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Nordson Corporation Reports Third Quarter Fiscal 2024 Results and Updates Annual Guidance

Third Quarter Highlights:

  • Sales were $662 million, an increase of 2% year-over-year and in-line with mid-point of guidance
  • Earnings per diluted share were $2.04
  • Adjusted earnings per diluted share were $2.41, $0.08 above the mid-point of guidance

Updated Full-Year Guidance:

  • Increasing full fiscal year 2024 revenue guidance to reflect the addition of Atrion acquisition
  • Maintaining full fiscal year 2024 adjusted earnings per diluted share guidance, inclusive of the slightly dilutive fourth quarter Atrion acquisition impact

Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal third quarter ended July 31, 2024. Sales were $662 million, compared to the prior year’s third quarter sales of $649 million. The third quarter 2024 sales included a favorable acquisition impact of 4%, partially offset by an organic sales decrease of 1% and unfavorable currency translation of 1%. The organic sales decrease was driven by lower demand in electronics and medical product lines, partially offset by growth in packaging, nonwovens, and optical sensors product lines.

Net income was $117 million, or $2.04 of earnings per diluted share, compared to prior year’s third quarter net income of $128 million, or $2.22 of earnings per diluted share. Adjusted net income was $138 million, a decrease from the prior year adjusted net income of $147 million. Third quarter 2024 adjusted earnings per diluted share were $2.41, a 6% decrease from the prior year adjusted earnings per diluted share of $2.55. The decrease reflects increased interest expense from prior year acquisitions and slightly lower overall operating margins.

EBITDA in the third quarter was $208 million, or 31% of sales, compared to prior year EBITDA of $208 million, or 32% of sales. EBITDA was flat as improved gross margins were offset by higher selling and administrative expenses, including the first-year effect of the ARAG acquisition.

Commenting on the Company’s fiscal 2024 third quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “We delivered third quarter revenue in line with our expectations, driven by strong organic growth in our industrial product lines. Our Advanced Technology Solutions segment sequentially grew compared to second quarter, as order entry steadily improves in electronics end markets. Across the company, the teams executed another solid operating performance delivering strong gross margins and 31% EBITDA margin. Overall, I am pleased with our focus on the customer while managing profitability well against headwinds in select businesses.”

Third Quarter Segment Results

Industrial Precision Solutions sales of $371 million increased 10% from the prior year, inclusive of a favorable acquisition impact of 7%, an organic sales increase of 4% and unfavorable currency translation of 1%. The organic sales increase was driven primarily by packaging and nonwovens product lines. Operating profit was $118 million, an increase of $3 million from the prior year. EBITDA in the quarter was $135 million, or 36% of sales, a 10% increase from the prior year third quarter EBITDA of $122 million, or 36% of sales. The year-over-year increase was driven by the ARAG acquisition, and higher organic sales and gross profit.

Medical and Fluid Solutions sales of $167 million decreased 2% compared to the prior year third quarter. The decrease was driven by lower demand in interventional solutions and fluid components product lines. Operating profit was $48 million, a decrease of $6 million from the prior year. EBITDA in the quarter was $62 million, or 37% of sales, down versus the prior year third quarter EBITDA of $68 million, or 40% of sales.

Advanced Technology Solutions sales of $124 million decreased 11% compared to the prior year third quarter, driven by lower organic sales and unfavorable currency translation of 1%. While sequentially higher, the organic sales decrease compared to prior year was driven by softness in electronics processing and x-ray and test product lines, offset by growth in optical sensors product lines. Operating profit was $23 million, a decrease of $4 million from the prior year. EBITDA in the quarter was $26 million, or 21% of sales, a decrease from the prior year third quarter EBITDA of $33 million, or 24% of sales.

Outlook

The Company is entering the fourth quarter of fiscal 2024 with approximately $650 million in backlog, which continues to normalize and remain concentrated in systems businesses. Based on current visibility and order entry trends, the Company is increasing its full-year revenue guidance range to $2,665 million - $2,705 million, inclusive of revenue from the Atrion acquisition in the fiscal fourth quarter. The Company is tightening full-year adjusted earnings per diluted share to the range of $9.45 - $9.65, unchanged at the midpoint, though now inclusive of the slightly dilutive Atrion impact in the fiscal fourth quarter.

