H B Fuller Co

Latest Results (20.08.2024):

Revenue Growth

H.B. Fuller Co. reported net revenue of $917 million for the second quarter of fiscal 2024, marking a 2.1% increase compared to the same period in the previous year. This growth was driven by a 3.3% increase in volume across all three global business units, although organic revenue remained flat year-on-year.

Profit Margins

The company's gross profit for the second quarter of fiscal 2024 was $282 million, with an adjusted gross profit of $286 million. The adjusted gross profit margin increased by 210 basis points year-on-year to 31.1%, primarily due to favorable net pricing, raw material cost impacts, restructuring benefits, and volume growth.

Net Income and EPS

H.B. Fuller Co. reported a net income of $51 million for the second quarter of fiscal 2024, translating to $0.91 per diluted share. Adjusted net income was $64 million, with an adjusted EPS of $1.12 per diluted share, reflecting a 20% increase year-on-year driven by strong operating income growth.

Adjusted EBITDA

For the second quarter of fiscal 2024, H.B. Fuller Co. achieved an adjusted EBITDA of $157 million, up 10% year-on-year. The adjusted EBITDA margin expanded by 120 basis points to 17.1%, driven by pricing and raw material cost actions, volume growth, restructuring savings, and benefits from recent acquisitions.

Fiscal 2024 Outlook

H.B. Fuller Co. updated its financial guidance for fiscal 2024, now expecting net revenue growth between 2% and 4%, with organic revenue flat to up 2% year-on-year. Adjusted EBITDA is projected to be in the range of $620 million to $640 million, and adjusted EPS is anticipated to be between $4.20 and $4.45, reflecting a year-on-year growth of 9% to 15%.