HB Fuller Co. (NYSE: FUL) published its earnings report for the fiscal first quarter on Wednesday that topped analysts’ estimates for earnings and revenue.
HB Fuller shares were reported about 6% up in extended trading on Wednesday. The stock is currently trading at £45.64 per share versus £38.37 per share at the start of the year. The price action should come in handy if you are interested in investing in the stock market.
HB Fuller’s Q1 financial results versus analysts’ estimates
HB Fuller said that its net income in the first quarter came in at £21.78 million that translates to 40.93 pence per share. In the same quarter last year, its net income stood at a much lower £7.24 million, or 13.89 pence per share.
On an adjusted basis, the adhesives manufacturing company earned 48.24 pence per share. HB Fuller said that it generated £530.59 million of revenue in Q1 versus the year-ago figure of £472.62 million.
Excluding currency fluctuations, the Saint Paul-based added on Wednesday, revenue jumped roughly 11% in the first quarter. HB Fuller said that its revenue from the engineering adhesives business came in better than last year. But construction adhesives revenue was lower on a year over year basis.
According to FactSet, experts had forecast the company to post £497.04 million of revenue in the recent quarter. Their estimate for adjusted per-share earnings was capped at a lower 34.35 pence. In separate news from the United States, Amazon Inc. named Adam Selipsky as the new CEO of AWS.
HB Fuller valued its total debt at £1.2 billion at the end of Q1 and £59.21 million cash on hand. In comparison, it had £1.4 billion of total debt and £57.74 million of cash on hand in 2020’s first quarter.
Chief Executive Jim Owens’ comments on Wednesday
CEO Jim Owens commented on the financial update on Wednesday and said:
“In the second quarter, we have implemented significant price adjustments, which will enable us to continue to seamlessly serve our customers. In addition, our team is working to release additional capacity for growth through our operational excellence programs and to achieve an additional $200 million of debt reduction in 2021.”
In the prior quarter (Q4), HB Fuller had recorded £29.69 million of net income. The NYSE-listed company remained almost flat on average in the stock market last year with an annual gain of roughly 3%.
At the time of writing, HB Fuller is valued at £2.24 billion and has a price to earnings ratio of 24.97.
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