<p>诺信公司（Nordson Corporation (NDSN)）已召开其 2026 财年第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>总统日促销 - 70% 折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
</ul>
<p>诺信公司在 2026 财年开局良好，创下季度销售、盈利和 EBITDA 的记录，同时强调了严格的执行和强劲的现金生成。管理层承认由于地理结构、外汇和医疗领域的疲软开局导致的利润压力，但将这些视为可控问题，背景是强劲的需求和上调的指引。</p>
<h2>创纪录的第一季度销售</h2>
<p>诺信公司第一季度销售额达到 6.69 亿美元，比去年同期的 6.15 亿美元增长 9%，有机增长为 7%。管理层强调，亚洲的需求特别强劲，推动了增长，尽管这在该地区的系统销售中带来了一些利润权衡。</p>
<h2>强劲的先进技术解决方案表现</h2>
<p>先进技术解决方案部门表现突出，销售额达到 1.49 亿美元，同比增长 23%，有机增长为 21%。该部门的 EBITDA 激增 43%，达到 3300 万美元，利润率提升至 22%，得益于电子分配的双位数增长和 X 射线检测需求的改善。</p>
<h2>盈利记录和利润率韧性</h2>
<p>调整后的营业利润增长 10%，达到 1.66 亿美元，而第一季度 EBITDA 创下 203 亿美元的记录，同比增长 8%，利润率保持在约 30%。调整后的每股收益也创下第一季度记录，达到 2.37 美元，比 2.06 美元增长 15%，突显了诺信在面对结构和外汇逆风时保护盈利能力的能力。</p>
<h2>强劲的自由现金流和资本部署</h2>
<p>自由现金流为 1.23 亿美元，现金转换率为 105%（不包括非现金收益），显示出强劲的现金生成能力。公司在股东回报和投资之间取得平衡，支付了 4600 万美元的股息，回购了 8200 万美元的股票，并投入了 1800 万美元的资本支出。</p>
<h2>改善的指引和订单积压势头</h2>
<p>进入第二季度的订单积压比去年同期增长约 4%，为近期需求提供了可见性。在此基础上，诺信上调了其展望，预计第二季度销售额为 7.1 亿至 7.4 亿美元，调整后的每股收益为 2.70 至 2.90 美元，同时提高了全年销售和盈利预期。</p>
<h2>资产负债表强劲和杠杆管理</h2>
<p>诺信在季度末持有 1.2 亿美元现金，净债务约为 19 亿美元，杠杆比率为 2.1 倍，符合其年末目标。新的信贷设施增加了约 8 亿美元的可用容量，增强了财务灵活性，以追求战略收购，同时保持资产负债表的纪律。</p>
<h2>一次性非现金投资收益</h2>
<p>结果包括 2200 万美元的税前非现金公允价值变动收益，涉及在首次公开募股后的一项少数股权投资。管理层将其记录在其他收入中，并将其排除在调整后的收益之外，旨在保持公司基础运营表现的清晰度。</p>
<h2>地理和产品组合对利润率的压力</h2>
<p>增长主要集中在亚洲，诺信在该地区通常获得较低的毛利率，尤其是在系统重的项目上，这对增量利润率造成了压力。IPS 部门对此影响尤为明显，EBITDA 利润率同比收缩约 2 个百分点，降至销售的 34%。</p>
<h2>医疗与流体解决方案的缓慢开局和天气干扰</h2>
<p>医疗与流体解决方案的销售额为 1.93 亿美元，同比基本持平，尽管在剔除剥离影响后有机增长为 3%。1 月底的严重冬季风暴暂时干扰了生产和发货，管理层估计这大约削减了季度销售的 1%。</p>
<h2>剥离对可比性的影响</h2>
<p>医疗业务的同比比较因之前剥离的一项医疗合同制造业务而进一步复杂化。该销售减少了约 4% 的报告销售，掩盖了基础有机改善，并对头条部门指标施加了压力。</p>
<h2>外汇作为增量拖累</h2>
<p>货币波动为总销售额提供了约 4% 的提升，为 IPS 收入提供了约 6% 的提升。然而，管理层指出，外汇收益的增量通常较低，仅为 25% 至 30%，这限制了利润率杠杆，并导致了温和的同比压缩。</p>
<h2>ATS 不均匀的系统需求和时机风险</h2>
<p>尽管其季度表现强劲，ATS 仍然面临大型系统订单固有的不均匀性，这在很大程度上依赖于客户的安装时机。管理层警告称，这可能导致季度间的波动，即使需求和订单积压趋势保持稳健，敦促投资者关注长期轨迹。</p>
<h2>上调的展望和前瞻性指引</h2>
<p>受创纪录的第一季度业绩、不断扩大的订单积压和强劲的现金流的推动，诺信上调了全年销售和盈利的展望。公司现在预计财年销售额在 28.6 亿至 29.8 亿美元之间，调整后的每股收益为 11.00 至 11.60 美元，高端反映了 ATS 的持续势头和改善的工业背景。</p>
<p>诺信最新的财报电话会议描绘了一幅公司良好执行的图景，利用技术驱动的增长，同时应对与组合相关和宏观的逆风。凭借创纪录的盈利能力、健康的现金回报和对 2026 年业绩的更高要求，投资者将关注 ATS 的强劲是否能扩展到其他部门，并支持新上调的指引。</p>

NDSN

<p>诺信公司（Nordson Corporation）公布了创纪录的第一季度业绩，销售额达到 6.69 亿美元，同比增长 9%。先进技术解决方案部门的销售额增长了 23%。尽管受到地域组合和外汇的利润压力，调整后的每股收益达到了创纪录的 2.37 美元。自由现金流表现强劲，达到 1.23 亿美元，公司将第二季度销售指导上调至 7.1 亿至 7.4 亿美元，全年销售指导上调至 28.6 亿至 29.8 亿美元。诺信的资产负债表依然强劲，现金为 1.2 亿美元，杠杆比率为 2.1 倍，支持战略收购</p>

<p>Nordson Corporation ((NDSN)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>诺信公司（Nordson Corporation (NDSN)）已召开其 2026 财年第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>President's Day Sale - 70% Off</h3>
<div class="lb-trans"><h3>总统日促销 - 70% 折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
</ul>
