FY 2024 Net Income of $130 million; Adjusted
EBITDA of $594 million
Continued expansion of FY Adjusted EBITDA
Margin to 16.6%
Finalizing plan to drive savings through
optimization of manufacturing and supply chain footprint
H.B. Fuller Company (NYSE: FUL) today reported financial results
for its fourth quarter and fiscal year that ended November 30,
2024.
Fiscal Year 2024 Noteworthy Items:
- Net revenue was $3.57 billion, up 1.6% year-on-year; organic
revenue decreased 1.0% year-on-year, driven by 2.7% unfavorable
pricing, partially offset by 1.7% higher volume;
- Gross margin was 29.8%; adjusted gross margin of 30.3%
increased 90 basis points year-on-year, driven by pricing and raw
material cost actions, higher volume, and restructuring
benefits;
- Net income was $130 million; adjusted EBITDA was $594 million,
up 2.2% year-on-year; adjusted EBITDA margin expanded year-on-year
to 16.6%;
- Reported EPS (diluted) was $2.30; adjusted EPS (diluted) was
$3.84, effectively flat versus the prior year as higher adjusted
EBITDA was offset by higher amortization expense;
- Net working capital, as a percentage of annualized net revenue,
declined 160 basis points year-on-year to 14.5%; cash flow from
operations was $301 million.
Fourth Quarter 2024 Noteworthy Items:
- Net revenue was $923 million, up 2.3% year-on-year, with
organic sales down 0.2% year-on-year;
- Gross margin was 28.7%; adjusted gross margin of 29.6%
decreased year-on-year driven by unfavorable raw material cost
developments and delayed price realization;
- Net income/(loss) was ($7) million including an unfavorable $38
million non-cash, after-tax impact related to the Flooring
divestiture; adjusted EBITDA was $148 million, down 14%
year-on-year, and adjusted EBITDA margin was 16.1%;
- Reported EPS (diluted) was ($0.13); adjusted EPS (diluted) was
$0.92, down versus the prior year, driven by lower operating
income;
- Subsequent to quarter end, realigned building and construction
market segments into the newly named Building Adhesive Solutions
(BAS) global business unit (starting in fiscal 2025) and divested
the Flooring market segment;
- Subsequent to quarter end, expanded the geographic reach and
technology offering of our Medical Adhesive Technology market
segment with the announced acquisitions of GEM S.r.l. and Medifill
Ltd;
- Finalizing an expanded plan to streamline manufacturing and
supply chain footprint and cost structure, which is expected to
generate additional annualized pre-tax cost savings of
approximately $75 million when completed by fiscal 2030.
Summary of Fourth Quarter 2024 Results:
The Company’s net revenue for the fourth quarter of fiscal 2024
was $923 million, up 2.3% versus the fourth quarter of fiscal 2023.
Organic revenue declined 0.2% year-on-year, with pricing
adjustments reducing organic revenue by 1.5% and volume increasing
organic revenue by 1.3%. Foreign currency translation decreased net
revenue by 0.2%, and acquisitions increased net revenue by
2.7%.
Gross profit in the fourth quarter of fiscal 2024 was $265
million. Adjusted gross profit was $273 million. Adjusted gross
profit margin of 29.6% decreased 170 basis points year-on-year.
Unfavorable pricing in conjunction with higher raw material costs,
principally led to the decline in adjusted gross margin
year-on-year.
Selling, general and administrative (SG&A) expense was $188
million in the fourth quarter of fiscal 2024 and adjusted SG&A
was $174 million, up 12 percent year-on-year. The impact of
acquisitions and higher variable compensation drove most of the
year-on-year increase in adjusted SG&A.
Net income/(loss) attributable to H.B. Fuller for the fourth
quarter of fiscal 2024 was ($7) million, including an unfavorable
$38 million non-cash, after-tax impact related to the Flooring
divestiture. Adjusted net income attributable to H.B. Fuller for
the fourth quarter of fiscal 2024 was $52 million. Adjusted EPS was
$0.92 per diluted share.
Adjusted EBITDA in the fourth quarter of fiscal 2024 was $148
million, down 14% year-on-year, driven by unfavorable raw material
cost developments, delayed price realization, and higher variable
compensation expense.
“Overall, I am proud of the progress we made in fiscal year
2024. We continued to expand adjusted EBITDA margin and enhanced
the profile of our portfolio through several strategic acquisitions
and the divestiture of our Flooring business,” said Celeste Mastin,
President and Chief Executive Officer. “At the same time, I am
disappointed that we were unable to finish the year as strong as we
had expected. In the fourth quarter, we encountered an unexpected
deceleration in volume across the majority of our end markets.
Furthermore, delays in customer order patterns, particularly in the
consumer product goods related market segments, shifted price
increase realization into fiscal 2025, delaying the offset of
higher raw material costs and resulting in margin
deterioration.
“We are intensely focused on what we can control and have
already begun executing additional pricing actions and cost
controls to prudently prepare for a challenging volume growth
environment in 2025. Our strategic plan to continue to evolve H.B
Fuller into a higher growth, higher margin company remains on track
on the timeline we originally communicated.”
Balance Sheet and Working Capital:
Net debt at the end of the fourth quarter of fiscal 2024 was
$1,841 million, down $48 million sequentially versus the third
quarter and up $182 million year-on-year. Net debt-to-adjusted
EBITDA of 3.1X was flat versus the previous quarter.
Net working capital in the fourth quarter of fiscal 2024
declined $56 million sequentially versus the third quarter and $46
million year-on-year. As a percentage of annualized net revenue,
net working capital declined 160 basis points, both sequentially
and year-on-year, to 14.5%.
Manufacturing and Supply Chain Footprint
Consolidation:
The Company is finalizing an expanded plan to significantly
reduce its global manufacturing footprint and streamline its North
American planning and logistics structure. This multi-year plan is
expected to reduce the number of manufacturing facilities from 82
today to a target of 55 when completed in 2030. Additionally, it
will reduce the number of warehouses in North America from 55 today
to approximately 10 by the end of 2027.
As a result of these combined actions, the Company expects to
generate approximately $75 million in annualized cost savings once
the plan is fully implemented in fiscal 2030. These figures are
incremental to the ongoing restructuring actions, which are still
expected to generate annualized cost savings of $45 million by the
end of fiscal 2025. The Company expects to invest approximately
$150 million in incremental capital over the next five years
associated with the expanded plan.
