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H. B. Fuller Company (FUL+0.78%) has submitted its annual report on Form 10-K for the fiscal year ended November 30, 2024 filing.
The report details the company's financial performance, including a net revenue increase of 1.6% from the previous year, totaling $3,568.7 million. This growth was primarily driven by acquisitions and increased sales volume, despite a decrease in product pricing and currency fluctuations.
Cost of sales amounted to $2,506.9 million, representing 70.2% of net revenue, a slight decrease from the previous year. This was due to lower raw material costs, partially offset by increased manufacturing costs.
The company reported a gross profit of $1,061.9 million, with a gross profit margin of 29.8%, an improvement from the previous year. This increase was attributed to a decrease in raw material costs.
Selling, general, and administrative expenses rose to $713.7 million, accounting for 20% of net revenue, due to the impact of acquisitions and higher compensation costs.
Other expenses included a $47.3 million loss on impairment of assets related to the North American flooring business held for sale.
Interest expense slightly decreased to $133.1 million, while interest income increased to $4.7 million.
Income tax expense was $56.4 million, with an effective tax rate of 30.9%, impacted by various foreign tax matters.
Net income attributable to H.B. Fuller was $130.3 million, a decrease from the previous year, with diluted earnings per share of $2.30.
The company continues to focus on its strategic growth through acquisitions, with notable purchases including ND Industries and HS Butyl Limited.
H.B. Fuller is also implementing restructuring plans to optimize operations, with expected costs of $60 to $65 million over the next few years.
The company maintains a strong focus on environmental compliance and sustainability, with ongoing efforts in research and development to support customer needs and regulatory requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the H. B. Fuller Company annual 10-K report dated January 23, 2025. To report an error, please email earnings@qz.com.