WESTLAKE, Ohio – (BUSINESS WIRE) – Nordson Corporation (Nasdaq: NDSN) today announced results for its second fiscal quarter ending April 30, 2021. Revenue was $ 590 million per quarter, an 11% year-over-year increase in revenue for the second quarter of the year of $ 529 million. Robust growth in the non-permanent electronics and consumer end markets and the strengthening of the medical and industrial end markets were the main drivers of this performance. The change in revenue in the second quarter of 2021 included a 10% organic volume increase, a beneficial 4% currency translation effect offset by the adverse net impact of acquisitions and divestitures. Without the sold product line of sold screws and barrels in the previous year for comparison purposes, sales growth in the current fiscal quarter would have been 15%.
Operating profit for the quarter was $ 166 million, or 28% of sales, compared to adjusted operating profit of $ 125 million last year. This 33% increase in Adjusted Operating Income was due to the leverage of sales volume, the improved revenue mix and the benefits of the structural cost reduction measures taken in FY2020, as well as the recent divestment of the Screws and Drums product line. EBITDA for the second quarter of 2021 was $ 192 million, or 33% of sales.
Net income was $ 124 million, up 35% from adjusted income of $ 92 million last year. Diluted earnings per share for the second quarter of 2021 were $ 2.12, a 34% increase over diluted earnings per share of $ 1.58 a year earlier.
“The broader demand in the end market accelerated faster and to a higher level in the quarter than previously assumed. I am very pleased with the dedication and agility of our teams as we achieved record sales and operating results for the quarter, ”said Sundaram Nagarajan, President and Chief Executive Officer of Nordson. “Based on our order backlog and our order trend, we expect this strength to continue and are increasing our sales and earnings forecast for the full year 2021. Our priorities remain consistent – protecting the health and safety of our employees, fully participating in the market recovery by meeting the needs of our customers and implement the Ascend strategy. With this clear focus, we will continue to drive our long-term goals of delivering world-class growth with leading margins and returns. "
Second quarter segment results
Industrial Precision Solutions revenue of $ 299 million increased approximately 6% compared to the second quarter of last year. This is due to an organic increase of 8% and a favorable currency effect of 5%, which was offset by a divestment of 7%. The organic sales increase was driven by strong global demand in the non-permanent and industrial consumer end markets. Without the sale of the screws and barrels product line in the previous year for comparison purposes, sales growth in the current quarter would have been 13%. Operating profit was $ 104 million, or 35% of sales, an increase of 36% over the second quarter of last year.
Advanced Technology Solutions revenue of $ 291 million increased approximately 18% compared to the second quarter of last year. Organic sales increased 13%, while favorable currency effects increased 3% and acquisitions increased sales by approximately 2%. This strong sales growth was driven by test and inspection product lines for electronics end markets and fluid management product lines for medical and industrial end markets. Operating profit was $ 77 million, or 26% of sales, an increase of 30% over the second quarter of last year.
"The strong incremental margins and record quarterly profitability reflect the implementation of the NBS Next growth framework, including a favorable mix improvement through the divestment of the screw and cylinder product line," said Joseph Kelley, Nordson's chief financial officer. "The continued deployment and execution of the overall Ascend strategy is expected to generate revenue growth with attractive additional profit margins."
outlook
Order entry trends steadily improved across most of our product lines in the second quarter of fiscal 2021 and remain strong in the third quarter. Based on the current order backlog, the order entry trends and the correlation at the time of dispatch, we expect sales growth of around 8% to 10% for the 2021 financial year compared to the 2020 financial year, including a headwind of 3% from the sale in the second quarter of the screws and bolts Barrels. Additionally, for full year 2021, we forecast earnings per diluted share in the range of $ 7.20 to $ 7.50, a growth of 31% to 37% from last year's adjusted earnings.
Nordson management will provide additional commentary on these findings and outlook during its previously announced webcast on Tuesday, May 25, 2021 at 8:30 a.m. Eastern Time, available at https://investors.nordson.com. For people who cannot hear the live broadcast, a repetition is available 14 days after the event. For information on Nordson's investor relations and shareholder services, please contact Lara Mahoney, Vice President, Investor Relations and Corporate Communications, at (440) 204-9985 or [email protected].
