WESTLAKE, OHIO – Nordson reported fiscal first quarter sales were $498 million, a 10% decrease year-over-year.

For the quarter ended Jan. 31, net income was $49 million, down 53.3%. Operating profit was $84 million, a decrease of 29.4% year-over-year.

The current quarter’s results include a non-recurring restructuring charge of approximately $1.5 million.

Adhesive Dispensing Systems sales decreased approximately 4% compared to the prior year’s first quarter. Advanced Technology Systems sales decreased approximately 14%. Industrial Coating Systems sales decreased approximately 10%.

“Given the difficult comparisons to the strong first quarter of fiscal 2018, where total company organic sales growth was 19%, this quarter’s performance was in line with our expectations for a more typical seasonal pattern of sequential quarterly sales growth,” said president and CEO Michael F. Hilton. “As our spending is generally consistent throughout the year, segment operating margins in the quarter were impacted by the decline in sales. In line with our capital allocation strategy, we invested $102 million for the repurchase of approximately 856,000 shares and distributed $20 million in dividends during the quarter. We are pleased to return this value to our shareholders.”

Backlog for the quarter ended Jan. 31 was $439 million, an increase of 9% year-over-year.

Nordson guides for fiscal 2019 organic growth of 3% to 5%.

Nordson’s brands include Nordson Asymtek, Nordson Dage, Nordson Yestech, Nordson Sonoscan, Nordson EFD, Nordson March, and Nordson Select.

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