“Our manufacturing footprint consolidation, coupled with our
planning and logistics reorganization, are important steps in our
strategic plan to achieve an EBITDA margin consistently greater
than 20 percent. These actions will not only reduce costs through
improved capacity utilization, they will also enable us to better
serve our customers and reduce future capital expenditure
requirements,” said Mastin.
Fiscal 2025 Outlook:
- Net revenue growth for fiscal 2025 is expected to be down 2% to
4%, adjusting for the divestiture of the Flooring business, net
revenue is expected to be up 1% to 2%;
- Organic revenue growth is expected to be flat to up 2% versus
fiscal 2024;
- Adjusted EBITDA for fiscal 2025 is expected to be in the range
of $600 million to $625 million, equating to growth of
approximately 1% to 5% year-on-year;
- Adjusted EBITDA for the first quarter of 2025 is expected to be
in the range of $105 million to $115 million;
- The core tax rate, excluding the impact of discrete items, is
anticipated to be between 26% and 27% in fiscal year 2025;
- Net interest expense for fiscal 2025 is expected to be between
$120 million and $125 million;
- Adjusted EPS (diluted) is expected to be in the range of $3.90
to $4.20, equating to a range of up 2% to 9% year-on-year;
- Operating cash flow in fiscal year 2025 is expected to be
between $300 million and $325 million;
- Capital expenditures of approximately $160 million are expected
in fiscal 2025, which includes approximately $40 million related to
the Company’s manufacturing footprint consolidation
initiative.
Conference Call:
The Company will hold a conference call on January 16, 2025, at
9:30 a.m. CT (10:30 a.m. ET) to discuss its results. Interested
parties may listen to the conference call on a live webcast. The
webcast, along with a supplemental presentation, may be accessed
from the Company’s website at https://investors.hbfuller.com.
Participants must register prior to accessing the webcast using
this link and should do so at least 10 minutes prior to the start
of the call to install and test any necessary software and audio
connections. A telephone replay of the conference call will be
available from 12:30 p.m. CT on January 16, 2025, to 10:59 p.m. CT
on January 23, 2025. To access the telephone replay dial
1-800-770-2030 (toll free) or 1-609-800-9909, and enter Conference
ID: 6370505.
Regulation G:
The information presented in this earnings release regarding
consolidated and segment organic revenue growth, operating income,
adjusted gross profit, adjusted gross profit margin, adjusted
selling, general and administrative expense, adjusted income before
income taxes and income from equity investments, adjusted income
taxes, adjusted effective tax rate, adjusted net income, adjusted
diluted earnings per share, adjusted earnings before interest,
taxes, depreciation, and amortization (EBITDA), adjusted EBITDA
margin, net debt, net debt-to-adjusted EBITDA, trailing twelve
months adjusted EBITDA, net working capital, annualized net revenue
and net working capital as a percentage of annualized net revenue
does not conform to U.S. generally accepted accounting principles
(U.S. GAAP) and should not be construed as an alternative to the
reported results determined in accordance with U.S. GAAP.
Management has included this non-GAAP information to assist in
understanding the operating performance of the Company and its
operating segments as well as the comparability of results to the
results of other companies. The non-GAAP information provided may
not be consistent with the methodologies used by other companies.
All non-GAAP information is reconciled with reported U.S. GAAP
results in the “Regulation G Reconciliation” tables in this press
release with the exception of our forward-looking non-GAAP measures
contained above in our Fiscal 2025 Outlook, which the Company
cannot reconcile to forward-looking GAAP results without
unreasonable effort.
About H.B. Fuller:
As the largest pureplay adhesives company in the world, H.B.
Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and
sealants enhance the quality, safety and performance of products
people use every day. Founded in 1887, with 2024 revenue of $3.6
billion, our mission to Connect What Matters is brought to life by
more than 7,500 global team members who collaborate with customers
across more than 30 market segments in over 140 countries to
develop highly specified solutions that enable customers to bring
world-changing innovations to their end markets. Learn more at
www.hbfuller.com.
Safe Harbor for Forward-Looking Statements:
Certain statements in this press release may be considered
forward-looking statements within the meaning of the federal
securities laws, including Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Such statements often address expected future
business and financial performance, financial condition, and other
matters, and often contain words or phrases such as “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,”
“outlook,” “plan,” “project,” “seek,” “should,” “strategy,”
“target,” “will,” “will be,” “will continue,” “will likely result,”
“would” and similar expressions, and variations or negatives of
these words or phrases. These statements are subject to various
risks and uncertainties that could cause our actual results to
differ materially from those in the forward-looking statements,
including but not limited to the following: the availability and
pricing of raw materials; the impact of potential cybersecurity
attacks and security breaches; failures in our information
technology systems; the impact on the supply chain, raw material
costs and pricing of our products due to military conflict,
including between Russia and Ukraine and in the Middle East; the
impact on our margins and product demand due to inflationary
pressures; the substantial amount of debt we have incurred to
finance our acquisition of Royal, our ability to repay or refinance
our debt or to incur additional debt in the future, our need for a
significant amount of cash to service and repay the debt and to pay
dividends on our common stock, and the effect of debt covenants
that limit the discretion of management in operating the business
or in paying dividends; our ability to pay dividends and to pursue
growth opportunities if we continue to pay dividends according to
our current dividend policy; our ability to effectively manage and
realize expected benefits from completed and future mergers,
acquisitions, and divestitures; our ability to achieve expected
synergies, cost savings and operating efficiencies from our
restructuring initiatives and operational improvement projects
within the expected time frames or at all; our ability to
effectively implement Project ONE; uncertain political and economic
conditions; fluctuations in product demand; competing products and
pricing; our geographic and product mix; disruptions to our
relationships with our major customers and suppliers; regulatory
compliance across our global footprint; trade policies and economic
sanctions impacting our markets; changes in tax laws and tariffs;
devaluations and other foreign exchange rate fluctuations; the
impact of litigation and investigations, including for product
liability and environmental matters; impairment charges on our
goodwill or long-lived assets; the consequences of the COVID-19
outbreak and other pandemics on our operations and financial
results; the effect of new accounting pronouncements and accounting
charges and credits; and similar matters.
