rate 19% (adjusted basis).
- Segment performance:
  - Industrial Precision Solutions (IPS): $351 million (+1% YoY). Organic -2%, offset by +3% currency. EBITDA 37%.
  - Medical & Fluid Solutions (MFS): $219 million (+32% YoY). Atrion contributed $52 million. Organic +4% (excluding divestiture). EBITDA 38%.
  - ATS: $171 million (+17% YoY). Organic +15%. EBITDA 24% (+35% YoY).
- Cash flow: $148 million on hand, net debt $2 billion. Leverage ratio 2.2x (down from 2.5x start of year).

**【Q&A Key Highlights】**
- **Order Momentum**: 
  - ATS: Strong demand in semiconductor packaging, electronics. Sequential growth expected, but lumpy. Q3 backlog decline due to strong shipments.
  - Medical: Fluid components +4% organic (excluding divestiture). Interventional solutions normalized after destocking.
  - IPS: Packaging, nonwoven, precision ag strong. Plastics business bottoming out.
- **Tariffs & Trade**: Dynamic environment, but no direct evidence of customer pull-ahead. Order entry stable.
- **M&A**: Pipeline healthy, disciplined approach. Atrion success story (EPS accretive 1 year ahead of schedule).
- **Divestiture**: Medical contract manufacturing divestiture expected Q4. Charge $12.2 million (fair value write-down, restructuring).
- **ATS Margins**: 24-25% EBITDA margin at current run rate. Incremental margins better than company average due to new product investments (14-15% of revenue).


Nordson Corporation (NDSN) Q3 2025 Earnings Conference Call Transcript

- **Q2 Revenue Beats Expectations**: $683M (+5% YoY), driven by 18% growth in ATS and 20% expansion in MFS.
- **Profit Margin Expansion**: EBITDA margin improved to 32%, with ATS EBITDA up 43% YoY and MFS margin at 38%.
- **Strategic Divestiture**: Medical contract manufacturing sale to Quasar expected to boost MFS margins by 100bps post-closing.
- **Operational Efficiency**: $50M+ annual cost savings from restructuring, supporting sequential improvement in industrial systems.
- **Investment in Growth**: $141M in share buybacks YTD and $16M in capex for new manufacturing facilities in SC and India.

**【CEO Opening Remarks】**
- Q2 revenue of $683M (+5% YoY), driven by Atrion acquisition (+8%) and strong performance in Advanced Technology Systems (ATS) (+18% YoY). Medical & Fluid Solutions (MFS) grew 20% due to Atrion and fluid components recovery.
- Gross margin remained stable at 55%, with EBITDA margin improving to 32% (vs. 30% prior year), driven by operational efficiency and Atrion's contribution.
- Share buybacks of $85M and dividend payments of $44M maintained financial flexibility, with leverage ratio at 2.4x (target 2.0-2.5x).

**【CFO Financial Breakdown】**
- **ATS Segment**: Sales $161M (+18% YoY), EBITDA $40M (25% margin), up 43% YoY due to demand in electronics dispense and x-ray inspection systems.
- **MFS Segment**: Sales $203M (+20% YoY), EBITDA $77M (38% margin), benefiting from Atrion's $51M contribution and destocking trends easing.
- **IPS Segment**: Sales $319M (-8% YoY), EBITDA $114M (36% margin), impacted by weak industrial coatings and polymer processing markets.
- Free cash flow of $103M (92% of net income), with $141M in total share buybacks YTD.

**【CEO Strategic Updates】**
- Announced divestiture of low-margin medical contract manufacturing business, expected to close Q4 2025 and improve MFS margins by ~100bps.
- Implemented restructuring to reduce costs by $50M+ annually by FY26, targeting sequential improvement in industrial systems.
- Expanded manufacturing in South Carolina (industrial coatings) and India (electronics solutions) to support regional demand.

**【Q&A Highlights】**
- **ATS Growth**: 5%+ organic growth expected long-term, with Q3 order momentum supporting semiconductor and AI investments.
- **MFS Recovery**: Destocking in interventional devices nearing end; fluid components growth and Atrion driving MFS expansion.
- **Tariff Mitigation**: 85-90% of sales covered by in-region manufacturing; minor price adjustments offset remaining costs.
- **Share Buybacks**: Prioritized over debt reduction in Q2, with $141M spent YTD to date.


Nordson Corporation (NDSN) Q2 2025 Earnings Call Transcript

- **Resilient Q1 Performance:** $615M sales (low end of guidance) driven by Atrion (+$53M) and consumer non-durables, despite 9% organic decline.
- **Order Momentum:** Backlog up $85M to $670M, with double-digit growth in ATS and electronics order entry.
- **Profitability Strength:** 56% gross margin, 31% EBITDA margin, $2.06 adj. EPS (slightly above midpoint).
- **Medical Growth Catalyst:** Atrion outperforming expectations; interventional med destocking to abate Q3.
- **Leverage Management:** Net debt $2.1B (2.4x leverage), $138M free cash flow, $60M buybacks.
- **Guidance Confidence:** Despite slow start, maintain FY2025 EPS guidance based on strong operational execution and backlog conversion.

**【CEO Opening Remarks】**
- Q1 FY2025 sales of $615M, at the low end of guidance due to soft demand in electronics and industrial markets, partially offset by Atrion acquisition and consumer non-durables growth.
- Order entry accelerated 10%+ YoY, with backlog increasing $85M to $670M, driven by electronics recovery.
- Strong operational performance: 56% gross margin, 31% EBITDA margin, $2.06 adj. EPS (slightly above midpoint of guidance).
- Capital deployment: $60M share buybacks, $45M dividends, net leverage 2.4x (target range 2.0-2.5x).

**【CFO Financial Review】**
- **Industrial Precision Solutions (IPS):**
  - Sales $300M (-8% organic, -3% FX), EBITDA $113M (38% margin).
  - Packaging and nonwovens offset industrial coatings decline; South Carolina plant transition nearing completion.
- **Medical & Fluid Solutions (MFS):**
  - Sales $194M (+21% driven by Atrion), EBITDA $64M (33% margin).
  - Atrion outperformed expectations; interventional med destocking expected to abate Q3/Q4.
- **Advanced Technology Solutions (ATS):**
  - Sales $121M (-11% organic), EBITDA $23M (19% margin).
  - Electronics order entry up double digits; SpinSAM and QuadraPro products recognized with industry awards.
- **Balance Sheet & Cash Flow:**
  - Free cash flow $138M (146% of net income), $20M net debt reduction, $21M capex spent.

**【Q&A Key Takeaways】**
- **Electronics Recovery:**
  - ATS order entry up double digits, backlog growth strongest in cycle; expect sequential improvement.
  - X-ray and electronic processing timing delays, but long-term demand trends positive.
- **Medical Business:**
  - Atrion margin improving sequentially; core MFS decrementals strong despite Atrion mix drag.
  - Interventional med destocking to complete Q2, sequential growth expected Q3+.
- **Market Outlook:**
  - FY2025 sales likely at lower end of range due to slow start; confident in ability to deliver EPS guidance despite lower sales.
  - Strong backlog ($670M) and order trends position for recovery in key markets.
  - Incremental margin target 35% (30% organic, 40% inorganic) remains valid.


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