MUMBAI: The assembly election results have been catastrophic for the Congress, marking the party’s lowest-ever tally in the state – just 16 seats. It is also the worst-ever performance of the Congress in the political history of Maharashtra. In the 2019 assembly elections, the party won 44 seats, its lowest tally then. The party even survived the anti-Indira Gandhi wave after the Emergency of 1975, winning 62 seats in the 1978 assembly elections held less than a year after the Emergency was lifted. The Congress’s disastrous defeat is prompting analysts to ask how the party will survive its biggest-ever setback in the state where it was founded and flourished for decades. The defeat is even more devastating as it comes only months after the Congress triumphed in the Lok Sabha elections, emerging with the biggest haul, party-wise – 13 of 48 seats – in June this year. The grand old party, which ruled Maharashtra without alliance support until 1990, is now in utter shambles. It contested 101 seats in this election in an alliance with two other parties – the Shiv Sena (UBT) and the Nationalist Congress party (NCP), led by Uddhav Thackeray and Sharad Pawar, respectively. The coalition, the Maha Vikas Aghadi (MVA), was in fact confident of crossing the 145-seat mark needed for a simple majority in the 288-seat House. Ironically, the Congress’s worst-case scenario was a hung House, a close contest between the MVA and the ruling Mahayuti coalition, Congress insiders said. Several senior Congress leaders have also been defeated. Among them is Balasaheb Thorat, who lost to Shiv Sena’s Amol Khatal by over 10,000 votes. He lost the Sangamner seat for the first time since 1985, after serving eight terms. State Congress president Nana Patole won by a whisker, by just 200-odd votes, from Sakoli. Other senior leaders who were defeated are Prithiviraj Chavan, a former chief minister, from Karad South; Yashomati Thakur from Teosa; and Manikrao Thakre from Digras. Senior Congress leader Satej Patil was unable to hide his shock. “There are so many issues on which the people were angry with the government, whether the insult to Chhatrapati Shivaji Maharaj following the collapse of his statue [in Sindhudurg], rampant corruption, the increasing crime rate, among other things. Either these issues don’t matter to the people or the EVMs have been manipulated,” Patil told HT. The Congress had even bounced back from the desertion of many senior party leaders ahead of the Lok Sabha polls in May this year, among them Ashok Chavan, Milind Deora, Sanjay Nirupam and Baba Siddique. “But it will be difficult for the Congress to come back from this defeat,” another leader said. Some Congress leaders said the party’s poll campaign was not aggressive, while others said the party’s leaders spent more discussing the seat-sharing formula with its alliance partners than working on the ground. “Our campaign was not up to the mark. First of all, it was not aggressive as it should have been. Second, the issues it raised were not state-specific. When Mahayuti was talking about giving more money to voters, we were wasting time talking about saving the Constitution, which did not gain any traction as the issue had run its course during the Lok Sabha polls,” a Congress insider said. “After winning the Lok Sabha polls in Maharashtra, we grew overconfident and spent too much time fighting each within the MVA coalition, over sharing of seats,” said another Congress leader. This shocking defeat has impacted the morale of the rank and file in the state, which at 288 has the second-highest number of assembly seats after Uttar Pradesh (403). Looking ahead, the question is: can the Congress recover enough to avoid being decimated in future elections, in large states such as Uttar Pradesh?As we look back on the decision to sell the "East-Facing House" and move into the "West-Facing House," we are grateful for the opportunity to experience two sides of the same coin. The contrast between the two homes served as a reminder that change, however daunting, can bring unexpected joys and blessings. And in the end, we found that no matter which way our house faced, home was wherever we were together.
