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(RTTNews) – Nordson Corp. (NDSN) reported that its net income for the first quarter ended January 31, 2023 declined to $104.26 million or $1.81 per share from $120.41 million or $2.05 per share in the prior year.
Adjusted net income was $112 million, a $9 million decrease from the prior year earnings of $122 million. The decrease was driven by increased interest expense and foreign currency losses. First quarter 2023 adjusted earnings per share were $1.95, a 6% decrease over the prior year adjusted earnings per share of $2.07. Analysts polled by Thomson Reuters expected the company to report earnings of $1.97 per share for the quarter. Analysts’ estimates typically exclude special items.
Sales were $610.48 million, comparable to the prior year’s first quarter sales of $609.17 million. The increase in first quarter 2023 sales included an organic increase of 1% and a favorable acquisition impact of 3%, offset by unfavorable currency translation of 4%. The organic sales increase was driven by strong 9% combined growth in Europe and the Americas, partially offset by weakness in Asia Pacific, predominantly China. Analysts expected revenue of $623.88 million for the quarter.
The company updated its full-year 2023 revenue growth guidance to 0% to 3% over record fiscal 2022 and narrowed its adjusted earnings guidance to the range of $8.75 to $9.50. Analysts expect annual earnings of $9.45 per share.
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