Nordson delivered a record Q1 with 9% sales growth, driven by strong ATS segment performance in semiconductors. The company raised its full-year guidance but remains cautious on H2 due to a potential demand pullback. Margins faced pressure from geographic mix and FX but are expected to normalize. Record Q1 sales of $669M, up 9% YoY, with ATS segment organic growth over 20%.
Nordson delivered a record Q1 with 9% sales growth, driven by strong ATS segment performance in semiconductors. The company raised its full-year guidance but remains cautious on H2 due to a potential demand pullback. Margins faced pressure from geographic mix and FX but are expected to normalize. Record Q1 sales of $669M, up 9% YoY, with ATS segment organic growth over 20%.
Nordson delivered a record Q1 with 9% sales growth, driven by strong ATS segment performance in semiconductors. The company raised its full-year guidance but remains cautious on H2 due to a potential demand pullback. Margins faced pressure from geographic mix and FX but are…
Guidance · revenue to $2.92B
Management expressed optimism about end-market momentum, citing record sales and strong order entry, while remaining measured about potential downside in the second half.
Backlog up 4% year-over-year, broad order momentum. Management expressed optimism about end-market momentum, citing record sales and strong order entry, while remaining measured about potential downside in the second half.
Management attributes strong ATS growth to semiconductor demand driven by AI computing power needs, enabling precision dispense and x-ray systems. They are well positioned in advanced packaging and note early signs of growing capacity needs in general and automotive electronics.
Backlog up 4% year-over-year, broad order momentum. Management expressed optimism about end-market momentum, citing record sales and strong order entry, while remaining measured about potential downside in the second half.
Management invested $18 million in capital projects in the quarter. They have consolidated their credit facility and maintain financial flexibility for strategic acquisitions, but no specific capex guidance or significant capacity expansion was discussed.
Management expressed optimism about end-market momentum, citing record sales and strong order entry, while remaining measured about potential downside in the second half.
“we feel still good about this year, this business being north of its long-term targets of mid-single digits”
“you're starting to see some of the semiconductor, I'll say the high-end semiconductor demand and investments seem to be trickling into the lower level electronics applications.”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 | $11.00–$11.60 | $11.30 | RAISED |
| EPS | FY2026 Q2 | $2.70–$2.90 | $2.80 | GUIDED |
| Revenue | FY2026 | $2.86B–$2.98B | $2.92B | RAISED |
| Revenue | FY2026 Q2 | $0.71B–$0.74B | $0.725B | GUIDED |
2 of 2 · 평균 편향 +2.2%
Nordson's semiconductor packaging customers are investing aggressively, driving 20%+ growth in ATS, and management does not see signs of a slowdown despite tougher comps in the second half. — This suggests strong capex within the semiconductor packaging supply chain, benefiting tool vendors and confirming upstream equipment demand.
Hey, good morning, everyone. Good morning, Mike. Can we start on the ATS piece and maybe just give some more context to the moving pieces in the larger buckets there? You know, the dispense piece seems like it's tracking the right way. I'm going to see some signs on x-ray. Maybe broadly on the T&I piece, what are you seeing and just maybe put it all together, talk about the three pieces, the order trajectory and where you're the most confident.
Yeah, sure. Overall strong momentum on order entry, as well as revenue shipments in the quarter for these businesses. Clearly our dispense businesses were the strongest. And that is to be expected, right? If you think about our dispense businesses and their applications in these complex chip manufacturing processes driven by AI computing power needs of our customers, we see tremendous amount of investment going on in this business. And that is reflective of the revenue performance as well as the order entry. If you think about our TNI, you want to think about it in two pieces. One is our x-ray businesses, and the other one is what we call as AMI businesses. And so these are acoustic emission-based inspection techniques and optical techniques. So if you think about the x-ray, we are beginning to see some pretty nice momentum in our x-ray business. Remember last year, this business was a little bit down. We are beginning to see that business starting to inflect and feel really good about where we are. Think about these complex chips. These complex chips are now both combined logic and memory on the same stack. And And so these are very expensive chips and yield rates are everything here. And so the testing inspection applications continue to expand for us in these manufacturing processes. And so we feel good about the long term, but also feel good about the near term where we're seeing these orders starting to inflate. One thing that is, you know, we also have our AMI business, which is our acoustic emission business, there we have coming off of two really strong years of growth. We still have pretty decent growth plan for them this year. But in general, we feel really good about ATS segment. And that is reflected in our second quarter outlook. If you get into the second half, you need to remember that this business started to inflect in the second half of last year. The comps get a little bit difficult, but yet, based on what we can see in terms of backlog and order entry momentum, we feel still good about this year, this business being north of its long-term targets of mid-single digits.
General electronics demand is stable but not yet inflecting; early signs point to potential capacity adds in memory and lower-tier electronics, which could be a future catalyst for Nordson. — If memory capacity expansions materialize, suppliers of backend packaging and test equipment like Nordson will see incremental demand.
Just wanted to... You mentioned, I think, seeing some initial signs of the general electronics out of ATS starting to show signs of life that pretty consistent with what we're hearing from kind of adjacent companies or exposures to yours. But I just wanted to spend a minute exploring that topic.
Yeah, I guess maybe just to add a little bit of color, I would say we're not really seeing inflection in those businesses. I would say stable demand at low growth levels. I think the early signs that I would say we're pointing to is, and you guys see the announcements as much as anybody else, you're starting to see some of the semiconductor, I'll say the high-end semiconductor demand and investments seem to be trickling into the lower level electronics applications. If you think of memory and general electronics requirements, we're starting to see announcements and discussions around capacity investments. We're not seeing those yet, but certainly those are early signs that we may see inflection coming, uh, at some point in the future. Right now, what I would say we're seeing in those markets is stable demand at low growth rates.