Additional information about these various risks and
uncertainties can be found in the “Risk Factors” section of our
Form 10-K filings, and any updates to the risk factors in our Form
10-Q and 8-K filings with the SEC, but there may be other risks and
uncertainties that we are unable to identify at this time or that
we do not currently expect to have a material impact on the
business. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. We do
not undertake to update or revise any forward-looking statements,
except as required by law.
H.B. FULLER COMPANY AND
SUBSIDIARIES
CONSOLIDATED FINANCIAL
INFORMATION
In thousands, except per share
amounts (unaudited)
Three Months Ended
Three Months Ended
November 30, 2024
Percent of Net Revenue
December 2, 2023
Percent of Net Revenue
Net revenue
$
923,284
100.0
%
$
902,879
100.0
%
Cost of sales
(658,424
)
(71.3
)%
(629,037
)
(69.7
)%
Gross profit
264,860
28.7
%
273,842
30.3
%
Selling, general and administrative
expenses
(188,453
)
(20.4
)%
(160,440
)
(17.8
)%
Other income, net
(44,396
)
(4.8
)%
4,918
0.5
%
Interest expense
(33,621
)
(3.6
)%
(33,297
)
(3.7
)%
Interest income
1,084
0.1
%
1,217
0.1
%
Income before income taxes and income from
equity method investments
(526
)
(0.1
)%
86,240
9.6
%
Income taxes
(7,885
)
(0.9
)%
(42,274
)
(4.7
)%
Income from equity method investments
1,159
0.1
%
1,036
0.1
%
Net income including non-controlling
interest
(7,252
)
(0.8
)%
45,002
5.0
%
Net income attributable to non-controlling
interest
(107
)
(0.0
)%
(11
)
(0.0
)%
Net income attributable to H.B. Fuller
$
(7,359
)
(0.8
)%
$
44,991
5.0
%
Basic income per common share attributable
to H.B. Fuller
$
(0.13
)
$
0.83
Diluted income per common share
attributable to H.B. Fuller
$
(0.13
)
$
0.80
Weighted-average common shares
outstanding:
Basic
55,106
54,491
Diluted
56,658
56,161
H.B. FULLER COMPANY AND
SUBSIDIARIES
CONSOLIDATED FINANCIAL
INFORMATION
In thousands, except per share
amounts (unaudited)
Year Ended
Year Ended
November 30, 2024
Percent of Net Revenue
December 2, 2023
Percent of Net Revenue
Net revenue
$
3,568,736
100.0
%
$
3,510,934
100.0
%
Cost of sales
(2,506,859
)
(70.2
)%
(2,502,037
)
(71.3
)%
Gross profit
1,061,877
29.8
%
1,008,897
28.7
%
Selling, general and administrative
expenses
(713,657
)
(20.0
)%
(653,760
)
(18.6
)%
Other income, net
(37,115
)
(1.0
)%
9,682
0.3
%
Interest expense
(133,124
)
(3.7
)%
(134,602
)
(3.8
)%
Interest income
4,682
0.1
%
3,943
0.1
%
Income before income taxes and income from
equity method investments
182,663
5.1
%
234,160
6.7
%
Income taxes
(56,381
)
(1.6
)%
(93,529
)
(2.7
)%
Income from equity method investments
4,113
0.1
%
4,357
0.1
%
Net income including non-controlling
interest
130,395
3.7
%
144,988
4.1
%
Net income attributable to non-controlling
interest
(139
)
(0.0
)%
(82
)
(0.0
)%
Net income attributable to H.B. Fuller
$
130,256
3.6
%
$
144,906
4.1
%
Basic income per common share attributable
to H.B. Fuller
$
2.37
$
2.67
Diluted income per common share
attributable to H.B. Fuller
$
2.30
$
2.59
Weighted-average common shares
outstanding:
Basic
54,932
54,332
Diluted
56,629
55,958
H.B. FULLER COMPANY AND
SUBSIDIARIES
REGULATION G
RECONCILIATION
In thousands, except per share
amounts (unaudited)
Three Months Ended
Year Ended
November 30,
December 2,
November 30,
December 2,
2024
2023
2024
2023
Net income attributable to H.B. Fuller
$
(7,359
)
$
44,991
$
130,256
$
144,906
Adjustments:
Acquisition project costs 1
4,051
4,765
11,035
16,874
Organizational realignment 2
15,958
10,549
39,996
29,900
Project One 3
2,672
2,193
11,885
9,815
Business divestiture 4
47,267
-
47,267
-
Other 5
39
(3,903
)
(1,981
)
(611
)
Discrete tax items 6
(1,322
)
16,955
(5,469
)
26,085
Income tax effect on adjustments
7
(9,339
)
(1,158
)
(15,811
)
(10,604
)
Adjusted net income attributable to H.B.
Fuller 8
51,967
74,392
217,178
216,365
Add:
Interest expense
33,621
33,297
133,122
131,913
Interest income
(1,084
)
(1,217
)
(4,679
)
(3,943
)
Income taxes
18,546
26,477
77,661
78,047
Depreciation and Amortization
expense 9
45,286
39,653
170,573
158,456
Adjusted EBITDA 8
148,336
172,602
593,855
580,838
Diluted Shares
56,658
56,161
56,629
55,958
Adjusted diluted income per common share
attributable to H.B. Fuller 8
$
0.92
$
1.32
$
3.84
$
3.87
Adjusted net revenue
$
923,284
$
902,879
$
3,568,736
$
3,510,934
Adjusted EBITDA margin 8
16.1
%
19.1
%
16.6
%
16.5
%
1 Acquisition project costs include costs
related to evaluating, acquiring and integrating business
acquisitions. Acquisition project costs include $4,583 and $1,421
in transaction costs (primarily consulting and professional fees,
representations and warranties insurance premiums and employee
acquisition-related travel expenses) and ($532) and $1,489 in
purchase accounting costs (primarily professional fees for
valuation services, inventory step-up cost and the impact of
changes to contingent consideration liabilities after the
completion of the purchase price allocation) and $0 and $1,855 in
business integration costs (primarily costs of transition services
agreements) for the three months ended November 30, 2024 and
December 2, 2023, respectively. Acquisition project costs include
$9,718 and $6.960 in transaction costs (primarily consulting and
professional fees, representations and warranties insurance
premiums and employee acquisition related travel expenses), $740
and $7,712 in purchase accounting costs (primarily professional
fees for valuation services, inventory step-up cost and the impact
of changes to contingent consideration liabilities after the
completion of the purchase price allocation) and $577 and $2,202 in
business integration costs (primarily costs of transition services
agreements and for the three months ended March 2, 2024 and the
twelve months ended December 2, 2023, retention bonuses paid to
employees of the acquired entities) for the years ended November
30, 2024 and December 2, 2023, respectively.
