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    Breaking News

    H.B. Fuller reports fourth quarter and fiscal year results for 2017

    H.B. Fuller's acquisition of Royal has expanded its position in markets that require highly specified adhesive solutions.

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    01.26.18
    H.B. Fuller has reported financial results for the fourth quarter and fiscal year that ended December 2, 2017 and initiated guidance for fiscal 2018. In October 2017, the company acquired Royal Adhesives & Sealants, LLC ("Royal"), which had net revenue of $658 million during the 2017 fiscal year ended December 2, 2017.

    In addition, the company had more than 30% revenue growth versus 2017 fiscal year; 6-7% revenue growth on a pro forma basis. There was an adjusted EBITDA of approximately $465 million, an increase of about 60% versus 2017 and approximately 13% growth versus 2017 on a pro forma basis.

    H.B. Fuller's adjusted diluted EPS1a was in the range of $3.10 to $3.40, an increase of 24% to 36% versus 2017. There was a core tax rate of between 25-27%, reflecting an estimate based on the recently passed legislation. Cash flow from operating activities came in at approximately $290 million. Capital expenditures planned were approximately $90 million.

    Free cash flow registered at approximately $200 million, of which approximately $170 million will be used to repay debt.

    Items of Note for the Fourth Quarter of 2017:
    H.B. Fuller's acquisition of Royal has expanded its position in markets that require highly specified adhesive solutions.

    There was also a net revenue growth of 18% versus the fourth quarter of 2016. Adjusting for the Royal acquisition and the extra week in the fourth quarter of 2016, constant currency revenue growth was 12%, with organic revenue growth of 10% and organic volume growth of 8%.

    The net loss was $7.6 million in the fourth quarter of 2017; adjusted net income, excluding the impact of the Royal transaction, was $38.9 million, or $0.751 per diluted share. The adjusted EBITDA margin, excluding the impact of the Royal transaction, was up sequentially to 13.1%.

    Cash flow from operations for the 2017 fiscal year was $136 million. Excluding the impact of Royal, cash flow from operations was $120 million in the fourth quarter and $197 million for the 2017 fiscal year.

    Adjusting for the extra week in the fourth quarter of 2016, organic volume growth for engineering adhesives was 19% in the quarter. Asia Pacific and the Americas both grew volume by approximately 10% versus last year. EIMEA had a solid mid-single digit volume growth and construction products saw improved top-line trends versus prior periods this year.

    Construction products had an adjusted EBITDA margin that was up 550 basis points versus the prior year's fourth quarter and back to double digits.
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      Avery Dennison receives APR recognition

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      The company's MDO and PE films have been recognized to comply with the APR's Critical Guidance for HDPE recycling.
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