H.B. Fuller Company - FUL STOCK NEWS

H.B. Fuller (NYSE: FUL) announced the reorganization of its building and construction segments, including the sale of its Flooring business to Pacific Avenue Capital Partners for $80 million. The company is forming a new Building Adhesive Solutions (BAS) Global Business Unit, combining Insulated Glass, Woodworking, Composite segments with Roofing and Building Envelope and Infrastructure segments. The new BAS unit generated approximately $850 million in net revenue and $130 million in adjusted EBITDA in fiscal year 2024. The Flooring business divestiture will reduce annual revenue by $160 million and adjusted EBITDA by $15 million.

H.B. Fuller Company (NYSE: FUL) has announced a significant change in its Board of Directors. Teresa (Terry) J. Rasmussen has been appointed as the new Chair, effective January 22, 2025, following the retirement of Lee R. Mitau. Rasmussen, who joined the board in 2020, brings extensive experience in the financial services industry and global perspective to the role.

CEO Celeste Mastin expressed confidence in Rasmussen's leadership, highlighting her vision and expertise in customer and go-to-market strategies. The company aims to leverage her background as it expands into high-growth markets and works towards becoming a 20% EBITDA margin business. Mitau's retirement marks the end of his distinguished service, during which H.B. Fuller established itself as the largest pureplay adhesives company globally.

H.B. Fuller Company (NYSE: FUL) has announced that its Board of Directors has declared a regular quarterly cash dividend of $0.2225 per share of common stock. This dividend will be payable on October 31, 2024 to shareholders of record at the close of business on October 17, 2024. The announcement highlights H.B. Fuller's consistent dividend payment history, noting that the company has paid quarterly cash dividends on its common stock for 56 consecutive years.

H.B. Fuller Company (NYSE: FUL) reported financial results for its third quarter ended August 31, 2024. Key highlights include:

• Net income of $55 million
• Adjusted EBITDA of $165 million, up 6% year-on-year
• Adjusted EBITDA margin of 18.0%, up 70 basis points year-on-year
• Reported EPS (diluted) of $0.98; adjusted EPS (diluted) of $1.13, up 7% versus prior year
• Net revenue of $918 million, up 1.9% year-on-year including organic volume growth of 3.0%

The company updated its fiscal 2024 outlook, now expecting net revenue growth of approximately 2% with organic revenue flat year-on-year. Adjusted EBITDA is projected to be between $610 million and $620 million, while adjusted EPS (diluted) is expected to be in the range of $4.10 to $4.20.

H.B. Fuller Company (NYSE: FUL) has announced its plans to report financial results for the third quarter of fiscal year 2024 on September 25, 2024, after market close. The company will host an investor conference call on September 26, 2024, at 9:30 a.m. CT to discuss these results. Interested parties can access a live webcast of the call from H.B. Fuller's investor website. Participants are encouraged to register and test their connections at least 10 minutes before the call starts. A telephone replay will be available from 12:30 p.m. CT on September 26 until 10:59 p.m. CT on October 3, 2024.

H.B. Fuller Company (NYSE: FUL) has acquired HS Butyl , the UK's largest manufacturer of high-quality butyl tapes. This acquisition strengthens H.B. Fuller's position in the $15 billion global waterproofing tape market and aligns with the company's strategy to achieve a 20% adjusted EBITDA margin in the next 3-5 years. HS Butyl, with over $23 million in annual sales, exports to more than 50 countries and will operate within H.B. Fuller's Construction Adhesives global business unit.

The acquisition complements H.B. Fuller's existing butyl product line and creates opportunities for new solutions in the Engineering Adhesives market. It also establishes the company's presence in the European waterproofing tape market, which is twice as large as North America's. This move follows H.B. Fuller's 2022 acquisition of GSSI Sealants Inc., further expanding its butyl tape technologies.

H.B. Fuller Company (NYSE: FUL) has declared a regular quarterly cash dividend of $0.2225 per share of common stock. The dividend is payable on August 14, 2024 to shareholders of record at the close of business on July 31, 2024. This announcement marks a significant milestone for the company, as it has consistently paid quarterly cash dividends on its common stock for 56 consecutive years. This long-standing tradition of dividend payments demonstrates H.B. Fuller's commitment to providing steady returns to its shareholders and reflects the company's financial stability and confidence in its business model.

H.B. Fuller, the world's largest pureplay adhesives company, has released its 2023 Sustainability Report, highlighting progress towards global sustainability goals. The company is setting new targets aligned with Science Based Targets Initiative (SBTi) standards and improving data collection and analysis.

Key achievements include:

• Creating six Sustainability Action Subcommittees
• Implementing software for Life Cycle Assessments
• Launching sustainable technologies across various markets
• Reducing Total Recordable Incident Rate by 35% since 2019
• Introducing Employee Voice, an AI-powered survey platform
• Investing in a global mentorship digital platform
• Supporting 186+ organizations through the H.B. Fuller Company Foundation

The report aligns with UN Sustainable Development Goals, Global Reporting Initiative standards, and the Sustainability Accounting Standards Board Index.

H.B. Fuller reported strong financial results for Q2 2024. Net revenue rose 2.1% year-on-year to $917 million, with volume up 3.3% across all global business units. Adjusted EPS increased by 20% year-on-year to $1.12. The company achieved a net income of $51 million and an adjusted EBITDA of $157 million, up 10% year-on-year. Adjusted EBITDA margin rose 120 basis points to 17.1%. Gross profit margin improved by 210 basis points year-on-year to 31.1%, driven by favorable pricing, raw material costs, and restructuring benefits. H.B. Fuller also completed the acquisition of ND Industries, expanded its share repurchase program, and updated its full-year adjusted EBITDA guidance to the upper end of the previously provided range.