2 Organizational realignment includes
costs incurred as a direct result of the organizational realignment
program, including professional fees related to legal entity and
business structure changes, employee retention and severance costs,
and facility rationalization costs related to the closure of
production facilities and consolidation of business activities.
Facility rationalization costs include plant closure costs, the
impact of accelerated depreciation, and for the three months ended
March 2, 2024 and the twelve months ended December 2, 2023,
operational inefficiencies. Organizational realignment includes
$2,169 and $812 in professional fees related to legal entity and
business structure changes, $6,832 and $8,110 in employee severance
and other related costs, and $6,957 and $1,627 related to facility
rationalization costs for the three months ended November 30, 2024
and December 2, 2023, respectively. Organizational realignment
includes $9,084 and $1,525 in professional fees related to legal
entity and business structure changes, $16,553 and $25,490 in
employee severance and other related costs, and $14,359 and $2,885
related to facility rationalization costs for the year ended
November 30, 2024 and December 2, 2023, respectively.
3 Project One includes non-capitalizable
project costs related implementing our global Enterprise Resource
Planning system, including upgrading to SAP S/4HANA®, which will
upgrade and standardize our information system.
4 Business divestiture for the three
months and year ended November 30, 2024 includes impairment losses
for goodwill and long-lived assets, and project costs incurred as a
direct result of the pending sale of the North America Flooring
business, which is a component of our Construction Adhesives
operating segment. Impairment losses represent the difference
between the book value of the assets held for sale and their net
realizable value.
5 Other includes a gain from insurance
recoveries and a loss from the write-off of a cost method
investment for the year ended November 30, 2024.
6 Discrete tax items for the three months
ended November 30, 2024 are related to various foreign tax matters
and for the year ended November 30, 2024 are related to various
foreign tax matters as well as excess tax benefit related to U.S.
stock compensation. Discrete tax items for the three months and
year ended December 2, 2023 are related to the tax impact of
withholding tax recorded on earnings that are no longer permanently
reinvested, as well as other various U.S. and foreign tax
matters.
7 The income tax effect on adjustments
represents the difference between income taxes on net income before
income taxes and income from equity method investments reported in
accordance with U.S. GAAP and adjusted net income before income
taxes and income from equity method investments.
8 Adjusted net income attributable to H.B.
Fuller, adjusted diluted income per common share attributable to
H.B. Fuller, adjusted EBITDA and adjusted EBITDA margin are
non-GAAP financial measures. Adjusted net income attributable to
H.B. Fuller is defined as net income before the specific
adjustments shown above. Adjusted diluted income per common share
is defined as adjusted net income attributable to H.B. Fuller
divided by the number of diluted common shares. Adjusted EBITDA is
defined as net income before interest, income taxes, depreciation,
amortization and the specific adjustments shown above. Adjusted
EBITDA margin is defined as adjusted EBITDA divided by net revenue.
The table above provides a reconciliation of adjusted net income
attributable to H.B. Fuller, adjusted diluted income per common
share attributable to H.B. Fuller, adjusted EBITDA and adjusted
EBITDA margin to net income attributable to H.B. Fuller, the most
directly comparable financial measure determined and reported in
accordance with U.S. GAAP.
9 Depreciation and amortization expense
added back for EBITDA is adjusted for amounts already included in
adjusted net income attributable to H.B. Fuller totaling ($711) and
($1,036) for the three months ended November 30, 2024 and December
2, 2023, respectively and ($4,137) and ($1,384) for the year ended
November 30, 2024 and December 2, 2023, respectively.
H.B. FULLER COMPANY AND
SUBSIDIARIES
SEGMENT FINANCIAL
INFORMATION
In thousands
(unaudited)
Three Months Ended
Year Ended
November 30,
December 2,
November 30,
December 2,
2024
2023
2024
2023
Net Revenue:
Hygiene, Health and Consumable
Adhesives
$
395,693
$
411,085
$
1,546,351
$
1,601,487
Engineering Adhesives
381,931
365,735
1,459,137
1,428,744
Construction Adhesives
145,660
126,059
563,248
480,703
Corporate unallocated
-
-
-
-
Total H.B. Fuller
$
923,284
$
902,879
$
3,568,736
$
3,510,934
Segment Operating Income:
Hygiene, Health and Consumable
Adhesives
$
40,266
$
65,614
$
187,413
$
215,088
Engineering Adhesives
53,516
57,539
193,038
187,346
Construction Adhesives
4,962
3,772
25,304
5,961
Corporate unallocated
(22,336
)
(13,523
)
(57,535
)
(53,258
)
Total H.B. Fuller
$
76,408
$
113,402
$
348,220
$
355,137
Adjusted EBITDA 8
Hygiene, Health and Consumable
Adhesives
$
54,969
$
81,677
$
246,762
$
275,802
Engineering Adhesives
75,153
74,020
270,286
255,778
Construction Adhesives
17,888
15,933
75,201
55,517
Corporate unallocated
326
972
1,606
(6,259
)
Total H.B. Fuller
$
148,336
$
172,602
$
593,855
$
580,838
Adjusted EBITDA Margin 8
Hygiene, Health and Consumable
Adhesives
13.9
%
19.9
%
16.0
%
17.2
%
Engineering Adhesives
19.7
%
20.2
%
18.5
%
17.9
%
Construction Adhesives
12.3
%
12.6
%
13.4
%
11.5
%
Corporate unallocated
NMP
NMP
NMP
NMP
Total H.B. Fuller
16.1
%
19.1
%
16.6
%
16.5
%
NMP = non-meaningful percentage
H.B. FULLER COMPANY AND
SUBSIDIARIES
REGULATION G
RECONCILIATION
In thousands, except per share
amounts (unaudited)
Three Months Ended
Year Ended
November 30,
December 2,
November 30,
December 2,
2024
2023
2024
2023
Income before income taxes and income from
equity method investments
$
(526
)
$
86,240
$
182,663
$
234,160
Adjustments:
Acquisition project costs 1
4,051
4,765
11,035
16,874
Organizational realignment 2
15,958
10,549
39,996
29,900
Project One 3
2,672
2,193
11,885
9,815
Business divestiture 4
47,267
-
47,267
-
Other 5
39
(3,903
)
(1,981
)
(611
)
Adjusted income before income taxes and
income from equity method investments 10
$
69,461
$
99,844
$
290,865
$
290,138
10 Adjusted income before income taxes and
income from equity investments is a non-GAAP financial measure.
