Why Nordson Corporation Stock Dropped 12.8% Today
Shares of manufacturing company Nordson Corporation (NASDAQ: NDSN) fell as much as 12.8% in trading on Tuesday after reporting first-quarter fiscal 2023 financial results and guidance. At 12:30 p.m. ET, shares are hitting their lows for the day.
First-quarter sales were $610 million, up 1% on an organic basis from a year ago, and net income was down 13.4% to $104.3 million, or $1.81 per share. On an adjusted basis, which pulls out one-time items, earnings were $1.95 per share, two cents below estimates.
What was concerning for investors is that management said in the earnings release that "order entry in recent weeks has decreased" and that some customers are pushing out delivery dates into the second half of the year. As a result, full-year revenue growth is expected to be 0% to 3%, and adjusted earnings guidance is $8.75 to $9.50 per share. The previous guidance was for 1% to 7% revenue growth and earnings of $8.75 to $10.10 per share.
Source Fool.com
