Trimming FY18 but Holding FY19 Estimate; 3Q18 Beats by 3 Cents
Backlog on April 30, 2018, increased 16% YoY to $428 million, up 15% organically.
Given tough comps expected through 1Q19 (January), particularly in mobile computing in the ATS segment, partially offset by the strong backlog and solid growth in other end-
markets, our FY18 EPS estimate is now $5.97 (from $6.00).
3Q18 (July) adjusted EPS fell 10% to $1.60 (vs $1.78 last year), but 3 cents above our projection.
For FY19, our EPS estimate remains $6.70, up 12% YoY.
Nordson engineers, manufactures and markets differentiated products and systems used for dispensing, applying and controlling of adhesives, coatings, polymers, sealants, biomaterials, and other fluids, to test and inspect for quality, and to treat and cure surfaces. The company serves a range of consumer non-durable, consumer durable and technology end markets including packaging, nonwovens, electronics, medical, appliances, energy, transportation, building and construction, and general product assembly and finishing. The company has three operating segments: Adhesive Dispensing Systems, Advanced Technology Systems, and Industrial Coating Systems.
Great Lakes Review is located in Cleveland, Ohio, was founded in 1981 and became a division of Wellington Shields & Co. LLC in 2011. Great Lakes Review is a research boutique focused on the fundamentally-oriented investor seeking companies that dominate their respective specialty niche regardless of industry. The objective is to make money for the long-term by gradually accumulating a diversified portfolio from a universe of no more than 30 companies. Although short-term-oriented accounts will be alerted to trading opportunities, aggressive sell recommendations are triggered only by a deterioration in long-term fundamentals, not by short-term blips or investor fancy. Coverage of those names that lose their earnings momentum or earnings predictability may be dropped and replaced with more vital candidates.
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