Nordson Corporation recently released its 10-Q report, providing insights into its financial performance for the three and nine months ended July 31, 2024. Nordson operates through three segments: Industrial Precision Solutions, Medical and Fluid Solutions, and Advanced Technology Solutions. The company's worldwide sales for the three months ended July 31, 2024, were $661,604, representing a 2.0% increase from the same period in 2023. However, organic sales decreased by 0.9%, primarily driven by lower demand in electronics and medical product lines, partially offset by growth in packaging, nonwovens, and optical sensors product lines.
In terms of regional sales, in the Americas region, sales decreased by 1.2%, while in the Asia Pacific region, sales increased by 2.4%. In Europe, sales saw a significant increase of 7.1%. The cost of sales for the three months ended July 31, 2024, increased to $292,603 from $288,357 in the comparable period of 2023. Gross profit, expressed as a percentage of sales, increased to 55.8% from 55.5% in the comparable period of 2023, primarily due to favorable mix overall.
Selling and administrative expenses for the three months ended July 31, 2024, were $201,943, up from $189,324 in the comparable period of 2023, primarily driven by the first-year effect of an acquisition. Operating profit decreased to $167,058 for the three months ended July 31, 2024, compared to $170,996 in the comparable period of 2023. Net income for the three months ended July 31, 2024, was $117,327, or $2.04 per diluted share, representing an 8.3% decrease in net income and an 8.1% decrease in diluted earnings per share compared to the same period in 2023.
For the nine months ended July 31, 2024, worldwide sales were $1,945,439, an increase of 1.9% from the comparable period of 2023. The increase consisted of a 4.5% increase due to acquisitions, partially offset by a 2.2% decrease in organic sales and an unfavorable effect from currency translation of 0.4%. The cost of sales for the nine months ended July 31, 2024, decreased to $862,134 from $868,007 in the comparable period of 2023. Gross profit, expressed as a percentage of sales, increased to 55.7% from 54.5% in the comparable period of 2023, primarily driven by improved manufacturing efficiencies and favorable product mix.
Selling and administrative expenses for the nine months ended July 31, 2024, were $588,196, up from $553,590 in the comparable period of 2023, primarily driven by the first-year effect of an acquisition, partially offset by improved cost controls. Operating profit increased to $495,109 for the nine months ended July 31, 2024, compared to $487,722 in the nine months ended July 31, 2023.
Today the company's shares have moved 3.3% to a price of $256.03. If you want to know more, read the company's complete 10-Q report here.
