Shares of adhesives maker H.B. Fuller sink on warning of 'slower than anticipated' demand

Shares of H.B. Fuller Co. (FUL) 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 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.

-Bill Peters

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09-27-23 1638ET

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