Nordson Corp (NASDAQ:NDSN) stock rose 1.09% (As on August 22, 11:36:23 AM UTC-4, Source: Google Finance) after the company posted mixed result for the third quarter of FY 23. Organic sales declined 5%, due to ongoing pressure in electronics, primarily semiconductor dispense applications, and biopharma end markets. Acquisitions/divestitures had a positive impact of 2.4% while foreign currency translation had a positive impact of 0.1%. On a regional basis, revenues from the Asia Pacific region decreased 17.6% to $190.6 million. Revenues generated from Europe increased 10.5% to $167.5 million while the metric in the Americas increased 4.1% to $290.5 million. At the time of exiting the fiscal third quarter, Nordson’s cash and cash equivalents were $143.1 million compared with $163.5 million recorded at the end of the fourth quarter of fiscal 2022. Long-term debt was $727.5 million compared with $345.3 million recorded at the end of the fourth quarter of fiscal 2022. In the first nine months of fiscal 2023, NDSN generated net cash of $478.1 million from operating activities, up 40.7% from the last fiscal year’s tally. Capital invested in purchasing property, plant and equipment totaled $24.2 million, decreasing 38.4% from the year-ago fiscal period’s figure.

Moreover, revenues from Industrial Precision Solutions amounted to $338.3 million in the quarter under review, down 0.9% from the year-ago fiscal quarter’s level. The segment contributed 52.2% to NDSN’s top line in the quarter. Revenues from Medical and Fluid Solutions amounted to $170.9 million in the quarter under review, down 3.9% from the year-ago fiscal quarter’s level. The segment contributed 26.3% to NDSN’s top line in the reported quarter. Advanced Technology Solutions’ sales were $139.5 million, down 12.8% from the year-ago fiscal quarter’s figure. The metric represented 21.5% of Nordson’s revenues in the period.

NDSN in the third quarter of FY 23 has reported the adjusted earnings per share of $2.35, beating the analysts’ estimates for the adjusted earnings per share of $2.31, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $648.7 million in the third quarter of FY 23, missing the analysts’ estimates for revenue of $665 million. Gross profit was $360.3 million, down 1.4% from the year-ago fiscal quarter’s level. The gross margin increased 30 basis points to 55.5%.

For fiscal 2023 (ending October 2023), Nordson anticipates adjusted earnings to be $8.90-$9.05 per share compared with $8.90-$9.30 per share anticipated earlier. The Zacks Consensus Estimate for the same stands at $9.06 per share. Sales are expected to increase 0-2% from the previous fiscal year’s reported number compared with 0-3% stated earlier.