Reflecting on the outlook, Nagarajan continued, “Throughout 2024, we have remained focused on delivering high quality operating performance in a dynamic environment. The diversification of our product portfolio, geographic exposure, mix of recurring revenue, in addition to the NBS Next growth framework and the contributions of our recent acquisitions, are positioning us well to end the year in line with record fiscal 2023 revenue. I remain pleased with our ability to manage profitability during this period, while remaining invested in the long-term objectives of the business.”

Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, August 22, 2024 at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com. Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com.

The Company’s definition of adjusted earnings excludes acquisition related amortization for both current and historical periods. It is not possible for the Company to identify the amount or significance of future adjustments associated with acquisition and integration costs, restructuring costs, acquisition-related amortization, certain non-operating or income tax items, or other non-routine costs that the Company adjusts in the presentation of adjusted earnings guidance. These items are dependent on future events that are not reasonably estimable at this time. Accordingly, the Company is unable to reconcile without unreasonable effort the forecasted range of adjusted earnings guidance to a comparable GAAP range.

Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions, including the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflict between Russia and Ukraine, acts of terror, natural disasters and pandemics, including the recent coronavirus (COVID-19) pandemic and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release.

Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serves global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com, linkedin/Nordson, or www.facebook.com/nordson.

NORDSON CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands except for per-share amounts)

 

 

Three Months Ended

 

Nine Months Ended

 

July 31, 2024

 

July 31, 2023

 

July 31, 2024

 

July 31, 2023

Sales

$

661,604

 

 

$

648,677

 

 

$

1,945,439

 

 

$

1,909,319

 

Cost of sales

 

292,603

 

 

 

288,357

 

 

 

862,134

 

 

 

868,007

 

Gross profit

 

369,001

 

 

 

360,320

 

 

 

1,083,305

 

 

 

1,041,312

 

Gross margin %

 

55.8

%

 

 

55.5

%

 

 

55.7

%

 

 

54.5

%

 

 

 

 

 

 

 

 

Selling & administrative expenses

 

201,943

 

 

 

189,324

 

 

 

588,196

 

 

 

553,590

 

Operating profit

 

167,058

 

 

 

170,996

 

 

 

495,109

 

 

 

487,722

 

 

 

 

 

 

 

 

 

Interest expense - net

 

(17,776

)

 

 

(11,486

)

 

 

(56,729

)

 

 

(30,904

)

Other income (expense) - net

 

152

 

 

 

2,542

 

 

 

(971

)

 

 

(2,059

)

Income before income taxes

 

149,434

 

 

 

162,052

 

 

 

437,409

 

 

 

454,759

 

 

 

 

 

 

 

 

 

Income taxes

 

32,107

 

 

 

34,161

 

 

 

92,293

 

 

 

95,044

 

 

 

 

 

 

 

 

 

Net income

$

117,327

 

 

$

127,891

 

 

$

345,116

 

 

$

359,715

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

57,229

 

 

 

56,989

 

 

 

57,171

 

 

 

57,114

 

Diluted

 

57,624

 

 

 

57,530

 

 

 

57,620

 

 

 

57,657

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic earnings

$

2.05

 

 

$

2.24

 

 

$

6.04

 

 

$

6.30

 

Diluted earnings

$

2.04

 

 

$

2.22

 

 

$

5.99

 

 

$

6.24

 

NORDSON CORPORATION

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Dollars in thousands)

 

 

July 31, 2024

 

October 31, 2023

Cash and cash equivalents

$

165,324

 

$

115,679

Receivables - net

 

538,541

 

 

590,886

Inventories - net

 

438,167

 

 

454,775

Other current assets

 

82,106

 

 

67,970

Total current assets

 

1,224,138

 

 

1,229,310

 

 

 

 

Property, plant and equipment - net

 

401,415

 

 

392,846

Goodwill

 

2,785,773

 

 

2,784,201

Other assets

 

793,044

 

 

845,413

 

$

5,204,370

 

$

5,251,770

 

 

 

 

Notes payable and debt due within one year

$

96,288

 

$

115,662

Accounts payable and accrued liabilities

 

421,979

 

 

466,427

Total current liabilities

 

518,267

 

 

582,089

 

 

 

 

Long-term debt

 

1,398,155

 

 

1,621,394

Other liabilities

 

434,191

 

 

450,227

Total shareholders' equity

 

2,853,757

 

 

2,598,060

 

$

5,204,370

 

$

5,251,770

 

 

 

 

NORDSON CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(Dollars in thousands)

 

 

Nine Months Ended

 

July 31, 2024

 

July 31, 2023

Cash flows from operating activities:

 

 

 