</div><p>Nordson Corporation opened fiscal 2026 on an upbeat note, delivering record quarterly sales, earnings and EBITDA while emphasizing disciplined execution and strong cash generation. Management acknowledged margin pressure from geographic mix, foreign exchange and a softer start in Medical, but framed these as manageable issues against a backdrop of robust demand and raised guidance.</p>
<div class="lb-trans"><p>诺信公司在 2026 财年开局良好，创下季度销售、盈利和 EBITDA 的记录，同时强调了严格的执行和强劲的现金生成。管理层承认由于地理结构、外汇和医疗领域的疲软开局导致的利润压力，但将这些视为可控问题，背景是强劲的需求和上调的指引。</p>
</div><h2>Record First Quarter Sales</h2>
<div class="lb-trans"><h2>创纪录的第一季度销售</h2>
</div><p>Nordson posted record Q1 sales of $669 million, up 9% from $615 million a year earlier, with organic growth of 7%. Management highlighted particularly strong demand in Asia, which led the growth profile, even as it brought some margin trade‑offs due to a heavier mix of system sales in that region.</p>
<div class="lb-trans"><p>诺信公司第一季度销售额达到 6.69 亿美元，比去年同期的 6.15 亿美元增长 9%，有机增长为 7%。管理层强调，亚洲的需求特别强劲，推动了增长，尽管这在该地区的系统销售中带来了一些利润权衡。</p>
</div><h2>Robust Advanced Technology Solutions Performance</h2>
<div class="lb-trans"><h2>强劲的先进技术解决方案表现</h2>
</div><p>The Advanced Technology Solutions segment stood out with sales of $149 million, climbing 23% year over year and 21% on an organic basis. EBITDA in ATS surged 43% to $33 million, lifting margin to 22%, powered by double‑digit electronics dispense growth and improving X‑ray inspection demand.</p>
<div class="lb-trans"><p>先进技术解决方案部门表现突出，销售额达到 1.49 亿美元，同比增长 23%，有机增长为 21%。该部门的 EBITDA 激增 43%，达到 3300 万美元，利润率提升至 22%，得益于电子分配的双位数增长和 X 射线检测需求的改善。</p>
</div><h2>Profitability Records and Margin Resilience</h2>
<div class="lb-trans"><h2>盈利记录和利润率韧性</h2>
</div><p>Adjusted operating profit rose 10% to $166 million, while Q1 EBITDA reached a record $203 million, up 8% with margin holding around 30%. Adjusted EPS also set a first‑quarter record at $2.37, a 15% increase from $2.06, underscoring Nordson’s ability to protect profitability despite mix and FX headwinds.</p>
<div class="lb-trans"><p>调整后的营业利润增长 10%，达到 1.66 亿美元，而第一季度 EBITDA 创下 203 亿美元的记录，同比增长 8%，利润率保持在约 30%。调整后的每股收益也创下第一季度记录，达到 2.37 美元，比 2.06 美元增长 15%，突显了诺信在面对结构和外汇逆风时保护盈利能力的能力。</p>
</div><h2>Strong Free Cash Flow and Capital Deployment</h2>
<div class="lb-trans"><h2>强劲的自由现金流和资本部署</h2>
</div><p>Free cash flow came in at $123 million, with cash conversion running at 105% of net income excluding a non‑cash gain, signaling robust cash generation. The company balanced shareholder returns and investment, paying $46 million in dividends, repurchasing $82 million of stock and deploying $18 million in capital expenditures.</p>
<div class="lb-trans"><p>自由现金流为 1.23 亿美元，现金转换率为 105%（不包括非现金收益），显示出强劲的现金生成能力。公司在股东回报和投资之间取得平衡，支付了 4600 万美元的股息，回购了 8200 万美元的股票，并投入了 1800 万美元的资本支出。</p>
