Martin believed the company performed well amid customer destocking. Credit: MacroEcon via Shutterstock.

Adhesive provider H.B. Fuller has reported a net income attributable to the company of $144.90m for financial year 2023 (FY23), marking a 19.6% decrease from FY22’s figure of $180.31m.  

The company posted an adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin of 16.5%, as against 14.1% in FY22. 

The company’s adjusted EBITDA reached $580.83m, up from $530.01m reported a year ago. 

During the year ending 2 December 2023, Fuller’s reported earnings per share (EPS) on a diluted basis stood at $2.59 while its adjusted diluted EPS was $3.87, slightly down from the prior year’s figures. 

The company posted net revenue of $3.51bn in FY23, down by 6.4% compared with $3.74bn in FY22. 

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Its gross margin was reported at 28.7%, and its adjusted gross margin was 29.4%, which is an increase of 350 basis points compared to the previous year due to pricing and raw material cost actions and restructuring benefits.  

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For the fourth quarter of FY23, Fuller’s net income attributable to the company was $44.99m, down from $48.30m in the corresponding period of last year. 

Fuller president and CEO Celeste Mastin said: “I am proud of our leaders for exceptional execution throughout the year, as evidenced by strong profit growth and record margins.  

“Across the organisation, our teams proactively managed the changing price and raw material dynamics successfully and implemented decisive restructuring measures in the face of unprecedented customer destocking, which we believe is largely behind us, to deliver these results and position H.B. Fuller for continued future profit growth, margin expansion and strong cash flow.”