Net income

$

345,116

 

 

$

359,715

 

Depreciation and amortization

 

99,646

 

 

 

80,637

 

Other non-cash items

 

15,435

 

 

 

18,523

 

Changes in operating assets and liabilities and other

 

(385

)

 

 

19,197

 

Net cash provided by operating activities

 

459,812

 

 

 

478,072

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Additions to property, plant and equipment

 

(43,786

)

 

 

(24,244

)

Acquisition of businesses, net of cash acquired

 

 

 

 

(377,843

)

Other - net

 

8,896

 

 

 

91

 

Net cash used in investing activities

 

(34,890

)

 

 

(401,996

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Issuance (repayment) of long-term debt

 

(244,355

)

 

 

73,956

 

Repayment of finance lease obligations

 

(4,505

)

 

 

(4,769

)

Dividends paid

 

(116,789

)

 

 

(111,547

)

Issuance of common shares

 

29,142

 

 

 

18,449

 

Purchase of treasury shares

 

(34,105

)

 

 

(78,163

)

Net cash provided used in financing activities

 

(370,612

)

 

 

(102,074

)

 

 

 

 

Effect of exchange rate change on cash:

 

(4,665

)

 

 

5,679

 

Net change in cash and cash equivalents

 

49,645

 

 

 

(20,319

)

 

 

 

 

Cash and cash equivalents:

 

 

 

Beginning of period

 

115,679

 

 

 

163,457

 

End of period

$

165,324

 

 

$

143,138

 

 

 

 

 

NORDSON CORPORATION

SALES BY GEOGRAPHIC SEGMENT (Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

Sales Variance

 

July 31, 2024

 

July 31, 2023

 

Organic

 

Acquisitions

 

Currency

 

Total

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

370,561

 

$

338,257

 

3.6

%

 

7.4

%

 

(1.4

)%

 

9.6

%

Medical and Fluid Solutions

 

166,737

 

 

170,871

 

(2.0

)%

 

%

 

(0.4

)%

 

(2.4

)%

Advanced Technology Solutions

 

124,306

 

 

139,549

 

(10.2

)%

 

%

 

(0.7

)%

 

(10.9

)%

Total sales

$

661,604

 

$

648,677

 

(0.9

)%

 

3.8

%

 

(0.9

)%

 

2.0

%

 

 

 

 

 

 

 

 

 

 

 

 

SALES BY GEOGRAPHIC REGION

 

 

 

 

 

 

 

 

 

 

 

Americas

$

287,016

 

$

290,515

 

(3.4

)%

 

2.4

%

 

(0.2

)%

 

(1.2

)%

Europe

 

179,370

 

 

167,536

 

(2.0

)%

 

9.8

%

 

(0.7

)%

 

7.1

%

Asia Pacific

 

195,218

 

 

190,626

 

4.1

%

 

0.8

%

 

(2.5

)%

 

2.4

%

Total sales

$

661,604

 

$

648,677

 

(0.9

)%

 

3.8

%

 

(0.9

)%

 

2.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

Sales Variance

 

July 31, 2024

 

July 31, 2023

 

Organic

 

Acquisitions

 

Currency

 

Total

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

1,092,099

 

$

985,610

 

2.5

%

 

8.8

%

 

(0.5

)%

 

10.8

%

Medical and Fluid Solutions

 

495,229

 

 

491,683

 

0.9

%

 

%

 

(0.2

)%

 

0.7

%

Advanced Technology Solutions

 

358,111

 

 

432,026

 

(16.6

)%

 

%

 

(0.5

)%

 

(17.1

)%

Total sales

$

1,945,439

 

$

1,909,319

 

(2.2

)%

 

4.5

%

 

(0.4

)%

 

1.9

%

 

 

 

 

 

 

 

 

 

 

 

 

SALES BY GEOGRAPHIC REGION

 

 

 

 

 

 

 

 

 

 

 

Americas

$

855,456

 

$

834,125

 

(0.3

)%

 

2.7

%

 

0.2

%

 

2.6

%

Europe

 

540,750

 

 

498,379

 

(4.5

)%

 

12.2

%

 

0.8

%

 

8.5

%

Asia Pacific

 

549,233

 

 

576,815

 

(3.1

)%

 

0.7

%

 

(2.4

)%

 

(4.8

)%

Total sales

$

1,945,439

 

$

1,909,319

 

(2.2

)%

 

4.5

%

 

(0.4

)%

 

1.9

%

 

 

 

 

 

 

 

