Nordson beats third-quarter profit estimates on strong industrial business
Aug 21 (Reuters) -Dispensing equipment maker Nordson Corp NDSN.O beat Wall Street estimates for third-quarter profit on Wednesday, on strong sales in its industrial business.
Nordson benefited from increased sales of the company's tools used for dispensing adhesives, coatings and sealants used in construction and food packaging.
The company reported quarterly adjusted profit of $2.41 per share, above analysts' expectation of $2.33 per share, according to LSEG data.
Nordson's largest segment, industrial precision solutions, posted a 10% yearly increase in quarterly sales offsetting the decrease in sales in its medical and advanced technology segment by 2% and 11%, respectively, during the quarter.
Total sales for the quarter, ended July 31, were $661.6 million, beating LSEG estimate of $656.2 million.
The Ohio-based company now expects its full year adjusted earnings to range between $9.45 and $9.65 per share, compared with the prior range of $9.35 to $9.75 per share.
Reporting by Kannaki Deka and Aatreyee Dasgupta in Bengaluru; Editing by Mohammed Safi Shamsi
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