H.B. Fuller Preliminary Annual Earnings Slip Below Estimates On Weak Market; Pre-Market Stock Down

H. B. Fuller

52.89 CHF -0.85%

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(RTTNews) - H.B. Fuller Co. (FUL), an adhesive maker, on Thursday announced its full-year preliminary earnings, below analysts' estimates.

This is due to weaker-than-expected conditions and delayed orders, particularly in consumer product goods and packaging-related end markets as well as durable goods distribution.

Celeste Mastin, CEO of H.B. Fuller, said: "Late in the fourth quarter there was a negative inflection point on volume whereby a number of market segments exhibited topline deceleration versus the previous quarter, and this adversely impacted our operating results and led to a disappointing shortfall relative to our expectations."

For the full year, the company now expects adjusted income per share of around $3.84 against the earlier projection of $4.10 to $4.20 per share. Annual revenue is anticipated to be approximately $3.57 billion.

On average, analysts polled by Thomson Reuters forecast the firm to record income per share of $4.16, on revenue of $3.57 billion, for the year. Analysts' estimates typically exclude special items.

FUL was down by 3.68 percent at $65 in the pre-market trade on the New York Stock Exchange.