H.B. Fuller Sees 3.7% Dip in Fiscal 2020 Net Revenue
Fuller’s net revenue for fiscal 2020 decreased 3.7% compared with fiscal 2019, while net revenue for the fourth quarter of 2020 increased 5.2% compared to the fourth quarter of 2019.
H.B. Fuller Co. recently reported its financial results for the fourth quarter and fiscal year ended November 28, 2020. Net revenue of $778 million in the 2020 fourth quarter increased 5.2% compared with the fourth quarter of 2019. Foreign currency exchange rates favorably impacted revenue by 0.5%. Organic revenue, which excludes impacts from foreign currency, mergers, acquisitions, and divestitures, increased 4.7% vs. last year, with growth in all three global business units, including double-digit growth in Electronics, Recreational Vehicles, Woodworking, Panels, Flexible Packaging, and Tape and Labels.
“H.B. Fuller delivered strong results in the quarter with revenue and earnings growth that exceeded our outlook, and cash flow that enabled us to exceed our debt paydown target,” said Jim Owens, H.B. Fuller president and CEO. “Our team remained focused on superior operational execution to support the dynamic needs of our customers in a world transformed by the COVID-19 pandemic. We leveraged our competitive advantages and realized the benefits of actions taken to realign our organization and enhance operational agility. As a result, we successfully capitalized on share gains and strengthening business activity in our end markets, including strong demand for our adhesives for consumable goods, electronics, automotive, recreational vehicles, and other durable goods.”