2023-06-28 16:14:02 ET
- H.B. Fuller press release ( NYSE: FUL ): Q2 Non-GAAP EPS of $0.93 misses by $0.11 .
- Revenue of $898.24M (-9.6% Y/Y) misses by $71.42M .
- Adjusted gross profit margin expanded 330 basis points year-on-year to 29.0%
- Adjusted EBITDA margin increased 190 basis points year-on-year to 15.9%
- Cash flow from operations increased $94 million year-on-year.
- 2023 Outlook: Adjusted EBITDA for fiscal 2023 is still expected to be in the range of $580 million to $610 million, equating to growth of approximately 9% to 15% versus fiscal year 2022;
- Both net revenue and organic revenue for fiscal 2023 are now expected to be down 3% to 5% versus fiscal 2022, reflecting continued customer destocking actions and slower industrial production; the combined impact of FX, acquisitions, and the extra week in fiscal 2022 are expected to be effectively neutral versus fiscal 2023;
- Net interest expense is now expected to be in the range of $125 million to $135 million and depreciation and amortization expense is expected to be approximately $160 million, reflecting recent acquisition activity and higher interest rates;
- Adjusted EPS (diluted) is now expected to be in the range of $3.80 to $4.20, equating to a range of down 5% to up 5% year-on-year;
- Operating cash flow in fiscal 2023 is now expected to be between $325 million and $375 million.
- Shares -5.86% .
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H.B. Fuller Non-GAAP EPS of $0.93 misses by $0.11, revenue of $898.24M misses by $71.42M