Adjusted income before income taxes and income from equity
investments is defined as income before income taxes and income
from equity investments before the specific adjustments shown
above. The table above provides a reconciliation of adjusted income
before income taxes and income from equity investments to income
before income taxes and income from equity investments, the most
directly comparable financial measure determined and reported in
accordance with U.S. GAAP.
H.B. FULLER COMPANY AND
SUBSIDIARIES
REGULATION G
RECONCILIATION
In thousands, except per share
amounts (unaudited)
Three Months Ended
Year Ended
November 30,
December 2,
November 30,
December 2,
2024
2023
2024
2023
Income Taxes
$
(7,885
)
$
(42,274
)
$
(56,381
)
$
(93,529
)
Adjustments:
Acquisition project costs 1
(77
)
(405
)
(1,125
)
(3,127
)
Organizational realignment 2
(305
)
(898
)
(4,350
)
(5,206
)
Project One 3
(51
)
(187
)
(1,669
)
(1,848
)
Business divestiture 4
(8,905
)
-
(8,905
)
-
Other 5
(1
)
332
238
(422
)
Discrete tax items 6
(1,322
)
16,955
(5,469
)
26,085
Adjusted income taxes 11
$
(18,546
)
$
(26,477
)
$
(77,661
)
$
(78,047
)
Adjusted income before income taxes and
income from equity method investments
$
69,461
$
99,844
$
290,865
$
290,138
Adjusted effective income tax rate 11
26.7
%
26.5
%
26.7
%
26.9
%
11 Adjusted income taxes and adjusted
effective income tax rate are non-GAAP financial measures. Adjusted
income taxes is defined as income taxes before the specific
adjustments shown above. Adjusted effective income tax rate is
defined as income taxes divided by adjusted income before income
taxes and income from equity method investments. The table above
provides a reconciliation of adjusted income taxes and adjusted
effective income tax rate to income taxes, the most directly
comparable financial measure determined and reported in accordance
with U.S. GAAP.
H.B. FULLER COMPANY AND
SUBSIDIARIES
REGULATION G
RECONCILIATION
In thousands
(unaudited)
Three Months Ended
Year Ended
November 30,
December 2,
November 30,
December 2,
2024
2023
2024
2023
Net revenue
$
923,284
$
902,879
$
3,568,736
$
3,510,934
Gross profit
$
264,860
$
273,842
$
1,061,877
$
1,008,897
Gross profit margin
28.7
%
30.3
%
29.8
%
28.7
%
Adjustments:
Acquisition project costs 1
1
529
1,001
3,146
Organizational realignment 2
8,035
8,136
18,714
18,108
Project ONE 3
24
223
37
223
Other 5
-
52
(1
)
530
Adjusted gross profit 12
$
272,920
$
282,782
$
1,081,628
$
1,030,904
Adjusted gross profit margin 12
29.6
%
31.3
%
30.3
%
29.4
%
12 Adjusted gross profit and adjusted
gross profit margin are non-GAAP financial measures. Adjusted gross
profit and adjusted gross profit margin is defined as gross profit
and gross profit margin excluding the specific adjustments shown
above. The table above provides a reconciliation of adjusted gross
profit and gross profit margin to gross profit and gross profit
margin, the most directly comparable financial measure determined
and reported in accordance with U.S. GAAP.
H.B. FULLER COMPANY AND
SUBSIDIARIES
REGULATION G
RECONCILIATION
In thousands
(unaudited)
Three Months Ended
Year Ended
November 30,
December 2,
November 30,
December 2,
2024
2023
2024
2023
Selling, general and administrative
expenses
$
(188,453
)
$
(160,440
)
$
(713,657
)
$
(653,760
)
Adjustments:
Acquisition project costs 1
4,558
4,236
10,519
13,831
Organizational realignment 2
7,031
2,333
19,354
11,712
Project ONE 3
2,648
1,969
11,847
9,592
Other 5
41
(3,954
)
(3,946
)
(3,882
)
Adjusted selling, general and
administrative expenses 13
$
(174,175
)
$
(155,856
)
$
(675,883
)
$
(622,507
)
13 Adjusted selling, general and
administrative expenses is a non-GAAP financial measure. Adjusted
selling, general and administrative expenses is defined as selling,
general and administrative expenses excluding the specific
adjustments shown above. The table above provides a reconciliation
of adjusted selling, general and administrative expenses to
selling, general and administrative expenses, the most directly
comparable financial measure determined and reported in accordance
with U.S. GAAP.
H.B. FULLER COMPANY AND
SUBSIDIARIES
REGULATION G
RECONCILIATION
In thousands
(unaudited)
Three Months Ended:
Hygiene, Health and
Consumable
Engineering
Construction
Corporate
H.B. Fuller
November 30, 2024
Adhesives
Adhesives
Adhesives
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
41,767
$
54,564
$
6,393
$
102,724
$
(110,083
)
$
(7,359
)
Adjustments:
Acquisition project costs 1
-
-
-
-
4,051
4,051
Organizational realignment 2
-
-
-
-
15,958
15,958
Project One 3
-
-
-
-
2,672
2,672
Business divestiture 4
-
-
-
-
47,267
47,267
Other 5
39
39
Discrete tax items 6
-
-
-
-
(1,322
)
(1,322
)
Income tax effect on adjustments 7
-
-
-
-
(9,339
)
(9,339
)
Adjusted net income attributable to H.B.
