Shares of Nordson Corp. jumped Friday after the maker of adhesive application equipment reported fiscal second-quarter results above Wall Street's expectations.
Late Thursday, the company said its profit more than doubled and revenue increased by more than a third in the quarter.
KeyBanc Capital Markets analyst Matt Summerville wrote in a note to investors that he had expected improvement in Nordson's Advanced Tech business, but "the magnitude and velocity of resurgence in this segment has clearly been more pronounced than we envisioned."
The analyst cautioned that companies might have bought more of the division's tools for coating electronics components and other products than they needed, which could lead to a slowdown later.
Nordson also issued fiscal third-quarter guidance above analyst estimates.
Nordson's shares gained $4.04, or 6.4 percent, to $66.87 in afternoon trading. The stock has ranged from $34.47 to $77.40 over the past year.
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