H.B. Fuller announces preliminary fiscal year 2024 results
St. Paul, MN – H.B. Fuller Company announced their unaudited preliminary financial results for fiscal year 2024 and scheduled the company’s fourth quarter investor conference call. These preliminary results are estimates and remain subject to completion of the company’s fiscal year financial audit.
The company now expects fiscal year 2024 net revenue to be approximately $3.57 billion, adjusted diluted earnings per share to be approximately $3.84 and adjusted EBITDA to be approximately $594 million compared to previous guidance of adjusted EBITDA between $610 million and $620 million as communicated on September 25, 2024. Additionally, the company now expects cash flow from operations for the year to be approximately $300 million.
Fourth quarter net revenue and earnings were adversely impacted by weaker than expected conditions and delayed orders, particularly in consumer product goods and packaging related end markets as well as durable goods distribution. In addition, delayed customer order patterns shifted price increase realization into fiscal 2025 while higher raw material costs, primarily in Hygiene, Health and Consumable (HHC) Adhesives, negatively impacted adjusted EBITDA.
“Late in the fourth quarter there was a negative inflection point on volume whereby a number of market segments exhibited topline deceleration versus the previous quarter, and this adversely impacted our operating results and led to a disappointing shortfall relative to our expectations,” said Celeste Mastin, President and Chief Executive Officer. “In response to this weaker market environment, we are focusing on the controllable variables and putting in place new pricing actions and cost controls. This is in addition to our ongoing restructuring initiatives to streamline our manufacturing footprint and overall SG&A profile.”
The Company plans to report its financial results for the three-month and twelve-month fiscal periods ended November 30, 2024, in a press release issued after the market close on January 15, 2025. The Company will hold an investor conference call on January 16, 2025, at 9:30 a.m. CT (10:30 a.m. ET) to discuss its financial results.
Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the company’s website at https://investors.hbfuller.com. Participants must register prior to accessing the webcast using this link and should do so at least 10 minutes prior to the start of the call to install and test any necessary software and audio connections. Participants can pre-register for the webcast at any time using the link above. The webcast will be archived on the company’s website.
A telephone replay of the conference call will be available from 12:30 p.m. CT on January 16, 2025, to 10:59 p.m. CT on January 23, 2025. To access the telephone replay dial 1-800-770-2030 (toll free) or 1-609-800-9909 and enter the Conference ID: 6370505.