Certain statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “may,” “will,” “should,” “could”. "Expects", "anticipates", "believes", "projects", "projections", "prospects", "guidelines", "proceeding", "goals" or the negative of such terms or comparable terminology. These statements reflect management's current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, economic conditions in the United States and internationally. Financial and market conditions; Exchange rates and devaluations; potential acquisitions, including the company's ability to successfully integrate acquisitions; the company's ability to successfully dispose or dispose of companies that are deemed inconsistent with its strategic plan; the impact of changes in US trade policy and trade agreements; the effects of changes in tax law; and the potential impact of events beyond our control, such as political unrest, acts of terrorism, natural disasters and pandemics, including the current coronavirus pandemic (COVID-19) and the other factors discussed in Item 1A (Risk Factors) recently filed Annual Report on Form 10-K and on its Forms 10-Q filed with the Securities and Exchange Commission, which should be carefully examined. The company assumes no obligation to update or revise any forward-looking statements contained in this press release.
Nordson Corporation is a global designer and manufacturer of innovative precision technologies for critical customer applications in the consumer, medical, electronics and industrial sectors. The company's products are supported by application expertise and direct global sales and service. Founded in 1954 and headquartered in Westlake, Ohio, the company has offices and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, www.twitter.com/Nordson_Corp, or www.facebook.com/nordson.
|
NORDSON CORPORATION CONSOLIDATED INCOME STATEMENTS (unaudited) (Dollars in thousands excluding amounts per share) |
|||||||||||||||
|
|
Three months ended |
|
Six months ended |
||||||||||||
|
|
April 30, 2021 |
|
April 30, 2020 |
|
April 30, 2021 |
|
April 30, 2020 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
sales |
$ |
589,538 |
|
|
$ |
529.478 |
|
|
$ |
1,116,104 |
|
|
$ |
1,024,394 |
|
|
Cost of sales |
251,839 |
|
|
239,880 |
|
|
488,445 |
|
|
471,602 |
|
||||
|
Gross income |
337.699 |
|
|
289,598 |
|
|
627.659 |
|
|
552.792 |
|
||||
|
Gross margin% |
57.3 |
%. |
|
54.7 |
%. |
|
56.2 |
%. |
|
54.0 |
%. |
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Selling and administrative expenses |
171,308 |
|
|
164,569 |
|
|
352.243 |
|
|
352.670 |
|
||||
|
Operating profit |
166.391 |
|
|
125.029 |
|
|
275.416 |
|
|
200.122 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Interest expense – net |
(6,690 |
) |
|
(8.015 |
) |
|
(13.242 |
) |
|
(17.167 |
) |
||||
|
Other expenses – net |
(3.843 |
) |
|
(429 |
) |
|
(8,504 |
) |
|
(3.275 |
) |
||||
|
Earnings before taxes |
155.858 |
|
|
116,585 |
|
|
253,670 |
|
|
179,680 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Income tax |
31,714 |
|
|
24,506 |
|
|
51,944 |
|
|
35,597 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Net income |
$ |
124.144 |
|
|
$ |
92.079 |
|
|
$ |
201,726 |
|
|
$ |
144.083 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted Average Ordinary Shares Outstanding: |
|
|
|
|
|
