Nordson Q2 Earnings up 4%

Revenues grow by 2 percent , Year-to-date orders up 2 percent , Fiscal 2003 backlog increases by $21 million Nordson Corporation (Nasdaq: NDSN) announced sales and earnings for the second quarter, which ended May 4, 2003. Diluted earnings per share were $.24, compared with $.23 for the second quarter of 2002. Second-quarter pre-tax earnings included the effect of $1.4 million in severance and restructuring costs; prior-year pre-tax earnings were impacted by $814,000 for similar expenses.Worldwide sales for the second quarter of 2003 were $166.7 million, a 2 percent increase over sales of $163.5 million for the same period of 2002. A 5 percent decrease in sales volume was more than offset by a 7 percent increase traced to the translation of revenue denominated in various foreign currencies. Second-quarter sales volume for the Adhesive Dispensing segment was down 4 percent, while volumes for the Advanced Technology and Finishing segments were down 2 percent and 14 percent, respectively.In Nordson's four geographic regions, second-quarter volume was down 6 percent in North America, 9 percent in Europe, and 2 percent in the company's Pacific South region. In Japan, sales volume was up 8 percent. Backlog at the end of the second quarter was $66.4 million, up $21.0 million from the beginning of the fiscal year.For the first half of 2003, sales were up 1 percent to $312.0 million compared with $308.5 million for the first half of 2002. Favorable currency effects accounted for a 5 percent improvement in sales, which was offset by a 4 percent decline in sales volume. Earnings per share on a diluted basis were $.39, compared with $.40 for the same period last year.First-half sales volume for the company's Adhesive Dispensing and Finishing segments were each down 5 percent from 2002, while the Advanced Technology unit was flat relative to last year."We've seen steady improvement in a number of our business units," said Edward P. Campbell, president and chief executive officer. "Year-to-date orders are up 2 percent with backlog approaching the level that existed a year ago at this time. However, this improvement has not yet carried over to orders for our larger systems, which has been impacted to a greater extent by the current economic downturn," Campbell added.Source: PCBnewsline