</div><h2>Improved Guidance and Backlog Momentum</h2>
<div class="lb-trans"><h2>改善的指引和订单积压势头</h2>
</div><p>Backlog entering the second quarter was roughly 4% higher than a year ago, giving visibility into near‑term demand. On this foundation, Nordson raised its outlook, guiding Q2 sales to $710–$740 million and adjusted EPS to $2.70–$2.90, while lifting full‑year sales and earnings expectations.</p>
<div class="lb-trans"><p>进入第二季度的订单积压比去年同期增长约 4%，为近期需求提供了可见性。在此基础上，诺信上调了其展望，预计第二季度销售额为 7.1 亿至 7.4 亿美元，调整后的每股收益为 2.70 至 2.90 美元，同时提高了全年销售和盈利预期。</p>
</div><h2>Balance Sheet Strength and Leverage Management</h2>
<div class="lb-trans"><h2>资产负债表强劲和杠杆管理</h2>
</div><p>Nordson ended the quarter with $120 million in cash and net debt of about $1.9 billion, translating to a leverage ratio of 2.1 times, in line with its year‑end targets. A new credit facility adds roughly $800 million of available capacity, enhancing financial flexibility to pursue strategic acquisitions while maintaining balance sheet discipline.</p>
<div class="lb-trans"><p>诺信在季度末持有 1.2 亿美元现金，净债务约为 19 亿美元，杠杆比率为 2.1 倍，符合其年末目标。新的信贷设施增加了约 8 亿美元的可用容量，增强了财务灵活性，以追求战略收购，同时保持资产负债表的纪律。</p>
</div><h2>One‑time Non‑Cash Investment Gain</h2>
<div class="lb-trans"><h2>一次性非现金投资收益</h2>
</div><p>Results included a $22 million pre‑tax non‑cash mark‑to‑market gain tied to a minority investment following an initial public offering. Management recorded this in other income and excluded it from adjusted earnings, aiming to preserve clarity around the company’s underlying operating performance.</p>
<div class="lb-trans"><p>结果包括 2200 万美元的税前非现金公允价值变动收益，涉及在首次公开募股后的一项少数股权投资。管理层将其记录在其他收入中，并将其排除在调整后的收益之外，旨在保持公司基础运营表现的清晰度。</p>
</div><h2>Geographic and Product Mix Pressure on Margins</h2>
<div class="lb-trans"><h2>地理和产品组合对利润率的压力</h2>
</div><p>Growth skewed heavily toward Asia, where Nordson typically earns lower gross margins, especially on system‑heavy projects, weighing on incremental margins. The IPS segment felt this effect acutely, with EBITDA margin contracting by about 2 percentage points to 34% of sales compared with the prior year.</p>
<div class="lb-trans"><p>增长主要集中在亚洲，诺信在该地区通常获得较低的毛利率，尤其是在系统重的项目上，这对增量利润率造成了压力。IPS 部门对此影响尤为明显，EBITDA 利润率同比收缩约 2 个百分点，降至销售的 34%。</p>
</div><h2>Medical &amp; Fluid Solutions Slow Start and Weather Disruption</h2>
<div class="lb-trans"><h2>医疗与流体解决方案的缓慢开局和天气干扰</h2>
</div><p>Medical &amp; Fluid Solutions delivered $193 million in sales, essentially flat year on year, though organic growth was 3% before the impact of a divestiture. Severe winter storms late in January temporarily disrupted production and shipments, which management estimates shaved roughly 1% off quarterly sales.</p>
<div class="lb-trans"><p>医疗与流体解决方案的销售额为 1.93 亿美元，同比基本持平，尽管在剔除剥离影响后有机增长为 3%。1 月底的严重冬季风暴暂时干扰了生产和发货，管理层估计这大约削减了季度销售的 1%。</p>