|
|
||||||||
|
basic |
58,068 |
|
|
57,677 |
|
|
58,063 |
|
|
$ |
57,672 |
|
|||
|
Diluted |
58,652 |
|
|
58,260 |
|
|
58,703 |
|
|
58.392 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings per share: |
|
|
|
|
|
|
|
||||||||
|
Basic income |
$ |
2.14 |
|
|
$ |
1.60 |
|
|
$ |
3.47 |
|
|
$ |
2.50 |
|
|
Diluted earnings |
$ |
2.12 |
|
|
$ |
1.58 |
|
|
$ |
3.44 |
|
|
$ |
2.47 |
|
|
NORDSON CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited) (Dollars in thousands) |
|||||||
|
|
April 30, 2021 |
|
October 31, 2020 |
||||
|
|
|
|
|
||||
|
Cash and cash equivalents |
$ |
133.320 |
|
|
$ |
208.293 |
|
|
Receivables – net |
470.622 |
|
|
471.873 |
|
||
|
Inventories – net |
295,841 |
|
|
277.033 |
|
||
|
Other current assets |
49,642 |
|
|
43,798 |
|
||
|
Assets held for sale |
– – |
|
|
19,615 |
|
||
|
Total current assets |
949,425 |
|
|
1,020,612 |
|
||
|
|
|
|
|
||||
|
Property, plant and equipment – net |
362.622 |
|
|
358.618 |
|
||
|
Goodwill |
1,720,990 |
|
|
1,713,354 |
|
||
|
Other assets |
561,873 |
|
|
582.072 |
|
||
|
|
$ |
3,594,910 |
|
|
$ |
3,674,656 |
|
|
|
|
|
|
||||
|
Current maturities of long-term debt |
$ |
38.043 |
|
|
$ |
38.043 |
|
|
Trade payables and provisions |
347.224 |
|
|
311,898 |
|
||
|
Liabilities held for sale |
– – |
|
|
13,148 |
|
||
|
Total short-term liabilities |
385.267 |
|
|
363.089 |
|
||
|
|
|
|
|
||||
|
Long-term liabilities |
829.044 |
|
|
1,067,952 |
|
||
|
Other liabilities |
430.242 |
|
|
484.624 |
|
||
|
Total equity |
1,950,357 |
|
|
1,758,991 |
|
||
|
|
$ |
3,594,910 |
|
|
$ |
3,674,656 |
|
|
|
|
|
|
||||
|
NORDSON CORPORATION CONSOLIDATED DECLARATION OF CASH FLOWS (unaudited) (Dollars in thousands) |
|||||||
|
|
Six months ended |
||||||
|
|
April 30, 2021 |
|
April 30, 2020 |
||||
|
The cash flow from operating activities: |
|
|
|
||||
|
Net income |
$ |
201,726 |
|
|
$ |
144.083 |
|
|
Depreciation |
51,336 |
|
|
55.664 |
|
||
|
Other non-cash items |
14,858 |
|
|
2.504 |
|
||
|
Changes in working capital |
31,244 |
|
|
4,276 |
|
||
|
Other long-term assets and liabilities |
(51.450 |
) |
|
11,652 |
|
||
|
Cash generated from operations |
247.714 |
|
|
218.179 |
|
||
|
|
|
|
|
||||
|
Cash flow from investing activities: |
|
|
|
||||
|
Additions to property, plant and equipment |
(18.743 |
) |
|
(25.835 |
) |
||
|
Other – net |
5.062 |
|
|
(1,896 |
) |
||
|
Cash flow from investing activities |
(13.681 |
) |
|
(27.731 |
) |
||
|
|
|
|
|
||||
|
Cash flow from financing activities: |
|
|
|
||||
|
Issuance (repayment) of long-term debt |
(250, 101) |
) |
|
39,822 |
|
||
|
Repayment of finance lease obligations |
(3,399 |
) |
|
(3.548 |
) |
||
|
Dividends paid out |
(45.342 |
) |
|
(43.878 |
) |
||
|
Issue of common shares |
18,783 |
|
|
18,547 |
|
||
|
Purchase of own shares |
(30.274 |
) |
|
(41.930 |
) |
||
|
Cash outflow from financing activities |
(310.333 |
) |
|
(30.987 |
) |
||
|
|
|
|
|
||||
|
Effect of Changes in Exchange Rates on Cash |
1.327 |
|
|
(4,370) |
) |
||
|
Net change in cash and cash equivalents |
(74.973 |
) |
|
155.091 |
|
||
|
|
|
|
|
||||
|
Cash and cash equivalents: |
|
|
|
||||
|
Beginning of the period |
208.293 |
|
|
151.164 |
|
||
|
End of the period |
$ |
133.320 |
|
|
$ |
306.255 |
|
|
|
|
|
|
||||
|
NORDSON CORPORATION SALE BY GEOGRAPHICAL SEGMENT (unaudited) (Dollars in thousands) |
