HB Fuller Co (NYSE:FUL) Posts Double-Digit Organic Growth in All Three Global Business Units

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HB Fuller Co.(NYSE:FUL) stock surges 9% (As on Sep 23, 12:22:29 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 21. Organic revenue, which excludes impacts from foreign currency translation, increased 16% versus last year, with double-digit organic growth in all three Global Business Units (GBUs). Organic revenue also significantly increased by 13% when compared with the non-COVID impacted third quarter of 2019, with strong organic growth in all three GBUs. The company delivers adjusted gross profit of $196 million, increased 4% versus the same period last year. Adjusted gross profit margin declined year over year, as expected, as higher sales volume and pricing gains were offset by elevated raw material and freight costs. The company reported Adjusted net income attributable to H.B. Fuller of $43 million compared with $40 million in the same period last year. Adjusted EBITDA of $111 million increased 5% compared with $106 million in the prior year. At the end of the third quarter of fiscal 2021, the company had cash and equivalents of $68 million and total debt equal to $1,664 million. This compares to cash and debt levels equal to $75 million and $1,869 million, respectively, at the end of the third quarter of 2020. Capital expenditures for the nine-month period were $77 million compared with $72 million in the same period last year.
FUL in the third quarter of FY 21 has reported the adjusted earnings per share of 79 cents, beating the analysts’ estimates for the adjusted earnings per share of 77 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 20 percent to $826.8 million in the third quarter of FY 21, beating the analysts’ estimates for revenue of $797.2 million.
For fiscal 2021, the company expects revenue growth to be 17% to 18% compared with fiscal 2020, resulting in anticipated fourth quarter revenue growth of 15% to 17% versus the fourth quarter of 2020. For the fiscal year 2021, adjusted EBITDA is anticipated to be approximately $460 million to $470 million, an increase of 13% to 16% versus 2020, which is supported by on-going recovery in global industrial production, pricing actions balancing higher input costs, and benefits from the company’s operational improvement projects.

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