Fuller 8
41,767
54,564
6,393
102,724
(50,757
)
51,967
Add:
Interest expense
-
-
-
-
33,621
33,621
Interest income
-
-
-
-
(1,084
)
(1,084
)
Income taxes
-
-
-
-
18,546
18,546
Depreciation and amortization expense
9
13,202
20,589
11,495
45,286
-
45,286
Adjusted EBITDA 8
$
54,969
$
75,153
$
17,888
$
148,010
$
326
$
148,336
Adjusted net revenue
$
395,693
$
381,931
$
145,660
$
923,284
-
$
923,284
Adjusted EBITDA margin 8
13.9
%
19.7
%
12.3
%
16.0
%
NMP
16.1
%
Year Ended
Hygiene, Health and
Consumable
Engineering
Construction
Corporate
H.B. Fuller
November 30, 2024
Adhesives
Adhesives
Adhesives
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
193,403
$
197,245
$
31,028
$
421,676
$
(291,420
)
$
130,256
Adjustments:
-
Acquisition project costs 1
-
-
-
-
11,035
11,035
Organizational realignment 2
-
-
-
-
39,996
39,996
Project One 3
-
-
-
-
11,885
11,885
Business divestiture 4
-
-
-
-
47,267
47,267
Other 5
(1,981
)
(1,981
)
Discrete tax items 6
-
-
-
-
(5,469
)
(5,469
)
Income tax effect on adjustments 7
-
-
-
-
(15,811
)
(15,811
)
Adjusted net income attributable to H.B.
Fuller 8
193,403
197,245
31,028
421,676
(204,498
)
217,178
Add:
Interest expense
-
-
-
-
133,122
133,122
Interest income
-
-
-
-
(4,679
)
(4,679
)
Income taxes
-
-
-
-
77,661
77,661
Depreciation and amortization expense
9
53,359
73,041
44,173
170,573
-
170,573
Adjusted EBITDA 8
$
246,762
$
270,286
$
75,201
$
592,249
$
1,606
$
593,855
Adjusted net revenue
1,546,351
1,459,137
563,248
$
3,568,736
-
3,568,736
Adjusted EBITDA margin 8
16.0
%
18.5
%
13.4
%
16.6
%
NMP
16.6
%
Note: Adjusted EBITDA is a non-GAAP
financial measure. The table above provides a reconciliation of
adjusted EBITDA for each segment to net income attributable to H.B.
Fuller for each segment, the most directly comparable financial
measure determined and reported in accordance with U.S. GAAP.
NMP = Non-meaningful percentage
H.B. FULLER COMPANY AND
SUBSIDIARIES
REGULATION G
RECONCILIATION
In thousands
(unaudited)
Three Months Ended:
Hygiene, Health and
Consumable
Engineering
Construction
Corporate
H.B. Fuller
December 2, 2023
Adhesives
Adhesives
Adhesives
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
67,438
$
58,857
$
5,682
$
131,977
$
(86,986
)
$
44,991
Adjustments:
Acquisition project costs 1
-
-
-
-
4,765
4,765
Organizational realignment 2
-
-
-
-
10,549
10,549
Project One 3
-
-
-
-
2,193
2,193
Other 5
-
-
-
-
(3,903
)
(3,903
)
Discrete tax items 6
-
-
-
-
16,955
16,955
Income tax effect on adjustments 7
-
-
-
-
(1,158
)
(1,158
)
Adjusted net income attributable to H.B.
Fuller 8
67,438
58,857
5,682
131,977
(57,585
)
74,392
Add:
Interest expense
-
-
-
-
33,297
33,297
Interest income
-
-
-
-
(1,217
)
(1,217
)
Income taxes
-
-
-
-
26,477
26,477
Depreciation and amortization expense
9
14,239
15,163
10,251
39,653
-
39,653
Adjusted EBITDA 8
$
81,677
$
74,020
$
15,933
$
171,630
$
972
$
172,602
Adjusted net revenue
$
411,085
$
365,735
$
126,059
$
902,879
-
$
902,879
Adjusted EBITDA margin 8
19.9
%
20.2
%
12.6
%
19.0
%
NMP
19.1
%
Year Ended
Hygiene, Health and
Consumable
Engineering
Construction
Corporate
H.B. Fuller
December 2, 2023
Adhesives
Adhesives
Adhesives
Total
Unallocated
Consolidated
Net income attributable to H.B. Fuller
$
222,404
$
192,635
$
13,602
$
428,641
$
(283,735
)
$
144,906
Adjustments:
Acquisition project costs 1
-
-
-
-
16,874
16,874
Organizational realignment 2
-
-
-
-
29,900
29,900
Project One 3
-
-
-
-
9,815
9,815
Other 5
-
-
-
-
(611
)
(611
)
Discrete tax items 6
-
-
-
-
26,085
26,085
Income tax effect on adjustments 7
-
-
-
-
(10,604
)
(10,604
)
Adjusted net income attributable to H.B.
Fuller 8
222,404
192,635
13,602
428,641
(212,276
)
216,365
Add:
Interest expense
-
-
-
-
131,913
131,913
Interest income
-
-
-
-
(3,943
)
(3,943
)
Income taxes
-
-
-
-
78,047
78,047
Depreciation and amortization expense
9
53,398
63,143
41,915
158,456
-
158,456
Adjusted EBITDA 8
$
275,802
$
255,778
$
55,517
$
587,097
$
(6,259
)
$
580,838
Adjusted net revenue
$
1,601,487
$
1,428,744
$
480,703
$
3,510,934
-
$
3,510,934
Adjusted EBITDA margin 8
17.2
%
17.9
%
11.5
%
16.7
%
NMP
16.5
%
Note: Adjusted EBITDA is a non-GAAP
financial measure. The table above provides a reconciliation of
adjusted EBITDA for each segment to net income attributable to H.B.
Fuller for each segment, the most directly comparable financial
measure determined and reported in accordance with U.S. GAAP.