|||||||||||||||||||
|
|
Three months ended |
|
Sales variance |
||||||||||||||||
|
|
April, 30th, 2021 |
|
April, 30th, 2020 |
|
Bio |
|
Acquisitions / Divestments |
|
currency |
|
total |
||||||||
|
SALE BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Industrial precision solutions |
$ |
298.775 |
|
|
$ |
282.274 |
|
|
8.3 |
%. |
|
(7.3 |
)% |
|
4.8 |
%. |
|
5.8 |
%. |
|
Advanced technology solutions |
290,763 |
|
|
247.204 |
|
|
12.7 |
%. |
|
2.4 |
%. |
|
2.5 |
%. |
|
17.6 |
%. |
||
|
Total sales |
$ |
589,538 |
|
|
$ |
529.478 |
|
|
10.4 |
%. |
|
(2.8 |
)% |
|
3.7 |
%. |
|
11.3 |
%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
SALE BY GEOGRAPHICAL REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
United States |
$ |
202.924 |
|
|
$ |
188.933 |
|
|
12.1 |
%. |
|
(4.7 |
)% |
|
– – |
%. |
|
7.4 |
%. |
|
America |
44,914 |
|
|
36.673 |
|
|
15.1 |
%. |
|
5.4 |
%. |
|
2.0 |
%. |
|
22.5 |
%. |
||
|
Europe |
156.451 |
|
|
136.056 |
|
|
8.3 |
%. |
|
(2.3 |
)% |
|
9.0 |
%. |
|
15.0 |
%. |
||
|
Japan |
27,852 |
|
|
31,575 |
|
|
(8.5 |
)% |
|
(4.0 |
)% |
|
0.7 |
%. |
|
(11.8 |
)% |
||
|
Asia Pacific |
157.397 |
|
|
136.241 |
|
|
13.6 |
%. |
|
(2.5 |
)% |
|
4.4 |
%. |
|
15.5 |
%. |
||
|
Total sales |
$ |
589,538 |
|
|
$ |
529.478 |
|
|
10.4 |
%. |
|
(2.8 |
)% |
|
3.7 |
%. |
|
11.3 |
%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Six months ended |
|
Sales variance |
||||||||||||||||
|
|
April, 30th, 2021 |
|
April, 30th, 2020 |
|
Bio |
|
Acquisitions / Divestments |
|
currency |
|
total |
||||||||
|
SALE BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Industrial precision solutions |
$ |
587.191 |
|
|
$ |
546.073 |
|
|
8.0 |
%. |
|
(4.7 |
)% |
|
4.2 |
%. |
|
7.5 |
%. |
|
Advanced technology solutions |
528.913 |
|
|
478,321 |
|
|
6.0 |
%. |
|
2.3 |
%. |
|
2.3 |
%. |
|
10.6 |
%. |
||
|
Total sales |
$ |
1,116,104 |
|
|
$ |
1,024,394 |
|
|
7.0 |
%. |
|
(1.3 |
)% |
|
3.3 |
%. |
|
9.0 |
%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
SALE BY GEOGRAPHICAL REGION |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
United States |
$ |
388.240 |
|
|
$ |
377,433 |
|
|
5.0 |
%. |
|
(2.1 |
)% |
|
– – |
%. |
|
2.9 |
%. |
|
America |
81.052 |
|
|
67,756 |
|
|
13.8 |
%. |
|
6.3 |
%. |
|
(0.5 |
)% |
|
19.6 |
%. |
||
|
Europe |
291,602 |
|
|
262,447 |
|
|
4.8 |
%. |
|
(1.6 |
)% |
|
7.9 |
%. |
|
11.1 |
%. |
||
|
Japan |
54,967 |
|
|
59.127 |
|
|
(6.7 |
)% |
|
(2.9 |
)% |
|
2.6 |
%. |
|
(7.0 |
)% |
||
|
Asia Pacific |
300.243 |
|
|
257.631 |
|
|
13.5 |
%. |
|
(1.4 |
)% |
|
4.4 |
%. |
|
16.5 |
%. |
||
|
Total sales |
$ |
1,116,104 |
|
|
$ |
1,024,394 |
|
|
7.0 |
%. |
|
(1.3 |
)% |
|
3.3 |
%. |
|
9.0 |
%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
NORDSON CORPORATION ALIGNMENT OF NON-GAAP MEASURES – ADJUSTED OPERATING PROFIT AND EBITDA (unaudited) (Dollars in thousands) |
|||||||||||||||||||||||||||
|
|
Three months ended |
|
Six months ended |
||||||||||||||||||||||||
|
|
April 30, 2021 |
|
April 30, 2020 |
|
April 30, 2021 |
|
April 30, 2020 |
||||||||||||||||||||
|
SALE BY SEGMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Industrial precision solutions |
$ |
298.775 |
|
|
|
|
$ |
282.274 |
|
|
|
|
$ |
587.191 |
|
|
|
|
$ |
546.073 |
|
|
|
||||
|
Advanced technology solutions |
290,763 |
|
|
|
|
247.204 |
|
|
|
|
