Company Quick10K Filing
Nordson
Price143.01 EPS6
Shares58 P/E25
MCap8,323 P/FCF22
Net Debt1,127 EBIT478
TEV9,450 TEV/EBIT20
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-07-31 Filed 2020-09-04
10-Q 2020-04-30 Filed 2020-06-05
10-Q 2020-01-31 Filed 2020-03-05
10-K 2019-10-31 Filed 2019-12-13
10-Q 2019-07-31 Filed 2019-09-05
10-Q 2019-04-30 Filed 2019-06-06
10-Q 2019-01-31 Filed 2019-03-07
10-K 2018-10-31 Filed 2018-12-14
10-Q 2018-07-31 Filed 2018-09-04
10-Q 2018-04-30 Filed 2018-06-04
10-Q 2018-01-31 Filed 2018-03-05
10-K 2017-10-31 Filed 2017-12-15
10-Q 2017-07-31 Filed 2017-09-05
10-Q 2017-04-30 Filed 2017-06-09
10-Q 2017-01-31 Filed 2017-03-06
10-K 2016-10-31 Filed 2016-12-15
10-Q 2016-07-31 Filed 2016-09-06
10-Q 2016-04-30 Filed 2016-06-08
10-Q 2016-01-31 Filed 2016-03-07
10-K 2015-10-31 Filed 2015-12-15
10-Q 2015-07-31 Filed 2015-09-04
10-Q 2015-04-30 Filed 2015-06-04
10-Q 2015-01-31 Filed 2015-03-06
10-K 2014-10-31 Filed 2014-12-15
10-Q 2014-07-31 Filed 2014-09-04
10-Q 2014-04-30 Filed 2014-06-04
10-Q 2014-01-31 Filed 2014-03-07
10-K 2013-10-31 Filed 2013-12-16
10-Q 2013-07-31 Filed 2013-09-05
10-Q 2013-04-30 Filed 2013-06-04
10-Q 2013-01-31 Filed 2013-03-07
10-K 2012-10-31 Filed 2012-12-17
10-Q 2012-07-31 Filed 2012-09-05
10-Q 2012-04-30 Filed 2012-06-05
10-Q 2012-01-31 Filed 2012-03-06
10-K 2011-10-31 Filed 2011-12-16
10-Q 2011-07-31 Filed 2011-09-09
10-Q 2011-04-30 Filed 2011-06-03
10-Q 2011-01-31 Filed 2011-03-11
10-K 2010-10-31 Filed 2010-12-17
10-Q 2010-07-31 Filed 2010-09-08
10-Q 2010-04-30 Filed 2010-06-08
10-Q 2010-01-31 Filed 2010-03-11
8-K 2020-08-19 Earnings, Exhibits
8-K 2020-05-20
8-K 2020-05-08
8-K 2020-03-27
8-K 2020-02-25
8-K 2020-02-19
8-K 2019-12-31
8-K 2019-12-11
8-K 2019-12-09
8-K 2019-11-26
8-K 2019-08-20
8-K 2019-06-10
8-K 2019-05-20
8-K 2019-04-30
8-K 2019-02-26
8-K 2019-02-26
8-K 2019-02-20
8-K 2018-12-12
8-K 2018-09-11
8-K 2018-08-20
8-K 2018-06-22
8-K 2018-05-21
8-K 2018-05-17
8-K 2018-02-27
8-K 2018-02-22
8-K 2018-01-01

NDSN 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ndsn-ex311_9.htm
EX-31.2 ndsn-ex312_7.htm
EX-32.1 ndsn-ex321_8.htm
EX-32.2 ndsn-ex322_6.htm

Nordson Earnings 2020-07-31

Balance SheetIncome StatementCash Flow
3.73.02.21.50.70.02012201420172020
Assets, Equity
0.60.50.40.20.10.02012201420172020
Rev, G Profit, Net Income
0.80.50.1-0.2-0.6-0.92012201420172020
Ops, Inv, Fin

ndsn-10q_20200731.htm
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FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to         

Commission file number   0-7977

 

NORDSON CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Ohio

 

34-0590250

(State of incorporation)

 

(I.R.S. Employer Identification No.)