NMP = Non-meaningful percentage
H.B. FULLER COMPANY AND
SUBSIDIARIES
SEGMENT FINANCIAL
INFORMATION
NET REVENUE GROWTH
(DECLINE)
(unaudited)
Net revenue growth versus 2023
Three Months Ended
Year Ended
November 30, 2024
November 30, 2024
Price
(1.5
)%
(2.7
)%
Volume
1.3
%
1.7
%
Organic Growth 14
(0.2
)%
(1.0
)%
M&A
2.7
%
3.6
%
Constant Currency
2.5
%
2.6
%
F/X
(0.2
)%
(1.0
)%
Total H.B. Fuller Net Revenue
Growth
2.3
%
1.6
%
Net revenue growth versus 2023
Three Months Ended
November 30, 2024
Net
Constant
Organic
Revenue
F/X
Currency
M&A
Growth 14
Hygiene, Health and Consumable
Adhesives
(3.7
)%
(1.5
)%
(2.2
)%
0.0
%
(2.2
)%
Engineering Adhesives
4.4
%
1.0
%
3.4
%
5.3
%
(1.9
)%
Construction Adhesives
15.5
%
0.8
%
14.7
%
4.2
%
10.5
%
Total H.B. Fuller
2.3
%
(0.2
)%
2.5
%
2.7
%
(0.2
)%
Net revenue growth versus 2023
Year Ended
November 30, 2024
Net
Constant
Organic
Revenue
F/X
Currency
M&A
Growth 14
Hygiene, Health and Consumable
Adhesives
(3.4
)%
(1.7
)%
(1.7
)%
2.3
%
(4.0
)%
Engineering Adhesives
2.1
%
(0.6
)%
2.7
%
3.7
%
(1.0
)%
Construction Adhesives
17.2
%
0.2
%
17.0
%
7.5
%
9.5
%
Total H.B. Fuller
1.6
%
(1.0
)%
2.6
%
3.6
%
(1.0
)%
14 We use the term “organic revenue” to
refer to net revenue, excluding the effect of foreign currency
changes and acquisitions and divestitures. Organic growth reflects
adjustments for the impact of period-over-period changes in foreign
currency exchange rates on revenues and the revenues associated
with acquisitions and divestitures.
H.B. FULLER COMPANY AND
SUBSIDIARIES
REGULATION G
RECONCILIATION
In thousands
(unaudited)
Trailing Twelve
Three Months Ended
Months17 Ended
Year Ended
December 2, 2023
March 2, 2024
June 1, 2024
August 31, 2024
August 31, 2024
November 30, 2024
December 2, 2023
Net income attributable to H.B. Fuller
$
44,991
$
30,991
$
51,264
$
55,361
$
182,607
$
130,256
$
144,906
Adjustments:
Acquisition project costs 1
4,765
2,043
1,467
3,474
11,749
11,035
16,874
Organizational realignment 2
10,549
7,262
7,275
9,471
34,557
39,996
29,900
Project One 3
2,193
3,213
2,845
3,154
11,405
11,885
9,815
Business divestiture 4
-
-
-
-
-
47,267
-
Other 5
(3,903
)
-
914
(2,904
)
(5,893
)
(1,981
)
(611
)
Discrete tax items 15
16,955
(2,527
)
1,317
(2,937
)
12,808
(5,469
)
26,085
Income tax effect on adjustments 5
(1,158
)
(3,290
)
(1,558
)
(1,624
)
(7,630
)
(15,811
)
(10,604
)
Adjusted net income attributable to H.B.
Fuller 8
74,392
37,692
63,524
63,995
239,603
217,178
216,365
Add:
Interest expense
33,297
31,901
32,313
35,287
132,798
133,122
131,913
Interest income
(1,217
)
(1,307
)
(1,197
)
(1,090
)
(4,812
)
(4,679
)
(3,943
)
Adjusted Income taxes
26,477
13,631
22,658
22,825
85,591
77,661
78,047
Depreciation and Amortization expense
16
39,653
41,101
39,952
44,235
164,941
170,573
158,456
Adjusted EBITDA 8
$
172,602
$
123,018
$
157,250
$
165,252
$
618,122
$
593,855
$
580,838
15 Discrete tax items for the three months
ended March 2, 2024 are related to various foreign tax matters as
well as excess tax benefit related to U.S. stock compensation.
Discrete tax items for the three months ended June 1, 2024 are
related to various foreign tax matters as well as excess tax
benefit related to U.S. stock compensation. Discrete tax items for
the three months ended August 31, 2024 are related to various
foreign tax matters as well as excess tax benefit related to U.S.
stock compensation. Discrete tax items for the three months ended
November 30, 2024 are related to various foreign tax matters and
for the year ended November 30, 2024 are related to various foreign
tax matters as well as excess tax benefit related to U.S. stock
compensation. Discrete tax items for the three months and year
ended December 2, 2023 are related to the tax impact of withholding
tax recorded on earnings that are no longer permanently reinvested,
as well as other various U.S. and foreign tax matters.
16 Depreciation and amortization expense
added back for EBITDA is adjusted for amounts already included in
adjusted net income attributable to H.B. Fuller. Depreciation and
amortization expense added back was ($1,036) for the three months
ended December 2, 2023, ($2,422) for the three months ended March
2, 2024, ($1,198) for the three months ended June 1, 2024, $194 for
the three months ended August 31, 2024, ($4,137) for the year ended
November 30, 2024 and ($1,384) for the year ended December 2,
2023.
17 Trailing twelve months adjusted EBITDA
is a non-GAAP financial measure and is defined as adjusted EBITDA
for the twelve-month period ended on the date presented. The table
above provides a reconciliation of trailing twelve month adjusted
EBITDA to net income attributable to H.B. Fuller for the trailing
twelve-month period presented, the most directly comparable
financial measure determined and reported in accordance with U.S.
GAAP.
H.B. FULLER COMPANY AND
SUBSIDIARIES
REGULATION G
RECONCILIATION
In thousands
(unaudited)
August 31, 2024
November 30, 2024
December 2, 2023
Total debt
$
2,021,070
$
2,010,640
$
1,838,431
Less: Cash and cash equivalents
131,412
169,352
179,453
Net debt18
$
1,889,658
$
1,841,288
$
1,658,978
Trailing twelve months 18 / Year ended
Adjusted EBITDA
$
618,122
$
593,855
580,838
Net Debt-to-Adjusted EBITDA18
3.1
3.1
2.9
18 Net debt and net debt-to-adjusted
EBITDA are non-GAAP financial measures. Net debt is defined as
total debt less cash and cash equivalents. Net debt-to-adjusted
EBITDA is defined as net debt divided by trailing twelve months
adjusted EBITDA. The calculations of these non-GAAP financial
measures are shown in the table above. The table above provides a
reconciliation of each of these non-GAAP financial measures to
total debt, the most directly comparable financial measure
determined and reported in accordance with U.S. GAAP.
