H.B. Fuller Q1 Report 2022
- Significant revenue and earnings growth versus the first quarter of fiscal 2021 was driven by outstanding operational execution, strong volume growth and pricing gains.
- Net revenue increased 18% versus last year. Organic revenue increased 21%, with strong doubledigit organic revenue growth in all three Global Business Units (GBUs).
- Strong volume growth, pricing gains and cost efficiencies resulted in net income of $38 million; adjusted EBITDA of $113 million increased 12% year over year.
- Earnings per diluted share (EPS) were $0.69; adjusted EPS of $0.80 increased 21% versus the prior year quarter.
- Closed the Apollo and Fourny acquisitions which significantly expand our Construction Adhesives footprint in Europe.
Net revenue of $857 million increased 18% compared with the first quarter of 2021. Foreign currency exchange rates unfavorably impacted revenue by 3.7%. Acquisitions favorably impacted revenue by 0.9%. Organic revenue increased 20.8% versus last year with 6.1% from volume growth and 14.7% from pricing. All three GBUs delivered mid-teens percentage or higher organic revenue growth compared with the prior year.
Gross profit was $213 million. Adjusted gross profit of $214 million increased 10% versus the same period last year. Gross profit margin and adjusted gross profit margin declined year over year as higher sales volume and pricing gains were offset by elevated raw material and freight costs. Selling, General and Administrative (SG&A) expense was $156 million. SG&A and adjusted SG&A improved as a percent of revenue compared with the first quarter last year resulting from strong volume leverage and general expense controls. Adjusted SG&A as a percent of revenue improved by 210 basis points versus with last year.
