FUL - Customer Destocking Impacts H.B. Fuller's Q3 Performance CEO Sees Brighter 2024 | Benzinga
H.B. Fuller Company (NYSE: FUL) reported a 4.3% year-over-year decline in net revenue to $900.63 million for the third quarter of FY23, along with an organic revenue decrease of 7.4% YoY, missing the consensus estimate of $956.26 million.
The decline in revenue is attributed to low volumes, offset somewhat by favorable pricing. Volume decreased by 8.0%, driven by customer destocking actions and generally slower industrial demand.
Gross margin was 29.3% and adjusted gross margin expanded by 350 bps to 30%, driven by pricing and raw material cost actions and restructuring benefits.