In the wake of Wu Yingjie's expulsion, it is imperative for officials at all levels to learn from this case and uphold the Party's principles of self-discipline. By doing so, we can build a more transparent, accountable, and effective government that commands the trust and respect of the people.WESTLAKE, Ohio--(BUSINESS WIRE)--Dec 11, 2024-- Nordson Corporation (Nasdaq: NDSN) today reported results for the fiscal fourth quarter ended October 31, 2024. Sales were $744 million, a 4% increase compared to the prior year’s fourth quarter sales of $719 million. The increase in fourth quarter 2024 sales included the favorable 6% impact of acquisitions and favorable currency translation of 1%, offset by an organic sales decrease of 3%. Net income was $122 million, or earnings per diluted share of $2.12, compared to prior year’s fourth quarter net income of $128 million, or earnings per diluted share of $2.22. Adjusted net income was $160 million, an increase from prior year adjusted net income of $156 million. Fourth quarter 2024 adjusted earnings per diluted share were $2.78 compared to prior year adjusted earnings per diluted share of $2.71. EBITDA in the fourth quarter was $241 million, or 32% of sales, an increase of 4% compared to prior year EBITDA of $227 million, also at 32% of sales. Commenting on the Company’s fiscal 2024 fourth quarter results, Nordson President and Chief Executive Officer Sundaram Nagarajan said, “I appreciate our team’s focus and commitment to our customers, which delivered results above our fourth quarter guidance expectations. Our Advanced Technology Solutions segment delivered year-over-year fourth quarter sales growth, as electronics demand continued to steadily improve at fiscal year-end. During the down electronics cycle, our ATS team holistically implemented the NBS Next growth framework, making them responsive to the needs of our customers while also delivering a strong incremental operating performance. Our industrial product lines performed well against record comparisons from prior year. I’m also pleased with the early integration of our Atrion Medical acquisition, which contributed positively to the quarter.” Fourth Quarter Segment Results Industrial Precision Solutions sales of $392 million decreased 3% compared to the prior year fourth quarter, driven by a 5% organic sales decrease, a favorable acquisition impact of 1%, and a favorable currency impact of 1%. The organic sales decrease, following record organic sales in prior year fourth quarter, was driven by our industrial coatings, polymer processing and precision agriculture product lines, partially offset by double-digit growth in nonwovens product lines. Operating profit was $126 million in the quarter, or 32% of sales, a decrease of 4% compared to the prior year operating profit. The decrease in operating profit was driven by lower sales. EBITDA in the quarter was $143 million, or 37% of sales, a 3% decrease from the prior year fourth quarter EBITDA of $148 million, which also was 37% of sales. Medical and Fluid Solutions sales of $200 million increased 19% compared to the prior year fourth quarter, driven primarily by the acquisition of Atrion, which offset an organic sales decrease of 3% and a favorable currency impact of 1%. The organic sales decrease was driven by softness in medical interventional solutions product lines, partially offset by modest growth in our medical fluid components and fluid solutions product lines. Operating profit totaled $44 million in the quarter, or 22% of sales, a decrease of 8% compared to the prior year operating profit. EBITDA in the quarter was $72 million, or 36% of sales, an increase versus the prior year fourth quarter EBITDA of $62 million, or 37% of sales. Advanced Technology Solutions sales of $152 million increased 5% compared to the prior year fourth quarter, driven by an organic sales increase of 4% and a favorable currency impact of 1%. The organic sales increase was driven by double-digit growth in select test and inspection product lines and modest growth in our electronics processing product lines. Operating profit totaled $33 million in the quarter, or 22% of sales, an increase of 6% compared to the prior year operating profit due to higher sales and improved profit margins. EBITDA in the quarter was $41 million, or 27% of sales, an increase from the prior year fourth quarter EBITDA of $35 million, or 24% of sales. Fiscal 2024 Full Year Results Sales for the fiscal year ended October 31, 2024, were a record $2.7 billion, an increase of 2% compared to the prior year. This sales growth was driven by a favorable acquisition impact of 5%, partially offset by a 3% decrease in organic volume. Net income was $467 million, or earnings per diluted share of $8.11, compared to prior year’s net income of $487 million, or earnings per diluted share of $8.46. Adjusted net income was $561 million, a decrease from prior year adjusted net income of $567 million. Adjusted earnings per diluted share were $9.73 compared to prior year adjusted earnings per diluted share of $9.85. EBITDA was $849 million, or 32% of sales, compared to prior year EBITDA of $819 million, or 31% of