528.913 |
|
|
|
|
478,321 |
|
|
|
||||||||
|
Total sales |
$ |
589,538 |
|
|
|
|
$ |
529.478 |
|
|
|
|
$ |
1,116,104 |
|
|
|
|
$ |
1,024,394 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
OPERATING RESULT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Industrial precision solutions |
$ |
104.283 |
|
|
|
|
$ |
76.454 |
|
|
|
|
$ |
187.686 |
|
|
|
|
$ |
132,858 |
|
|
|
||||
|
Advanced technology solutions |
76,585 |
|
|
|
|
58,689 |
|
|
|
|
123.786 |
|
|
|
|
90.976 |
|
|
|
||||||||
|
Corporate |
(14.477 |
) |
|
|
|
(10.114 |
) |
|
|
|
(36.056 |
) |
|
|
|
(23.712 |
) |
|
|
||||||||
|
Total operating profit |
$ |
166.391 |
|
|
|
|
$ |
125.029 |
|
|
|
|
$ |
275.416 |
|
|
|
|
$ |
200.122 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
OPERATING PROFIT ADJUSTMENTS (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Industrial precision solutions |
$ |
– – |
|
|
|
|
$ |
364 |
|
|
|
|
$ |
– – |
|
|
|
|
$ |
664 |
|
|
|
||||
|
Advanced technology solutions |
– – |
|
|
|
|
– – |
|
|
|
|
– – |
|
|
|
|
2,970 |
|
|
|
||||||||
|
Corporate |
– – |
|
|
|
|
– – |
|
|
|
|
– – |
|
|
|
|
– – |
|
|
|
||||||||
|
Overall adjustments |
$ |
– – |
|
|
|
|
$ |
364 |
|
|
|
|
$ |
– – |
|
|
|
|
$ |
3,634 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
ADJUSTED OPERATING PROFIT (NON-GAAP) (2) |
|
|
% of sales |
|
|
|
% of sales |
|
|
|
% of sales |
|
|
|
% of sales |
||||||||||||
|
Industrial precision solutions |
$ |
104.283 |
|
|
35 |
%. |
|
$ |
76,818 |
|
|
27 |
%. |
|
$ |
187.686 |
|
|
32 |
%. |
|
$ |
133,522 |
|
|
24 |
%. |
|
Advanced technology solutions |
76,585 |
|
|
26th |
%. |
|
58,689 |
|
|
24 |
%. |
|
123.786 |
|
|
23 |
%. |
|
93,946 |
|
|
20th |
%. |
||||
|
Corporate |
(14.477 |
) |
|
|
|
(10.114 |
) |
|
|
|
(36.056 |
) |
|
|
|
(23.712 |
) |
|
|
||||||||
|
Total operating profit – adjusted |
$ |
166.391 |
|
|
28 |
%. |
|
$ |
125.393 |
|
|
24 |
%. |
|
$ |
275.416 |
|
|
25th |
%. |
|
$ |
203,756 |
|
|
20th |
%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Depreciation & amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Industrial precision solutions |
$ |
6.468 |
|
|
|
|
$ |
9.296 |
|
|
|
|
$ |
13,451 |
|
|
|
|
$ |
19,125 |
|
|
|
||||
|
Advanced technology solutions |
16,421 |
|
|
|
|
15,245 |
|
|
|
|
32,965 |
|
|
|
|
31,565 |
|
|
|
||||||||
|
Corporate |
2,427 |
|
|
|
|
2.505 |
|
|
|
|
4,920 |
|
|
|
|
4,974 |
|
|
|
||||||||
|
Total depreciation |
$ |
25,316 |
|
|
|
|
$ |
27,046 |
|
|
|
|
$ |
51,336 |
|
|
|
|
$ |
55.664 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
EBITDA (NON-GAAP) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Industrial precision solutions |
$ |
110.751 |
|
|
37 |
%. |
|
$ |
86.114 |
|
|
31 |
%. |
|
$ |
201.137 |
|
|
34 |
%. |
|
$ |
152.647 |
|
|
28 |
%. |
|
Advanced technology solutions |
93.006 |
|
|
32 |
%. |
|
73.934 |
|
|
30th |
%. |
|
156.751 |
|
|
30th |
%. |
|
125,511 |
|
|
26th |
%. |
||||
|
Corporate |
(12.050 |
) |
|
|
|
(7.609 |
) |
|
|
|
(31, 136 |
) |
|
|
|
(18,738 |
) |
|
|
||||||||
|
Total EBITDA |
$ |
191.707 |
|
|
33 |
%. |
|
$ |
152,439 |
|
|
29 |
%. |
|
$ |
326,752 |
|
|
29 |
%. |
|
$ |
259.420 |
|
|
25th |
%. |
|
(1) |
Represents costs and adjustments related to measures to simplify the cost structure. |
|
(2) |
