NDSN: 2Q26 Comments Ahead of the Call

研报英文原文证据摘录

NDSN: 2Q26 Comments Ahead of the Call

Electrical Equipment & Multi-Industry

FLASH

FLASH: NORDSON CORPORATION (NDSN) May 20, 2026

NDSN: 2Q26 Comments Ahead of the Call Rating:

Peer PerformHeadline EPS of $2.86 compared to $2.82/$2.85 Street/WRe and guidance Price:

of $2.70-2.90. We mark this as a $0.01 beat at the EBITDA line vs. our model, $276.20

including an $0.08 beat in ATS (with upside to revenue and margins), partially Price Target:

NAoffset by higher corporate expense ($0.07 higher than our model). Within the

mix operationally, ATS EBITDA was +13% above our model, while IPS and MFS Source: FactSet, Wolfe Research

were in line with our model. EBITDA margins were above WRe in ATS (27.2% vs. Priced as of 05/20/26

24.6% WRe) and below our model in IPS (35.3% vs. 35.9% WRe) and MFS (37.2%

vs. 38.1% WRe). Aggregate segment EBITDA margins were +10bps above our

estimate, while revenue was +2% above our estimate. Free cash flow of $170m

marked 106% conversion of adjusted net income and compared to $104m WRe.

Organic growth of +6.6% outpaced our +4.2% estimate with upside to our Brad Hewitt

model in each segment. The biggest positive delta vs. our expectations was in MFS bhewitt@wolferesearch.com (646) 582-9256

(+7.8% organic vs. our +4.5%), followed by ATS (+8.5% vs. our +5%) and IPS (+5% View NDSN Model

vs. our +3.5%). All regions grew MSD+ organically, with Americas +5.9%, Europe

Nigel Coe, CPA; CFA

+6.4%, and APAC +7.8%. Segment margins were +30bps Y/Y, driven fully by ATS ncoe@wolferesearch.com

(+270bps Y/Y), partially offset by IPS (-40bps Y/Y) and MFS (-50bps Y/Y). Backlog is (646) 582-9259

View Nigel’s Research+18% Y/Y, with strong order momentum in the quarter across all segments. See Ex

1 for more details. William Vranka

wvranka@wolferesearch.com