 

 

 

28601 Clemens Road

Westlake, Ohio

 

44145

(Address of principal executive offices)

 

(Zip Code)

 

(440) 892-1580

(Telephone Number)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange
On Which Registered

Common Shares, without par value

NDSN

Nasdaq Stock Market LLC

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:  Common Shares, without par value as of August 25, 2020:  58,034,535

 

 

 

 

 


Nordson Corporation

 

Table of Contents

 

PART I – FINANCIAL INFORMATION

3

 

 

ITEM 1.  FINANCIAL STATEMENTS (UNAUDITED)

3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

4

CONDENSED CONSOLIDATED BALANCE SHEETS

5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

8

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

9

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

24

Critical Accounting Policies and Estimates

25

Results of Operations

25

Financial Condition

29

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

31

ITEM 4.  CONTROLS AND PROCEDURES

31

 

 

PART II – OTHER INFORMATION

32

 

 

ITEM 1.  LEGAL PROCEEDINGS

32

ITEM 1A.  RISK FACTORS

32

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

33

ITEM 6.  EXHIBITS

34

 

 

SIGNATURE

35

 

 

 

Page 2


Nordson Corporation

 

Part I – FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

Condensed Consolidated Statements of Income

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

July 31, 2020

 

 

July 31, 2019

 

 

July 31, 2020

 

 

July 31, 2019

 

(In thousands, except for per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

538,181

 

 

$

559,746

 

 

$

1,562,575

 

 

$

1,608,775

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

257,373

 

 

 

257,123

 

 

 

728,975

 

 

 

735,647

 

Selling and administrative expenses

 

 

168,753

 

 

 

172,347

 

 

 

521,423

 

 

 

529,675

 

 

 

 

426,126

 

 

 

429,470

 

 

 

1,250,398

 

 

 

1,265,322

 

Operating profit

 

 

112,055

 

 

 

130,276

 

 

 

312,177

 

 

 

343,453

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(7,314

)

 

 

(11,500

)

 

 

(25,348

)

 

 

(36,238

)

Interest and investment income

 

 

434

 

 

 

511

 

 

 

1,301

 

 

 

1,153

 

Other - net

 

 

(9,668

)

 

 

210

 

 

 

(12,943

)

 

 

(4,546

)

 

 

 

(16,548

)

 

 

(10,779

)

 

 

(36,990

)

 

 

(39,631

)

Income before income taxes

 

 

95,507

 

 

 

119,497

 

 

 

275,187

 

 

 

303,822

 

Income taxes

 

 

8,526

 

 

 

25,569

 

 

 

44,123

 

 

 

69,404

 

Net income

 

$

86,981

 

 

$

93,928

 

 

$

231,064

 

 

$

234,418

 

Average common shares

 

 

57,693

 

 

 

57,395

 

 

 

57,679

 

 

 

57,463

 

Incremental common shares attributable to equity

   compensation

 

 

734

 

 

 

722

 

 

 

725

 

 

 

720

 

Average common shares and common share equivalents

 

 

58,427

 

 

 

58,117

 

 

 

58,404

 

 

 

58,183

 

Basic earnings per share

 

$

1.51

 

 

$

1.64

 

 

$

4.01

 

 

$

4.08

 

Diluted earnings per share

 

$

1.49

 

 

$

1.62

 

 

$

3.96

 

 

$

4.03

 

 

See accompanying notes.

 

 

Page 3


Nordson Corporation

 

Condensed Consolidated Statements of Comprehensive Income

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

July 31, 2020

 

 

July 31, 2019

 

 

July 31, 2020

 

 

July 31, 2019

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

86,981

 

 

$

93,928

 

 

$

231,064

 

 

$

234,418

 

Components of other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

28,943

 

 

 

(7,172

)

 

 

10,509

 

 

 

227

 

Amortization of prior service cost and net actuarial

   losses, net of tax

 

 

2,621

 

 

 

2,378

 

 

 

9,748

 

 

 

5,328

 

Total other comprehensive income (loss)

 

 

31,564

 

 

 

(4,794

)

 

 

20,257

 

 

 

5,555

 

Total comprehensive income

 

$

118,545

 

 

$

89,134

 

 

$

251,321

 

 

$

239,973

 

 

See accompanying notes.

 

 

Page 4


Nordson Corporation

 

Condensed Consolidated Balance Sheets

 

 

 

July 31, 2020

 

 

October 31, 2019

 

(In thousands)

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

221,783

 

 

$

151,164

 

Receivables - net

 

 

498,283

 

 

 

530,765

 

Inventories - net

 

 

310,557

 

 

 

283,399

 

Prepaid expenses and other current assets

 

 

50,075

 

 

 

45,867

 

Total current assets

 

 

1,080,698

 

 

 

1,011,195

 

Property, plant and equipment - net

 

 

414,982

 

 

 

398,895

 

Operating right of use lease assets

 

 

132,062

 

 

 

 

Goodwill

 

 

1,701,914

 

 

 

1,614,739

 

Intangible assets - net

 

 

435,817

 

 

 

445,575

 

Deferred income taxes

 

 

11,674

 

 

 

11,261

 

Other assets

 

 

42,811

 

 

 

34,782

 

Total assets

 

$

3,819,958

 

 

$

3,516,447

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

71,355

 

 

$

85,139

 

Income taxes payable

 

 

635

 

 

 

15,601

 

Accrued liabilities

 

 

161,044

 

 

 

161,655

 

Customer advanced payments

 

 

45,713

 

 

 

41,131

 

Current maturities of long-term debt

 

 

43,598

 