 

 

 

 

 

NORDSON CORPORATION

RECONCILIATION OF NON-GAAP MEASURES - NET INCOME TO EBITDA (Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

Nine Months Ended

 

July 31, 2024

 

July 31, 2023

 

July 31, 2024

 

July 31, 2023

Net income

$

117,327

 

 

$

127,891

 

 

$

345,116

 

$

359,715

Income taxes

 

32,107

 

 

 

34,161

 

 

 

92,293

 

 

95,044

Interest expense - net

 

17,776

 

 

 

11,486

 

 

 

56,729

 

 

30,904

Other expense - net

 

(152

)

 

 

(2,542

)

 

 

971

 

 

2,059

Depreciation and amortization

 

33,382

 

 

 

27,102

 

 

 

99,646

 

 

80,637

Inventory step-up amortization (1)

 

 

 

 

 

 

 

2,944

 

 

4,306

Severance and other

 

2,536

 

 

 

2,049

 

 

 

4,615

 

 

5,487

Acquisition-related costs (1)

 

5,160

 

 

 

7,732

 

 

 

5,757

 

 

13,721

EBITDA (non-GAAP) (2)

$

208,136

 

 

$

207,879

 

 

$

608,071

$

591,873

(1)

Represents fees, severance and non-cash inventory charges associated with acquisitions.

(2)

EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as severance, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization.

NORDSON CORPORATION

RECONCILIATION OF NON-GAAP MEASURES - EBITDA (Unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended

 

Nine Months Ended

 

July 31, 2024

 

July 31, 2023

 

July 31, 2024

 

July 31, 2023

SALES BY SEGMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

370,561

 

 

 

 

$

338,257

 

 

 

 

$

1,092,099

 

 

 

 

$

985,610

 

 

 

Medical and Fluid Solutions

 

166,737

 

 

 

 

 

170,871

 

 

 

 

 

495,229

 

 

 

 

 

491,683

 

 

 

Advanced Technology Solutions

 

124,306

 

 

 

 

 

139,549

 

 

 

 

 

358,111

 

 

 

 

 

432,026

 

 

 

Total sales

$

661,604

 

 

 

 

$

648,677

 

 

 

 

$

1,945,439

 

 

 

 

$

1,909,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

118,110

 

 

 

 

$

115,346

 

 

 

 

$

344,305

 

 

 

 

$

329,439

 

 

 

Medical and Fluid Solutions

 

48,374

 

 

 

 

 

54,019

 

 

 

 

 

143,467

 

 

 

 

 

141,326

 

 

 

Advanced Technology Solutions

 

22,945

 

 

 

 

 

27,083

 

 

 

 

 

60,767

 

 

 

 

 

70,136

 

 

 

Corporate

 

(22,371

)

 

 

 

 

(25,452

)

 

 

 

 

(53,430

)

 

 

 

 

(53,179

)

 

 

Total operating profit

$

167,058

 

 

 

 

$

170,996

 

 

 

 

$

495,109

 

 

 

 

$

487,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT ADJUSTMENTS (1)

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

2,536

 

 

 

 

$

 

 

 

 

$

6,077

 

 

 

 

$

 

 

 

Medical and Fluid Solutions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,479

 

 

 

Advanced Technology Solutions

 

 

 

 

 

 

2,049

 

 

 

 

 

2,078

 

 

 

 

 

14,303

 

 

 

Corporate

 

5,160

 

 

 

 

 

7,732

 

 

 

 

 

5,161

 

 

 

 

 

7,732

 

 

 

Total adjustments

$

7,696

 

 

 

 

$

9,781

 

 

 

 

$

13,316

 

 

 

 

$

23,514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DEPRECIATION & AMORTIZATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

14,521

 

 

 

 

$

7,036

 

 

 

 

$

42,821

 

 

 

 

$

21,166

 

 

 

Medical and Fluid Solutions

 

13,553

 

 

 

 

 

14,133

 

 

 

 

 

40,822

 

 

 

 

 

41,441

 

 

 

Advanced Technology Solutions

 

3,368

 

 

 

 

 

3,834

 

 

 

 

 

10,093

 

 

 

 

 

11,656

 

 

 

Corporate

 

1,940

 

 

 

 

 

2,099

 

 

 

 

 

5,910

 

 

 

 

 

6,374

 

 

 

Total depreciation & amortization

$

33,382

 

 

 

 

$

27,102

 

 

 

 

$

99,646

 

 

 

 

