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Dispensing equipment maker Nordson posts upbeat quarterly results
(Reuters) -Dispensing equipment maker Nordson reported third-quarter profit and revenue above Wall Street estimates on Wednesday, driven by strong demand for its advanced technology products., sending its shares up 5% after the bell. The Westlake, Ohio-based company's precision dispensing systems are used in applying adhesives, coatings and sealants, particularly prevalent across the construction and food packaging sectors. "Following a strong third quarter, I am pleased that we are able to affirm our full year sales guidance and earnings expectations," CEO Sundaram Nagarajan said in a statement. Sales in Nordson's advanced technology solutions segment rose 17.4% to $219.5 million in the quarter from a year earlier. The unit provides surface treatment, precision dispensing, and inspection systems that enhance quality and reliability in electronics and automotive production. Nordson's medical and fluid solutions unit reported a 31.7% jump in sales to $219.5 million for the quarter ended July 31. The business was boosted by the company's May 2024 acquisition of Atrion, a supplier of medical devices and components. Nordson reported third-quarter adjusted earnings of $2.73 per share, beating estimates of $2.64 per share, according to data compiled by LSEG. Total sales were $741.5 million, above estimates of $723.1 million.
Yahoo
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Why a top economist agrees with Trump that Powell is too late in cutting interest rates
Fed Chair Jerome Powell could make another big mistake if he doesn't cut rates, Mohamed El-Erian says. The top economist echoed Trump, saying he thinks the Fed is "too late" to loosen monetary policy. El-Erian pointed to the US job market, which he said was starting to deterioriate at a faster pace. It seems like not a week goes by without President Donald Trump criticizing the head of the Federal Reserve, but one top economist thinks there could be merit in one of Trump's favorite descriptors of Jerome Powell: "Too late." Mohamed El-Erian, the chief economic advisor at Allianz, thinks the idea that Powell may be too late to cut interest rates is credible. Speaking to CNBC on Wednesday, El-Erian — who's often warned about the risk of a recession in recent years — said he believes the Fed should have cut rates last month. "Now we're starting to see the problem with excessive data dependency," El-Erian said of the Fed Chair. "If you simply look at data, by the time you get a clear indication of what you should have done a few months ago, it's too late." Inflation data has been mixed recently, which has complicated the Fed's path toward cutting interest rates. Inflation was slightly cooler than expected in July, with consumer prices rising 2.7% year-over-year. However, producer prices came in much hotter than expected, growing 3.3% compared to levels last year. But while inflation is ticking higher, expectations for price growth are mostly anchored, thanks to supply changes in the economy, El-Erian said. The job market, meanwhile, is flashing signs it's starting to deterioriate at a faster pace, he added. The US added far fewer jobs than expected in July, while job gains over May and June were revised downward by a collective 258,000. All eyes on Powell Powell's approach to monetary policy has differed in recent years from past Fed Chairs, El-Erian said. Alan Greenspan, who served as Fed Chair from the late 80s to the early 2000s, didn't raise interest rates as inflation ticked higher in the 90s partly because he saw productivity booming in the US, which was "absolutely" the right call, El-Erian said. Ben Bernanke, who took over the central bank in the years leading up to the Great Financial Crisis, also waited to raise interest rates as inflation rose in the early 2000s as he saw the economy slowing, El-Erian said. "This is the first Fed Chair that is almost wholly backward-looking. And that's the problem," he added. Powell took a strategic view on monetary policy during the pandemic, El-Erian said, when the Fed Chair kept interest rates close to zero and said price pressures in the economy would be "transitory." Inflation peaked the following year at over 9%, prompting a series of aggressive rate hikes. "They made a huge mistake," El-Erian said. "They may end up making a mistake by being too late," he added, when asked if the Fed was poised to make another monetary policy error. His comments echo what Trump has frequently said about Powell. The president, who's pressured Powell to lower interest rates for years, doubled down on his monetary policy stance in a post on Truth Social Tuesday evening. "Could somebody please inform Jerome "Too Late" Powell that he is hurting the Housing Industry, very badly? People can't get a Mortgage because of him. There is no Inflation, and every sign is pointing to a major Rate Cut. "Too Late" is a disaster!" Trump wrote on his social media platform. El-Erian said he believed the central bank should issue a 25 basis point rate cut in September, largely to boost economic growth and support the labor market. Investors are eagerly anticipating a rate cut next month. Markets are pricing in an 82.9% chance the central bank will trim rates a quarter-point, according to the CME FedWatch tool. In the interim, markets are waiting on the Fed's latest meeting minutes, which will offer investors a peep into how the central bank viewed inflation and the outlook for rate cuts in July. Later this week, traders will be focused on Powell's speech at the Fed's annual Jackson Hole symposium, which could offer more insight the path of monetary policy. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Lowe's to Buy Foundation Building Materials for $8.8B, Lifts Outlook
This article first appeared on GuruFocus. Lowe's (LOW, Financials) said Wednesday it will acquire Foundation Building Materials for $8.8 billion, stepping deeper into the $250 billion professional builder market as do-it-yourself demand remains weak. Warning! GuruFocus has detected 4 Warning Sign with AMZN. Shares rose 2% to $261.70 in early trading after the home improvement chain also raised its annual sales forecast and topped Wall Street's second-quarter profit estimates. Adjusted earnings came in at $4.33 per share, above the $4.24 consensus, on revenue growth tied to contractor sales. Foundation Building Materials supplies drywall, ceilings, metal framing, doors and hardware to about 40,000 pro customers through more than 370 locations in the U.S. and Canada. Lowe's CEO Marvin Ellison said the distributor's platform, combined with April's $1.3 billion Artisan Design acquisition, will significantly enhance the company's Pro offering. The deal, expected to close in Q4 pending regulatory approval, will be financed with a mix of short- and long-term debt. Lowe's now expects annual revenue between $84.5 billion and $85.5 billion, up from a prior $83.5 billion to $84.5 billion range. The move intensifies competition with Home Depot (HD, Financials), which announced in June it would buy GMS (GMS, Financials) for $4.3 billion. Analysts said the urgency in acquisitions highlights the race to secure share in the pro contractor segment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