 

 

168,738

 

Operating lease liability - current

 

 

18,636

 

 

 

 

Finance lease liability - current

 

 

6,237

 

 

 

5,362

 

Total current liabilities

 

 

347,218

 

 

 

477,626

 

Long-term debt

 

 

1,221,082

 

 

 

1,075,404

 

Operating lease liability - noncurrent

 

 

117,609

 

 

 

 

Finance lease liability - noncurrent

 

 

10,969

 

 

 

9,513

 

Deferred income taxes

 

 

85,363

 

 

 

83,564

 

Pension obligations

 

 

132,769

 

 

 

158,506

 

Postretirement obligations

 

 

87,448

 

 

 

86,368

 

Other long-term liabilities

 

 

47,588

 

 

 

44,421

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common shares

 

 

12,253

 

 

 

12,253

 

Capital in excess of stated value

 

 

526,923

 

 

 

483,116

 

Retained earnings

 

 

2,912,848

 

 

 

2,747,650

 

Accumulated other comprehensive loss

 

 

(211,624

)

 

 

(231,881

)

Common shares in treasury, at cost

 

 

(1,470,488

)

 

 

(1,430,093

)

Total shareholders' equity

 

 

1,769,912

 

 

 

1,581,045

 

Total liabilities and shareholders' equity

 

$

3,819,958

 

 

$

3,516,447

 

 

See accompanying notes.

 

 

Page 5


Nordson Corporation

 

Condensed Consolidated Statements of Shareholders’ Equity

 

 

 

Nine Month Period Ended July 31, 2020

 

(In thousands, except for per share data)

 

Common

Shares

 

 

Additional

Paid-in

Capital

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Common

Shares in

Treasury,

at cost

 

 

TOTAL

 

November 1, 2019

 

$

12,253

 

 

$

483,116

 

 

$

2,747,650

 

 

$

(231,881

)

 

$

(1,430,093

)

 

$

1,581,045

 

Shares issued under company stock and employee

   benefit plans

 

 

 

 

 

12,330

 

 

 

 

 

 

 

 

 

4,049

 

 

 

16,379

 

Stock-based compensation

 

 

 

 

 

6,105

 

 

 

 

 

 

 

 

 

 

 

 

6,105

 

Purchase of treasury shares (26,223 shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,311

)

 

 

(4,311

)

Dividends declared ($0.38 per share)

 

 

 

 

 

 

 

 

(21,915

)

 

 

 

 

 

 

 

 

(21,915

)

Net income

 

 

 

 

 

 

 

 

52,004

 

 

 

 

 

 

 

 

 

52,004

 

Impact of adoption of ASU 2016-02 (See Note 2)

 

 

 

 

 

 

 

 

(1,055

)

 

 

 

 

 

 

 

 

(1,055

)

Other Comprehensive Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

2,793

 

 

 

 

 

 

2,793

 

Defined benefit pension and post-retirement

   plans adjustment

 

 

 

 

 

 

 

 

 

 

 

3,229

 

 

 

 

 

 

3,229

 

January 31, 2020

 

$

12,253

 

 

$

501,551

 

 

$

2,776,684

 

 

$

(225,859

)

 

$

(1,430,355

)

 

$

1,634,274

 

Shares issued under company stock and employee

   benefit plans

 

 

 

 

 

2,362

 

 

 

 

 

 

 

 

 

(194

)

 

 

2,168

 

Stock-based compensation

 

 

 

 

 

(72

)

 

 

 

 

 

 

 

 

 

 

 

(72

)

Purchase of treasury shares (300,894 shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37,619

)

 

 

(37,619

)

Dividends declared ($0.38 per share)

 

 

 

 

 

 

 

 

(21,963

)

 

 

 

 

 

 

 

 

(21,963

)

Net income

 

 

 

 

 

 

 

 

92,079

 

 

 

 

 

 

 

 

 

92,079

 

Impact of adoption of ASU 2016-02 (See Note 2)

 

 

 

 

 

 

 

 

 

 

956

 

 

 

 

 

 

 

 

 

 

 

956

 

Other Comprehensive Income (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

(21,227

)

 

 

 

 

 

(21,227

)

Defined benefit pension and post-retirement

   plans adjustment

 

 

 

 

 

 

 

 

 

 

 

3,898

 

 

 

 

 

 

3,898

 

April 30, 2020

 

$

12,253

 

 

$

503,841

 

 

$

2,847,756

 

 

$

(243,188

)

 

$

(1,468,168

)

 

$

1,652,494

 

Shares issued under company stock and employee

   benefit plans

 

 

 

 

 

20,110

 

 

 

 

 

 

 

 

 

7,647

 

 

 

27,757

 

Stock-based compensation

 

 

 

 

 

2,972

 

 

 

 

 

 

 

 

 

 

 

 

2,972

 

Purchase of treasury shares (53,735 shares)