H.B. FULLER COMPANY AND
SUBSIDIARIES
REGULATION G
RECONCILIATION
In thousands
(unaudited)
August 31, 2024
November 30, 2024
December 2, 2023
Trade receivables, net
$
574,781
$
558,336
$
577,932
Inventory
509,029
467,498
442,040
Trade payables
493,550
491,435
439,700
Net working capital19
$
590,260
$
534,399
$
580,272
Net revenue three months ended
$
917,927
$
923,284
$
902,879
Annualized net revenue19
3,671,708
3,693,137
3,611,516
Net working capital as a percentage of
annual net revenue19
16.1
%
14.5
%
16.1
%
19 Net working capital, annualized net
revenue and net working capital as a percentage of annualized net
revenue are non-GAAP financial measures. Net working capital is
defined as trade receivables, net plus inventory less trade
payables. Annualized net revenue is defined as net revenue for the
three months ended on the date presented multiplied by four. Net
working capital as a percentage of annualized net revenue is net
working capital divided by annualized net revenue. The calculations
of these non-GAAP financial measures are shown in the table above.
The table above provides a reconciliation of each of these non-GAAP
financial measures to the most directly comparable financial
measure determined and reported in accordance with U.S. GAAP.
CONSOLIDATED BALANCE
SHEETS
H.B. Fuller Company and
Subsidiaries
(In thousands, except share and
per share amounts)
November 30,
December 2,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
169,352
$
179,453
Trade receivables, net
558,336
577,932
Inventories
467,498
442,040
Other current assets
104,019
112,678
Total current assets
1,299,205
1,312,103
Property, plant and equipment, net
881,927
824,655
Goodwill
1,532,221
1,486,512
Other intangibles, net
770,226
729,140
Other assets
449,665
371,165
Total assets
$
4,933,244
$
4,723,575
Liabilities, non-controlling interest
and total equity
Current liabilities:
Notes payable
$
587
$
1,841
Trade payables
491,435
439,700
Accrued compensation
106,005
95,680
Income taxes payable
24,225
47,688
Other accrued expenses
97,038
107,902
Total current liabilities
719,290
692,811
Long-term debt, net of current
maturities
2,010,052
1,836,590
Accrued pension liabilities
51,755
50,189
Other liabilities
322,299
388,072
Total liabilities
3,103,396
2,967,662
Commitments and contingencies (Note
14)
Equity:
H.B. Fuller stockholders' equity:
Preferred stock (no shares outstanding)
Shares authorized – 10,045,900
-
-
Common stock, par value $1.00 per share,
Shares authorized – 160,000,000, Shares outstanding – 54,657,103
and 54,092,987 for 2024 and 2023, respectively
54,657
54,093
Additional paid-in capital
322,636
301,485
Retained Earnings
1,924,761
1,842,507
Accumulated other comprehensive loss
(473,395
)
(442,880
)
Total H.B. Fuller stockholders' equity
1,828,659
1,755,205
Non-controlling interest
1,189
708
Total equity
1,829,848
1,755,913
Total liabilities, non-controlling
interest and total equity
$
4,933,244
$
4,723,575
CONSOLIDATED STATEMENTS of
CASH FLOWS
H.B. Fuller Company and
Subsidiaries
(In thousands)
Fiscal Years
November 30,
December 2,
December 3,
2024
2023
2022
Cash flows from operating
activities:
Net income including non-controlling
interest
$
130,395
$
144,988
$
180,407
Adjustments to reconcile net income
including non-controlling interest to net cash provided by
operating activities:
Depreciation
91,054
80,327
72,593
Amortization
83,656
79,514
74,383
Deferred income taxes
(36,186
)
(25,114
)
(15,230
)
(Income) loss from equity method
investments, net of dividends received
(537
)
1,259
(9
)
Foreign currency remeasurement
47,533
(28,011)
6,213
Loss on impairment of assets held for
sale
47,267
-
-
Loss on impairment of cost method
investment
1,966
-
-
Gain from insurance proceeds
(6,064
)
(Gain) loss on disposal of assets
(501
)
59
(1,195
)
Share-based compensation
21,914
19,911
24,368
Pension and other postretirement benefit
plan contributions
(2,909
)
(4,346
)
(3,009
)
Pension and other postretirement benefit
plan income
(14,444
)
(18,591
)
(24,021
)
Debt issuance cost write-off
-
2,689
-
Loss on fair value adjustment on
contingent consideration liabilities
-
2,893
-
Change in assets and liabilities, net of
effects of acquisitions:
Trade receivables, net
10,749
68,721
(24,753
)
Inventories
(30,099
)
72,576
(55,772
)
Other assets
(55,274
)
(7,927
)
46,499
Trade payables
47,915
(57,752
)
(22,629
)
Accrued compensation
12,653
(13,836
)
1,135
Other accrued expenses
6,008
(3,070
)
6,303
Income taxes payable
(23,090
)
41,190
(12,873
)
Other liabilities
(30,762
)
22,918
4,104
Net cash provided by operating
activities
301,244
378,398
256,514
Cash flows from investing
activities:
Purchased property, plant and
equipment
(139,238
)
(119,137
)
(129,964
)
Purchased businesses, net of cash
acquired
(273,863
)
(205,093
)
(250,807
)
Proceeds from sale of property, plant and
equipment
1,152
5,029
1,556
Proceeds from insurance recoveries
6,064
-
-
Cash received from government grant
-
-
3,928
Net cash used in investing
activities
(405,885
)
(319,201
)
(375,287
)
Cash flows from financing
activities:
Proceeds from issuance of long-term
debt
1,932,900
2,233,300
335,000
Repayment of long-term debt
(1,764,870
)
(2,126,450
)
(159,500
)
Payment of debt issue costs
(3,493
)
(10,214
)
(600
)
Net (payment on) proceeds from notes
payable
(1,219
)
(28,674
)
3,455
Dividends paid
(47,598
)
(43,395
)
(39,207
)
Contingent consideration payment
-
(1,477
)
(5,000
)
Proceeds from stock options exercised
35,927
14,619
30,122
Repurchases of common stock
(39,558
)
(2,567
)
(3,950
)
Net cash provided by financing
activities
112,089
35,142
160,320
Effect of exchange rate changes on cash
and cash equivalents
(17,549
)
5,204
(23,423
)
Net change in cash and cash
equivalents
(10,101
)
99,543
18,124
Cash and cash equivalents at beginning of
year
179,453
79,910
61,786
Cash and cash equivalents at end of
year
$
169,352
$
179,453
$
79,910
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250115051959/en/
Steven Brazones Investor Relations Contact 651-236-5060
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