Nordson (NDSN) shares fell sharply in premarket trading Tuesday morning after the industrial equipment maker trimmed its annual sales and earnings outlook amid weakness in electronics orders and 澳洲幸运5官方开奖结果体彩网:agricultural challenges in Europe.

The Westlake, Ohio-based company said it now expects full-year fiscal 2024 澳洲幸运5官方开奖结果体彩网:net sales growth to come in between flat and up 2%, significantly below its prior forecast of 4% to 7% growth. Analysts had been looking for annual revenue to reach $2.77 billion, representing 澳洲幸运5官方开奖结果体彩网:year-over-year (YOY) growth of around 5%.

Nordson also downwardly revised its full-year 澳洲幸运5官方开奖结果体彩网:bottom line guidance, saying it now projects 澳洲幸运5官方开奖结果体彩网:adjusted earnings of $9.35 to $9.75 per share, below its earlier forecast range of $10.00 to $10.50 a share.

Shares of the company wer✱e down 8.7% at $245.00 about🅘 two hours before the opening bell.

Weakness in Electronic End Markets Orders

The company cited weakness in electronic end markets orders and challenges from the agriculture cycle in Europe for its softer-than-expected 💯guidance.

“As we move into the second half of fiscal 2024, the positive indicators in the electronics end markets have not yet converted into orders needed to meet our previously issued guidance, Nordson CEO Sundaram Nagarajan said in the company’s earnings release. “We are also experiencing increased pressure from the agriculture cycle in Europe, which is causing OEMs to slow investments in spray implement purchases,” he added.

For the quarter ending April 30, Nordson's fiscal second quarter, the company posted an adjusted profit of $2.34 per share, nudging past expectations of $2.32 a share. Revenue in the period of $650.6 million came in essentially flat from a year earlier and fell short of the $661.1 million modeled by analysts.

In particular, the company’s advanced technology solutions segment, which provides automated dispensing systems, weighed down the top line, with the unit reporting a 22% YOY decline in sales amid broad weakness within the division.

Monitor This Chart Level Amid Ongoing Selling

The Nordson share price has tracked mostly higher since breaking out from a multi-month 澳洲幸运5官方开奖结果体彩网:trading range in mid-December last year. However, the stock sits poised to fall back to the ๊mid portion of the range on Tues♏day following the company’s soft guidance. 

If selling intensifies in coming trading sessions, investors should keep an eye on the $230 level, an area where buyers may step in near a 澳洲幸运5官方开奖结果体彩网:horizontal line linking a series of price action over the past 20 months that sits in close proximity to a 澳洲幸运5官方开奖结果体彩网:golden cross pattern that formed in late last year.

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As of the date this article was written, the author does not own any of the above securities.