Nordson Sees Stock Jump Due to Profit
May 23, 2009 by Stephen Kersey
Filed under Business
Nordson, a corporation that makes systems that apply coatings, sealants and adhesives, posted stronger numbers than were expected in the second quarter report. The Ohio based corporation wasn’t hut as much as predicted by the current financial issues in the United States and around the world.
Said Edward P. Campbell, the CEO of Nordsom: “Our management team has responded aggressively to difficult conditions through implementation of broad-based cost reduction activities, the pace and scope of which are exceeding initial expectations. These actions have protected profitability, as evidenced by the widening of operating margin over the first quarter from 7 percent to10 percent.”
Profits in the second quarter were a little less than $14 million. And while that was a far cry from the $33 million Nordson earned in the second quarter of last year, it was almost double the amount that many industry experts were predicting.
Due to this news, Nordson’s stock is closing in on $39, which represents a 24-hour jump of more than 10%.
Where do you get your sealant? (Image: Flickr)
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