HB Fuller Co (NYSE:FUL) reported downbeat results for its fourth quarter and issued weak FY19 earnings guidance.
The St. Paul, Minnesota-based company revealed cash flow from operations of $146 million up versus $70 million in the fourth quarter of 2017; debt pay down of $204 million in fiscal 2018, exceeding the company's target of $170 million;
Net revenue was $768 million, up 13% versus fourth quarter of 2017. Organic revenue up 4%, driven by pricing and double-digit growth in Engineering Adhesives
Net income was $41 million or $0.79 of earnings per diluted share (EPS), compared with a net loss in the fourth quarter of 2017; adjusted net income of $47 million, or $0.90 adjusted EPS, up 27%.
Adjusted Earnings before Interest Taxes, Depreciation and Amortization were $121 million up 30% year-over-year, driven by acquisitions, strategic pricing gains and acquisition synergies; up 8% on a pro-forma basis for Royal
For fiscal year 2019, the company anticipates adjusted EPS of $3.15 to $3.45 and adjusted EBITDA of $465 to $485 million. Full year organic revenue growth is expected to be 3% to 5% compared with 2018, with net revenue growth of approximately 1% to 2% including an estimated unfavorable impact from foreign currency exchange rates of 2% to 3%.
"Since 1887," says the company website, "H.B. Fuller has been a leading global adhesives provider focusing on perfecting adhesives, sealants and other specialty chemical products to improve products and lives."
Shares advanced 92 cents, or 2.1%, to $44.32
