H.B. Fuller Q2 net income $32 millionChristian Fernsby ▼ | June 25, 2020
H.B. Fuller Company reported financial results for its second quarter ended May 30, 2020.
H.B. Fuller EBITDA $101 million
Topics: H.B. Fuller
Strong operational performance with net income of $32 million and adjusted EBITDA of $101 million, which exceeded the company's guidance, driven by solid organic sales results, benefits from restructuring efficiencies, and lower raw material costs.
Total organic revenues declined by 7% compared with last year, reflecting the company's broadly diversified customer base and end markets.
7% organic growth in Hygiene, Health and Consumable Adhesives (HHC) revenues, driven by double-digit growth in adhesives for essential goods and packaging.
Greater China organic revenues increased approximately 1% versus the same period last year as a result of China's ongoing recovery from coronavirus.
Year-to-date cash flow from operations increased by 40% versus the same period in 2019, driven by working capital reductions.
Debt paydown of $45 million in the quarter exceeded the amount repaid in the second quarter of last year.
The company remains on track to achieve $200 million debt repayment target for 2020.
During the quarter, the company increased its dividend payout for the 51st consecutive year.
Restructuring savings were $7 million in the quarter. ■