Shares of H.B. Fuller Co.
FUL,
+0.58%
fell after hours on Wednesday after the adhesives maker said “generally slower industrial demand” weighed on its third-quarter results and full-year forecast. The company — whose adhesives and sealants are used in food containers, medical products, shoes, automobiles and an array of other products — said it expected full-year adjusted earnings per share to be $3.80 to $3.90, compared with a forecast in June for $3.80 to $4.20. It also said it expected revenue of $3.5 billion to $3.55 billion, on “lower volume expectations due to customer destocking actions and slower than anticipated underlying demand conditions.” Shares fell 1% after hours. The company reported third-quarter net income of $37.6 million, or 67 cents a share, compared with $46.5 million, or 84 cents a share, in the same quarter last year. Revenue fell to $900.6 million from $941.2 million in the prior-year quarter. Adjusted earnings per share were $1.06. Analysts polled by FactSet expected adjusted earnings of $1.14 a share and $954 million in sales.
Read the full article here