H.B. Fuller, a specialty chemicals company, experienced a decline in earnings during the fourth quarter, with a 5.8% decrease in revenue. The company recorded a profit of $45 million, or 80 cents a share, for the three months ended Dec. 2, compared to $48.3 million, or 87 cents a share, in the same quarter the previous year.
After excluding one-time items, adjusted earnings were $1.32 a share, surpassing analysts' expectations of $1.27 a share according to FactSet. However, revenue dropped to $902.9 million from $958.2 million in the year-ago quarter, falling short of analyst forecasts for $929.9 million.
The decline in revenue can be attributed to lower prices, which resulted in a 3.5% decrease in organic sales. Although volumes slightly decreased, the company was able to improve its gross margin through cost-cutting measures such as reducing raw material costs and implementing restructuring benefits.
Looking ahead to fiscal 2024, H.B. Fuller expects an increase in revenue of 2% to 6% due to rising demand compensating for slightly lower pricing. Adjusted earnings for the year are estimated to be $4.15 to $4.45 a share, slightly below analysts' projections of $4.22 a share.
- Dean Seal, Wall Street Journal
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