Nordson Earnings: Full-Year Outlook Lowered Due to Softness in Electronics and Agriculture

Narrow-moat-rated Nordson’s fiscal second-quarter sales of $651 million and adjusted earnings per share of $2.34 were both within management’s guidance. However, management lowered its full-year outlook due to continued headwinds in the advanced technology solutions segment, sending the shares down more than 9% in intraday trading on May 21. We’ve lowered our fair value estimate to $233 per share from $240 to reflect our more muted near-term revenue growth outlook, partially offset by the time value of money.