HB Fuller (FUL) Reports 2021 Q1 Results Above Expectations

HB Fuller Co (NYSE:FUL), founded by Harvey Fuller, has been around for more than a century. It started operating in 1887 by selling Fuller’s Premium Liquid Fish Glue for cementing a range of objects. Its first product gained popularity in a short span of time that encouraged the company to introduce more adhesives. Over the years, HB Fuller grew to become a leading player in the adhesives market not just in the U.S. but in several countries across the globe.

The Saint Paul, Minnesota-based adhesives manufacturing company recently announced better-than-expected financial results for the first quarter. HB Fuller reported earnings of $30 million, or 56 cents per share for the three months ended February 27, well above $9.9 million, or 19 cents per share in the comparable quarter of 2020. On an adjusted basis, earnings nearly doubled to 66 cents per share, easily beating the consensus forecast of 47 cents per share.

Revenue came in at $725.9 million, up 12.3 percent from $646.6 million in the year-ago quarter. Analysts on average were looking for revenue of $680 million. Revenue was mainly driven by strong demand for the company’s engineering, health, and consumable adhesives.

Speaking on the results, CEO Jim Owens said in a statement, “It is clear that our diversified business model, coupled with a global focus on operational agility and market-driven innovation, are competitive advantages for H.B. Fuller in the adhesives industry, especially in a changing world. In 2021, we will focus on continuing to grow our business profitably by innovating and supporting our customers’ success in the current, high-demand and supply-constrained environment.”

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Looking forward, HB Fuller expects revenue growth in the range of high-single digit to low double-digit for fiscal 2021.

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