Nordson posts 4Q, full-year losses on write-down

AP News
Posted: Dec 16, 2009 6:48 PM

Nordson Corp. _ which makes equipment to apply adhesives and sealants to food packaging, cars and appliances _ on Wednesday posted a loss for the fourth quarter as it booked $243 million worth of charges to write down the value of assets.

Its results missed Wall Street's expectations and shares slid 4 percent in after-hours trading.

In the quarter that ended Oct. 31, the company said Wednesday that it lost $209 million, or $6.22 per share. Excluding write-downs and asset impairment charges that amounted to $7.08 per share, adjusted profit totaled 85 cents _ falling short of the 88 cents that analysts polled by Thomson Reuters had expected.

In the same period a year earlier, the company earned $30.7 million, or 90 cents per share.

Revenue fell 20 percent to $237.4 million from $297.7 million.

For the full year, the company also posted a loss, of $160 million, or $4.77 per share, compared with year-earlier profit of $117.5 million, or $3.43 per share. Excluding the write-downs, profit of $2.31 per share missed a $2.42 per share estimate of analysts.

Revenue fell 27 percent to $819.2 million from $1.12 billion.

Westlake, Ohio-based Nordson forecast 2010 profit of 61 cents to 71 cents per share, including a 10-cent-per-share tax benefit and a penny in restructuring charges. Sales are expected to climb 13 to 17 percent year-over-year.

Shares of Nordson fell $2.50, or 4.3 percent, to $56 in after-hours trading Wednesday, after closing the regular session up 87 cents at $57.84.