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H.B. Fuller Reports First Quarter Financials Consistent with Company Expectations

H.B. Fuller Co. recently released financial results for the first quarter that ended March 2, 2024. The company reported that net revenue was up slightly year-on-year, while organic revenue decreased modestly due primarily to anticipated pricing changes.

H.B. Fuller’s net revenue for the first quarter of fiscal 2024 was $810 million, up 0.2% versus the first quarter of fiscal 2023. Organic revenue declined 4.2% year-on-year, with pricing adjustments reducing organic revenue by 3.3% and volume reducing organic revenue by 0.9%. Foreign currency translation reduced net revenue by 0.6% and acquisitions increased net revenue by 5.0%.

Gross profit in the first quarter of fiscal 2024 was $239 million. Adjusted gross profit was $244 million. Adjusted gross profit margin of 30.1% increased 320 basis points year-on-year. The company stated that favorable net pricing and raw material cost actions and restructuring benefits principally drove the year-on-year increase in adjusted gross profit margin.

Net income attributable to H.B. Fuller for the first quarter of fiscal 2024 was $31 million, or $0.55 per diluted share. Adjusted net income attributable to H.B. Fuller for the first quarter of fiscal 2024 was $38 million. Adjusted EPS was $0.67 per diluted share, up 22% year-on-year driven by strong operating income growth.

“We are off to a good start to the year, with first quarter financial results largely consistent with our expectations. Our team is maintaining commercial discipline, proactively innovating to create win-win opportunities for our customers and pricing to that value, while also driving synergy realization and restructuring savings. As a result, we continue to drive strong adjusted EBITDA growth, margin expansion, and robust cash flow in a highly dynamic market environment,” said Celeste Mastin, H.B. Fuller president and chief executive officer.

“Looking ahead, we remain on track for another year of strong profit growth, continued margin expansion, and improved volume trends in fiscal 2024. As we continue to strengthen the portfolio through targeted organic investments and complete new highly synergistic strategic acquisitions, we are confident in our ability to achieve our long-term growth and profitability goals.”

Learn more about H.B. Fuller at www.hbfuller.com

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