</div><h2>Divestiture Impact on Comparables</h2>
<div class="lb-trans"><h2>剥离对可比性的影响</h2>
</div><p>Year‑over‑year comparisons in the Medical business were further complicated by the prior divestiture of a medical contract manufacturing operation. That sale reduced reported sales by about 4%, masking the underlying organic improvement and pressuring headline segment metrics.</p>
<div class="lb-trans"><p>医疗业务的同比比较因之前剥离的一项医疗合同制造业务而进一步复杂化。该销售减少了约 4% 的报告销售，掩盖了基础有机改善，并对头条部门指标施加了压力。</p>
</div><h2>Foreign Exchange as an Incremental Drag</h2>
<div class="lb-trans"><h2>外汇作为增量拖累</h2>
</div><p>Currency movements provided a top‑line lift, adding roughly 4% to total sales and about 6% to IPS revenue. However, management noted that FX benefits tend to carry low incrementals of only 25%–30%, which limited margin leverage and contributed to the modest year‑on‑year compression.</p>
<div class="lb-trans"><p>货币波动为总销售额提供了约 4% 的提升，为 IPS 收入提供了约 6% 的提升。然而，管理层指出，外汇收益的增量通常较低，仅为 25% 至 30%，这限制了利润率杠杆，并导致了温和的同比压缩。</p>
</div><h2>ATS Lumpy Systems Demand and Timing Risk</h2>
<div class="lb-trans"><h2>ATS 不均匀的系统需求和时机风险</h2>
</div><p>Despite its strong quarter, ATS remains exposed to the inherent lumpiness of large system orders, which depend heavily on customer installation timing. Management cautioned that this can create volatility from quarter to quarter even when demand and backlog trends remain solid, urging investors to focus on longer‑term trajectories.</p>
<div class="lb-trans"><p>尽管其季度表现强劲，ATS 仍然面临大型系统订单固有的不均匀性，这在很大程度上依赖于客户的安装时机。管理层警告称，这可能导致季度间的波动，即使需求和订单积压趋势保持稳健，敦促投资者关注长期轨迹。</p>
</div><h2>Upgraded Outlook and Forward‑Looking Guidance</h2>
<div class="lb-trans"><h2>上调的展望和前瞻性指引</h2>
</div><p>Buoyed by record Q1 results, expanding backlog and strong cash flow, Nordson raised its full‑year outlook for both sales and earnings. The company now expects fiscal‑year sales between $2.86 billion and $2.98 billion and adjusted EPS of $11.00–$11.60, with the high end reflecting sustained ATS momentum and an improving industrial backdrop.</p>
<div class="lb-trans"><p>受创纪录的第一季度业绩、不断扩大的订单积压和强劲的现金流的推动，诺信上调了全年销售和盈利的展望。公司现在预计财年销售额在 28.6 亿至 29.8 亿美元之间，调整后的每股收益为 11.00 至 11.60 美元，高端反映了 ATS 的持续势头和改善的工业背景。</p>
</div><p>Nordson’s latest earnings call painted a picture of a company executing well, capitalizing on technology‑driven growth while managing through mix‑related and macro headwinds. With record profitability, healthy cash returns and a higher bar for 2026 performance, investors will be watching whether ATS strength broadens into other segments and supports the newly raised guidance.</p>
<div class="lb-trans"><p>诺信最新的财报电话会议描绘了一幅公司良好执行的图景，利用技术驱动的增长，同时应对与组合相关和宏观的逆风。凭借创纪录的盈利能力、健康的现金回报和对 2026 年业绩的更高要求，投资者将关注 ATS 的强劲是否能扩展到其他部门，并支持新上调的指引。</p>
</div>

Nordson 在创纪录的第一季度业绩后上调了 2026 年的预期