$

80,637

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA (NON-GAAP) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial Precision Solutions

$

135,167

 

 

36%

 

$

122,382

 

 

36%

 

$

393,203

 

 

36%

 

$

350,605

 

 

36%

Medical and Fluid Solutions

 

61,927

 

 

37%

 

 

68,152

 

 

40%

 

 

184,289

 

 

37%

 

 

184,246

 

 

37%

Advanced Technology Solutions

 

26,313

 

 

21%

 

 

32,966

 

 

24%

 

 

72,938

 

 

20%

 

 

96,095

 

 

22%

Corporate

 

(15,271

)

 

 

 

 

(15,621

)

 

 

 

 

(42,359

)

 

 

 

 

(39,073

)

 

 

Total EBITDA

$

208,136

 

 

31%

 

$

207,879

 

 

32%

 

$

608,071

 

 

31%

 

$

591,873

 

 

31%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Represents severance as well as fees and non-cash inventory charges associated with acquisitions.

(2)

EBITDA is a non-GAAP measure used by management to evaluate the Company's ongoing operations. EBITDA is defined as operating profit plus certain adjustments, such as severance, fees and non-cash inventory charges associated with acquisitions, plus depreciation and amortization.

NORDSON CORPORATION

RECONCILIATION OF NON-GAAP MEASURES - ADJUSTED NET INCOME AND EARNINGS PER SHARE

(Unaudited)

(Dollars in thousands)

 

 

Three Months Ended

 

Nine Months Ended

 

July 31, 2024

 

July 31, 2023

 

July 31, 2024

 

July 31, 2023

GAAP AS REPORTED

 

 

 

 

 

 

 

Operating profit

$

167,058

 

 

$

170,996

 

 

$

495,109

 

 

$

487,722

 

Other / interest expense - net

 

(17,624

)

 

 

(8,944

)

 

 

(57,700

)

 

 

(32,963

)

Net income

 

117,327

 

 

 

127,891

 

 

 

345,116

 

 

 

359,715

 

Diluted earnings per share

$

2.04

 

 

$

2.22

 

 

$

5.99

 

 

$

6.24

 

 

 

 

 

 

 

 

 

Shares outstanding - diluted

 

57,624

 

 

 

57,530

 

 

 

57,620

 

 

 

57,657

 

 

 

 

 

 

 

 

 

OPERATING PROFIT ADJUSTMENTS

 

 

 

 

 

 

 

Inventory step-up amortization

$

 

 

$

 

 

$

2,944

 

 

$

4,306

 

Acquisition-related costs

 

5,160

 

 

 

7,732

 

 

 

5,757

 

 

 

13,721

 

Severance and other

 

2,536

 

 

 

2,049

 

 

 

4,615

 

 

 

5,487

 

 

 

 

 

 

 

 

 

ACQUISITION AMORTIZATION OF INTANGIBLES

$

19,202

 

 

$

13,922

 

 

 

57,412

 

 

 

41,839

 

 

 

 

 

 

 

 

 

Total adjustments

$

26,898

 

 

$

23,703

 

 

$

70,728

 

 

$

65,353

 

 

 

 

 

 

 

 

 

Adjustments net of tax

$

21,134

 

 

$

18,706

 

 

$

55,804

 

 

$

51,694

 

EPS effect of adjustments and other discrete tax items

$

0.37

 

 

$

0.33

 

 

$

0.97

 

 

$

0.90

 

 

 

 

 

 

 

 

 

NON-GAAP MEASURES-ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE

 

 

 

 

 

 

 

Adjusted Net income (1)

$

138,461

 

 

$

146,597

 

 

$

400,920

 

 

$

411,409

 

Adjusted Diluted earnings per share (2)

$

2.41

 

 

$

2.55

 

 

$

6.96

 

 

$

7.14

 

(1)

Adjusted net income is a non-GAAP measure defined as net income plus tax effected adjustments and other discrete tax items.

(2)

Adjusted earnings per share is a non-GAAP measure defined as GAAP EPS adjusted for tax effected adjustments and other discrete tax items.

 

Management uses certain non-GAAP measures, such as adjusted net income, adjusted EPS and EBITDA, internally to make strategic decisions, forecast future results, and evaluate the Company's current performance. Given management's use of these non-GAAP measures, the Company believes these measures are important to investors in understanding the Company's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in the Company's core business across different time periods. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures to other companies' non-GAAP financial measures, even if they have similar names. Amounts may not add due to rounding.

 

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