Oppenheimer analyst, Christopher Glynn raised his PT to $92 from $83 on Nordson (NASDAQ: NDSN) after margin execution and drivers coalesced against an easy comparison. Mix dynamics were relatively favorable, but did not feature anything out of the ordinary and should prove consistent through FY2H, with some variance potential at ADS (heavier project mix at lower OM sometimes in 2H) and Industrial Coatings (very strong 2Q, but some fundamental operational upgrades could/should prove sticky). ATS continues to drive some broadening revenue growth drivers, though mobile volatility remains a factor. ADS OM breakout to 29% seems to represent some pivotal progress on restructuring and integration consolidations, while volume leverage also definitely helped.

EPS of $1.19, +49% y-o-y beat $0.87-0.97 guidance and the $0.92 consensus. Revenue of $438M increased 9% (+8% org.,+2% acq., -1% FX) vs. +2-6% guidance. Adjusted OM of 23.7% expanded >4 ppts (vs. 20% guidance), reflecting volume leverage and cost initiatives.

FY3Q EPS guidance of $1.25-1.37 is ahead of $1.23 cons. and assumes organic growth of down 1% to up 3%, 3% growth from acquisitions, and a 1% FX headwind.

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Shares of Nordson closed at $76.18 yesterday.