H.B Fuller Half-Year Report 2024

The Company’s net revenue for the second quarter of fiscal 2024 was $917 million, up 2.1% versus the second quarter of fiscal 2023. Volume increased net revenue by 3.3% and was offset by anticipated pricing adjustments, resulting in flat organic revenue year-on-year. Volume grew in all three global business units. Foreign currency translation reduced net revenue by 1.7% and acquisitions increased net revenue by 3.9%.

Gross profit in the second quarter of fiscal 2024 was $282 million. Adjusted gross profit was $286 million. Adjusted gross profit margin of 31.1% increased 210 basis points year-on-year. The net impact of pricing and raw material cost actions as well as restructuring benefits and volume leverage principally drove the year-on-year increase in adjusted gross profit margin.

Highlights

  • Net revenue was $917 million, up 2.1% year-on-year; organic revenue was flat year-on-year with volume up 3.3% and all three global business units achieving volume growth;
  • Gross profit margin was 30.8%; adjusted gross profit margin was 31.1%, up 210 basis points year-on-year, driven principally by favorable net pricing and raw material cost impact, restructuring benefits and volume growth;
  • Net income was $51 million; adjusted EBITDA was $157 million, up 10% year-on-year; adjusted EBITDA margin expanded 120 basis points year-on-year to 17.1%;
  • Reported EPS (diluted) was $0.91; adjusted EPS (diluted) was $1.12, up 20% versus the prior year, driven by strong operating income growth;
  • Year-to-date cash flow from operations increased $21 million year-on-year to $129 million, driven by improved profitability;
  • Net working capital, as a percentage of annualized net revenue, decreased 190 basis points year-on-year from 18.1% to 16.2%;
  • Reinitiated share repurchase program, acquiring 182,400 shares during the quarter;
  • Acquired ND Industries, Inc., a leading provider of specialty adhesives and fastener locking solutions for the automotive, electronics, and aerospace markets

Free Trial

Step 1 of 2

Name(Required)

By pressing “Send” you agree to the Privacy Policy of this site

No Credit Card needed, after filling up the form you will receive your Free-Trial login information in 24 to 48 hours by e-mail.

ImprintPrivacy Policy

All Rights Reserved © aicorite.com