H.B. Fuller reports Q1 2024 results

28 March 2024

H.B. Fuller Company (NYSE: FUL) has reported financial results for its first quarter that ended March 2, 2024.

First Quarter 2024 noteworthy items:

  • Net revenue was US$810M, up slightly yr-on-yr; organic revenue decreased modestly yr-on-yr due primarily to anticipated pricing changes;
  • Gross profit margin was 29.5%; adjusted gross profit margin was 30.1%, up 320 basis points year-on-year, driven principally by favourable net pricing and raw material cost impact and restructuring benefits;
  • Net income was US$31M; adjusted EBITDA was US$123M, up 12% yr-on-yr; adjusted EBITDA margin expanded 160 basis points yr-on-yr to 15.2%;
  • Cash flow from operations increased US$42M yr-on-yr to US$47M, driven by reductions in net working capital requirements and improved profitability.

Summary of Q1 2024 results:

The Company’s net revenue for the first quarter of fiscal 2024 was US$810M, up 0.2% versus the first quarter of fiscal 2023. Organic revenue declined 4.2% yr-on-yr, 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 US$239M. Adjusted gross profit was US$244M. Favourable net pricing and raw material cost actions and restructuring benefits principally drove the year-on-year increase in adjusted gross profit margin.


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Net income attributable to H.B. Fuller for the first quarter of fiscal 2024 was US$31M, or US$0.55 per diluted share.

Adjusted EBITDA in the first quarter of fiscal 2024 was US$123M, up 12% yr-on-yr driven principally by favourable net pricing and raw material cost developments, ramping restructuring savings and benefits from the 2023 collection of acquisitions. Adjusted EBITDA margin increased 160 basis points yr-on-yr to 15.2%.

“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 realisation 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 CEO.

“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.”

For a more detailed report, click here.

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