sales. Free cash flow for the full-year was $492 million, which was a conversion rate of 105% of net income. Reflecting on fiscal 2024, Mr. Nagarajan continued, “In 2021, we launched our Ascend strategy with the milestone of achieving $3 billion in annual sales and greater than 30% EBITDA margins by 2025. The strategy is delivering results and has ample runway to accelerate. Our diversified portfolio, built on our leadership in niche end markets with differentiated products, is delivering balanced results in the ever-changing macro environment. Our acquisition strategy is generating growth, and I am pleased with the integration and deployment of the NBS Next growth framework. We also continued to generate strong free cash flow in the year, allowing us to consistently reinvest in the business while returning cash to our shareholders.” Outlook Following four consecutive years of record-setting performance, we enter fiscal 2025 with approximately $580 million in backlog. Based on the combination of order entry, backlog, current exchange rates and anticipated end market expectations, we anticipate delivering sales in the range of $2,750 to $2,870 million in fiscal 2025. Full year fiscal 2025 adjusted earnings are forecasted in the range of $9.70 to $10.50 per diluted share. First quarter fiscal 2025 sales are forecasted in the range of $615 to $655 million with adjusted earnings in the range of $1.95 to $2.15 per diluted share. Commenting on fiscal 2025 guidance, Nagarajan said, “Considering the evolving global macro-environment, we are entering 2025 with a conservative viewpoint. The fiscal first quarter is seasonally Nordson’s weakest quarter due to the holiday and calendar year-end slowdowns and cautious customer spending. While we remain confident about the long-term growth drivers of our end markets, we are being prudent about our expectations for end market recovery timing, particularly for our electronics and agricultural product lines. Even in uncertain times, our team delivers operational excellence and strong cash flow due to our close-to-the-customer business model, diversified niche end markets, differentiated products and the NBS Next growth framework.” Nordson management will provide additional commentary on these results and outlook during its previously announced webcast on Thursday, December 12, 2024 at 8:30 a.m. eastern time, which can be accessed at https://investors.nordson.com . Information about Nordson’s investor relations and shareholder services is available from Lara Mahoney, vice president, investor relations and corporate communications at (440) 204-9985 or lara.mahoney@nordson.com . Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance,” “continue,” “target,” or the negative of these terms or comparable terminology. These statements reflect management’s current expectations and involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, U.S. and international economic conditions; financial and market conditions; currency exchange rates and devaluations; possible acquisitions, including the Company’s ability to successfully integrate acquisitions; the Company’s ability to successfully divest or dispose of businesses that are deemed not to fit with its strategic plan; the effects of changes in U.S. trade policy and trade agreements; the effects of changes in tax law; and the possible effects of events beyond our control, such as political unrest, including the conflict between Russia and Ukraine, acts of terror, natural disasters and pandemics, including the recent coronavirus (COVID-19) pandemic and the other factors discussed in Item 1A (Risk Factors) in the Company’s most recently filed Annual Report on Form 10-K and in its Forms 10-Q filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement in this press release. Nordson Corporation is an innovative precision technology company that leverages a scalable growth framework through an entrepreneurial, division-led organization to deliver top tier growth with leading margins and returns. The Company’s direct sales model and applications expertise serves global customers through a wide variety of critical applications. Its diverse end market exposure includes consumer non-durable, medical, electronics and industrial end markets. Founded in 1954 and headquartered in Westlake, Ohio, the Company has operations and support offices in over 35 countries. Visit Nordson on the web at www.nordson.com , linkedin/Nordson , or www.facebook.com/nordson . View source version on businesswire.com : https://www.businesswire.com/news/home/20241211087016/en/ CONTACT: Lara Mahoney Vice President, Investor Relations & Corporate Communications 440.204.9985 Lara.Mahoney@nordson.com KEYWORD: OHIO UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ELECTRONIC DESIGN AUTOMATION PACKAGING ENGINEERING SEMICONDUCTOR TECHNOLOGY MANUFACTURING OTHER MANUFACTURING SOURCE: Nordson Corporation Copyright Business Wire 2024. PUB: 12/11/2024 04:30 PM/DISC: 12/11/2024 04:32 PM http://www.businesswire.com/news/home/20241211087016/en
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Hegseth meets with moderate Sen. Collins as he lobbies for key votes in the Senate