Adjusted Income from Operations and Adjusted EBITDA are non-GAAP measures that management uses to evaluate the company's ongoing operations. Adjusted profit from operations is defined as profit from operations plus certain adjustments, e.g. B. Measures to simplify the cost structure. EBITDA is defined as adjusted operating profit plus depreciation. |
|
NORDSON CORPORATION Reconciliation of Non-GAAP Measures – Profitability (Unaudited) (Dollars in thousands) |
|||||||||||||||
|
|
Three months ended |
|
Six months ended |
||||||||||||
|
|
April 30, 2021 |
|
April 30, 2020 |
|
April 30, 2021 |
|
April 30, 2020 |
||||||||
|
GAAP AS REPORTED |
|
|
|
|
|
|
|
||||||||
|
Operating profit |
$ |
166.391 |
|
|
$ |
125.029 |
|
|
$ |
275.416 |
|
|
$ |
200.122 |
|
|
Other / interest expenses – net |
(10,533 |
) |
|
(8.444 |
) |
|
(21,746 |
) |
|
(20,442 |
) |
||||
|
Net income |
124.144 |
|
|
92.079 |
|
|
201,726 |
|
|
144.083 |
|
||||
|
Diluted earnings per share |
$ |
2.12 |
|
|
$ |
1.58 |
|
|
$ |
3.44 |
|
|
$ |
2.47 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Shares outstanding – diluted |
58,652 |
|
|
58,260 |
|
|
58,703 |
|
|
58.392 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
OPERATING PROFIT ADJUSTMENTS |
|
|
|
|
|
|
|
||||||||
|
Severance pay and others |
$ |
– – |
|
|
$ |
364 |
|
|
– – |
|
|
3,634 |
|
||
|
|
|
|
|
|
|
|
|
||||||||
|
Adjustments after taxes |
$ |
– – |
|
|
$ |
287 |
|
|
$ |
– – |
|
|
$ |
2.860 |
|
|
Other discrete tax items |
$ |
– – |
|
|
$ |
(138 |
) |
|
$ |
– – |
|
|
$ |
(2.675 |
) |
|
EPS effect of adjustments and other discrete tax items |
$ |
– – |
|
|
$ |
– – |
|
|
$ |
– – |
|
|
$ |
– – |
|
|
|
|
|
|
|
|
|
|
||||||||
|
NON-GAAP MEASURES ADJUSTED PROFITABILITY |
|
|
|
|
|
|
|
||||||||
|
Operating profit (1) |
$ |
166.391 |
|
|
$ |
125.393 |
|
|
$ |
275.416 |
|
|
$ |
203,756 |
|
|
Operating profit% of sales |
28.2 |
%. |
|
23.7 |
%. |
|
24.7 |
%. |
|
19.9 |
%. |
||||
|
Net income (2) |
$ |
124.144 |
|
|
$ |
92.228 |
|
|
$ |
201,726 |
|
|
$ |
144.268 |
|
|
Diluted earnings per share (3) |
$ |
2.12 |
|
|
$ |
1.58 |
|
|
$ |
3.44 |
|
|
$ |
2.47 |
|
|
(1) |
Adjusted profit from operations is defined as profit from operations plus certain adjustments, e.g. B. Measures to simplify the cost structure. Adjusted operating income as a percentage of sales is defined as adjusted operating income divided by sales. |
|
(2) |
Adjusted net income is defined as net income plus tax adjustments and other discrete tax items. |
|
(3) |
Adjusted earnings per share are defined as GAAP EPS adjusted for tax adjustments and other discrete tax items. |
Management uses these non-GAAP measures internally to make strategic decisions, forecast future results, and evaluate the company's current performance. Given the management's use of these non-GAAP measures, the Company believes that these measures are important for investors to understand in order to understand the current and future results of the company from a management perspective. In addition, management believes these non-GAAP measures will be useful for investors to better understand changes in the company's core business over different time periods. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with non-GAAP financial measures of other companies, even if they have similar names. Amounts may not be added due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210524005767/de/