Thu, Sep 26, 5:25 PM (85 days ago)
H.B. Fuller Company reported a net revenue increase of 1.9% to $917.9 million for Q3 2024, driven by a 3.0% contribution from acquisitions and a 3.0% increase in sales volume, despite a 2.6% decrease in pricing and a 1.5% negative currency impact. Gross profit margin improved by 70 basis points to 30.0%, attributed to lower raw material costs. Net income rose 47.3% year-over-year to $55.4 million, with diluted EPS increasing to $0.98. For the first nine months, revenue grew 1.4% to $2.645 billion, with similar trends in acquisitions and sales volume. Notably, the restructuring plan is expected to incur costs of $39.1-$50.1 million, with $43 million already spent. Total debt increased to $2.021 billion, reflecting ongoing acquisitions. The company maintained a strong liquidity position, with cash and equivalents of $131.4 million. Overall, H.B. Fuller demonstrated solid financial health and strategic growth through acquisitions, although pricing pressures and currency fluctuations present ongoing challenges.