BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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H.B. Fuller Kicks Off Fiscal Year 2024 with Strong First Quarter Results
ST. PAUL, Minn., March 27, 2024 – H.B. Fuller Company (NYSE: FUL), a global leader in adhesives, sealants, and other specialty chemical products, today announced its first-quarter financial results for the fiscal year 2024, ending March 2, 2024. The company reported a commendable start to the year, with financial indicators showing significant improvement and strategic achievements highlighting operational excellence.
Financial Highlights of the First Quarter
- Revenue Growth: H.B. Fuller's net revenue saw a marginal year-on-year increase to $810 million. Organic revenue faced a slight decline due to pricing adjustments, offset by a 5.0% increase from acquisitions and a favorable shift in raw material costs.
- Profit Margins on the Rise: The company's gross profit margin expanded to 29.5%, with the adjusted gross profit margin reaching 30.1%, an increase of 320 basis points from the previous year. This improvement was primarily driven by beneficial pricing and cost management strategies alongside restructuring benefits.
- Net Income and Adjusted EBITDA: Net income stood at $31 million, with adjusted EBITDA climbing to $123 million, marking a 12% increase from the previous year. The adjusted EBITDA margin also widened by 160 basis points to 15.2%.
- Earnings Per Share (EPS): Reported EPS was $0.55, while the adjusted EPS grew by 22% year-on-year to $0.67, reflecting strong operating income growth.
- Cash Flow: The company's cash flow from operations saw a notable increase of $42 million year-on-year to $47 million, attributed to improved profitability and efficient working capital management.
Operational Success and Strategic Direction
H.B. Fuller's leadership attributes the positive quarter to commercial discipline, innovative customer solutions, pricing strategies, and realizing synergies from restructuring efforts. President and CEO Celeste Mastin emphasized the company's focus on maintaining market discipline, fostering customer partnerships, and driving cost efficiencies to sustain growth and margin expansion in a dynamic market environment.
Looking ahead, H.B. Fuller remains optimistic about fiscal year 2024, expecting continued profit growth, margin expansion, and improving volume trends. The company reaffirms its commitment to strategic organic investments and pursuing synergistic acquisitions to achieve long-term growth and profitability targets.
2024 Outlook Remains Steady
H.B. Fuller is reiterating its financial guidance for fiscal 2024, projecting:
- Net revenue growth of 2% to 6%, with organic revenue ranging from flat to up 3% year-on-year.
- Adjusted EBITDA between $610 million and $640 million, indicating a 5% to 10% increase year-on-year.
- Adjusted EPS (diluted) forecasted at $4.15 to $4.45, representing a growth of 7% to 15% year-on-year.
- Operating cash flow anticipated to be between $300 million and $350 million.
As H.B. Fuller continues on its trajectory of growth and operational efficiency, the company is well-positioned to navigate the challenges and opportunities of the global market, reinforcing its status as a leader in the specialty chemicals industry.
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