News

Shares of H.B. Fuller Co. Fall on Slower Industrial Demand

1 Mins read

Shares of H.B. Fuller Co. (FUL) dropped after hours on Wednesday following the company’s acknowledgment of slower industrial demand impacting its third-quarter results and full-year forecast.

Full-Year Forecast

H.B. Fuller Co., known for its adhesives and sealants used in various industries including food containers, medical products, and automobiles, now anticipates adjusted earnings per share for the full year to be in the range of $3.80 to $3.90. This revised projection is lower than the initial forecast of $3.80 to $4.20 made in June. The company also expects revenue to be between $3.5 billion and $3.55 billion, attributing the decrease to decreased volume due to customer destocking actions and slower-than-anticipated underlying demand conditions.

Financial Performance

The company reported net income of $37.6 million, or 67 cents per share, for the current quarter, compared to $46.5 million, or 84 cents per share, during the same period last year. Revenue for the quarter declined from $941.2 million to $900.6 million.

Analysts’ Expectations

FactSet analysts had projected adjusted earnings of $1.14 per share and sales of $954 million. However, H.B. Fuller Co.’s actual adjusted earnings per share for the quarter stood at $1.06.

Despite these challenges, the company remains optimistic about its future prospects and is actively working towards adapting to the changing market dynamics.

Related posts
News

Trading ideas: FGV, Paramount ,Zetrix, United Malacaa, Jati Tinggit, Focus Point, Camaroe, Bursa, IGBREIT, Chin Teck, Dufu, DXN, Tasco

1 Mins read
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Trading in FGV Holdings Bhd will be…
News

SEC Delays Decision on Truth Social's Bitcoin ETF Amid Crypto Market Pause - TokenPost

1 Mins read
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the Truth Social Bitcoin ETF, extending the review deadline to…
News

401(k)s Now Pull Double Duty as Emergency Funds | PYMNTS.com

2 Mins read
By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor,…

Leave a Reply

Your email address will not be published. Required fields are marked *