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June 26, 2014
12:26 EDTRPM, FUL, VAL, SHWH.B. Fuller falls after cutting full year profit outlook
Shares of H.B. Fuller (FUL), which manufactures adhesives, sealants and other specialty chemical products, are falling after the company cut its fiscal 2014 earnings per share outlook. WHAT'S NEW: Last night, H.B. Fuller reported second quarter adjusted EPS of 78c and revenue of $544M, compared to analysts' consensus estimates of 78c and $545.18M, respectively. WHAT'S NOTABLE: The company cut its FY14 EPS view to $2.80-$2.95 from $3.00-$3.15, versus consensus of $3.07. It said the downward revision reflects the expected delay in realizing margin improvement following the completion of the business integration project in Europe. The company is also adjusting its guidance for core income tax rate, which excludes discrete items, to 29% for the full year, down from its previous guidance of 30%. On its earnings conference call, H.B. Fuller said FY14 revenue growth was expected to be at the low end of its long-term range, compared to consensus of $2.14B. It also said margin expansion will be delayed this year. Management said Q2 ended with "good momentum" that should carry the company through the rest of the year. They now expect to exit the year slightly behind their 14% EBITDA margin target, and anticipate that all project one related impacts that the company experienced will be resolved. They expect inventory balance to return to more normal levels by the end of this fiscal year, and CapEx levels are expected to drop in the second half. PRICE ACTION: In early afternoon trading, H.B. Fuller fell $3.07, or about 6.1%, to $47.18 on heavy trading volume. Despite today's pull back, the stock is up approximately 20% over the past 12 months. OTHERS TO WATCH: Other companies in the sealants and chemicals space include Sherwin-Williams (SHW), The Valspar Corporation (VAL), and RPM International (RPM).
News For FUL;SHW;VAL;RPM From The Last 14 Days
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June 26, 2015
10:00 EDTFULOn The Fly: Analyst Upgrade Summary
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06:23 EDTFULH.B. Fuller upgraded to Neutral from Underperform at Longbow
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June 24, 2015
20:00 EDTFULH.B. Fuller revises FY15 EPS view to $2.45, consensus $2.54
Revises FY15 revenue guidance to $2.1B, consensus $2.16B.
19:55 EDTFULH.B. Fuller reduces FY15 EPS guidance by about 10c
H.B. Fuller is updating its FY15 earnings guidance primarily to reflect an expected increase in its core tax rate. The strong earnings performance in its Americas Adhesives and Construction Products operating segments, combined with the delay in earnings improvement in its EIMEA operating segment, is shifting the mix of its consolidated pre-tax earnings to the United States where its effective tax rate is relatively high. The company now expects its full-year core tax rate to be about 34%, up 300 basis points from its previous estimate, reducing its expected adjusted diluted EPS by about 10c. H.B. Fuller's updated guidance also anticipates higher operating margins for the full year offset by lower revenue. The company's current target for full-year adjusted EBITDA is about $275M, largely in-line with its original guidance, with a full-year EBITDA margin of about 13% and second half EBITDA margin above 15%. H.B. Fuller's revised and updated adjusted diluted EPS estimate for FY15 is $2.45 with revenue of $2.1B.
19:51 EDTFULH.B. Fuller reports Q2 adjusted EPS 63c, consensus 66c
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07:16 EDTRPMCredit Suisse to hold a conference
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