H.B. Fuller Q2 2023 Earnings Report
Key Takeaways
H.B. Fuller reported a net revenue of $898 million, a decrease of 9.6% year-on-year. Net income was $40 million, and adjusted EBITDA was $143 million, up 3% year-on-year. Cash flow from operations improved $94 million year-on-year to $103 million.
Net revenue of $898 million, down 9.6% year-on-year; organic revenue decreased 8.3% year-on-year.
Adjusted gross margin of 29.0% increased 330 basis points year-on-year.
Net income was $40 million; adjusted EBITDA was $143 million, up 3% year-on-year, adjusted EBITDA margin expanded 190 basis points year-on-year to 15.9%.
Cash flow from operations in the second quarter improved $94 million year-on-year to $103 million.
H.B. Fuller
H.B. Fuller
Forward Guidance
Adjusted EBITDA for fiscal 2023 is still expected to be in the range of $580 million to $610 million. Both net revenue and organic revenue for fiscal 2023 are now expected to be down 3% to 5% versus fiscal 2022. Adjusted EPS (diluted) is now expected to be in the range of $3.80 to $4.20. Operating cash flow in fiscal 2023 is now expected to be between $325 million and $375 million.