H.B. Fuller Q2 2023: Adj EBITDA $143M inline; revenue down 9.6% YoY to $898M

FULLER H B CO

2023-Q2 EPS reported $1.12 revenue$1,707,421,000

Adjusted gross margin expanded 330 bps YoY to 29.0%, driving margin improvement.
Cash flow from operations surged $94M YoY to $103M in Q2.
Adjusted EPS (diluted) $0.93, down YoY due to higher interest and FX headwinds.
FY 2023 adjusted EBITDA guidance reaffirmed $580M-$610M; organic revenue now expected down 3-5%.
Volume declined 14.2% YoY on customer destocking; pricing contributed +5.9% to organic growth.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FULLER H B CO reported second quarter ended June 3, 2023 results: revenue $898 million, net income $40 million, EPS $0.73 per diluted share.

Period: second quarter ended June 3, 2023
Revenue: $898 million
Net income: $40 million
EPS: $0.73 per diluted share
Result: reported results

Exact text from the filing

■ Net revenue of $898 million, down 9.6% year-on-year; organic revenue decreased 8.3% year-on-year, driven by lower volume; ■ Gross margin was 28.6%; adjusted gross margin of 29.0% increased 330 basis points year-on-year, driven by the combined impact of pricing and raw material cost actions; ■ Net income was $40 million; adjusted EBITDA was $143 million, at the mid-point of Company guidance and up 3% year-on-year, adjusted EBITDA margin expanded 190 basis points year-on-year to 15.9%; ■ Reported EPS (diluted) was $0.73; adjusted EPS (diluted) was $0.93

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Source: SEC EDGAR

accession 0001437749-23-018836

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