H. B. Fuller Company · NYSE:FUL
H. B. Fuller — Q1 2021 Earnings Presentation
20 slides from H. B. Fuller's earnings presentation, Mar 25, 2021
Slide 1: First Quarter 2021 Conference Call
First Quarter 2021 Conference Call Investor Presentation St. Paul, MN March 25, 2021
Slide 2: Safe Harbor & Regulation G
2 Safe Harbor & Regulation G Safe Harbor Statement Certain matters discussed today may be considered forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
Slide 3: Q1 2021 Quarterly Results Highlights
3 Q1 2021 Quarterly Results Highlights • Significant year-over-year sales and earnings growth ‒ Organic revenues up 10.5% ‒ Adjusted EBITDA up 30% ‒ Adjusted EPS nearly doubled year-over-year ‒ Strong comparisons against pre-COVID business results in Q1’20 • Leveraged strong Q4’20 momentum for stron
Slide 4: Q1 2021 Global Segment Summary
4 Q1Better 2021 Global Segment accountability Summary Global vision Stronger teamwork Hygiene, Health and Consumables Adhesives (HHC) • 7.6% organic growth YoY – broad strength across regions and products • Strong performance in Packaging, Tissue & Towel, Tape & Labels, Hygiene, in particular • EBIT
Slide 5: Q1 2021 Key Financial Results Summary
5 Q1 2021 Key Financial Results Summary Strong year-over-year performance in all key financial metrics Higher Gross and EBITDA margins year over year ‒ Strong volume leverage ‒ Raw material costs and pricing relatively neutral on a year-over-year basis ‒ Volume and restructuring benefits offset
Slide 6: FY 2021 Planning Assumptions
6 FY 2021 Planning Assumptions • COVID-related impacts will remain but continue to decrease with vaccine rollout • High single-digit to low double-digit revenue growth • EBITDA in the range of $455 to $475 million ‒ Supported by share gains, improving global industrial production and efficiencies fr
Slide 7: 2021 Priorities
7 2021 Priorities Volume growth as we support our customers’ success in the current, high-demand and supply-constrained environment Strategically manage pricing aligned to the value we deliver in this inflationary environment Release productive capacity through our operational excellence progr
Slide 8: Wrap Up
8 Wrap Up • Strong performance in Q4’20 and Q1’21 outperformed “non-COVID” results • Growing by delivering sustainable innovation and high value solutions • Our agility, collaboration and flexibility enable us to excel in a changing world • “First and Fastest” among adhesive companies at addressing
Slide 9: H.B. Fuller
® H.B. Fuller
Slide 10: Appendix
APPENDIX Q1 2021 Investor Presentation
Slide 11: Regulation G – EPS & EBITDA Reconciliation
11 Regulation G – EPS & EBITDA Reconciliation 13 Weeks Ended February 27, 2021 February 29, 2020 Net income attributable to H.B. Fuller $ 29,791 $ 9,895 Adjustments: Acquisition project costs 53 268 Organizational realignment 2,622 3,604 Royal restructuring and integration 924 3,750 Tax reform - (44
Slide 12: Regulation G – Q1 Segment Information
12 Regulation G – Q1 Segment Information 13 Weeks Ended February 27, 2021 February 29, 2020 Net Revenue: Hygiene, Health and Consumable Adhesives $ 335,669 $ 312,512 Engineering Adhesives 312,663 248,895 Construction Adhesives 77,572 85,157 Corporate unallocated - - Total H.B. Fuller $ 725,904 $ 646
Slide 13: Regulation G – Adjusted Income Reconciliation
13 Regulation G – Adjusted Income Reconciliation 13 Weeks Ended February 27, 2021 February 29, 2020 Income before income taxes and income from equity method investments $ 38,517 $ 13,883 Adjustments: Acquisition project costs 73 213 Organizational realignment 3,635 2,865 Royal restructuring and inte
Slide 14: Regulation G – Adjusted Income Tax Reconciliation
14 Regulation G – Adjusted Income Tax Reconciliation 13 Weeks Ended February 27, 2021 February 29, 2020 Income Taxes $ (10,607) $ (5,611) Adjustments: Acquisition project costs (20) 55 Organizational realignment (1,013) 739 Royal restructuring and integration (357) 765 Tax reform - (9) Project One (
Slide 15: Regulation G – Adjusted Gross Margin Reconciliation
15 Regulation G – Adjusted Gross Margin Reconciliation 13 Weeks Ended February 27, 2021 February 29, 2020 Net revenue $ 725,904 $ 646,564 Gross profit $ 192,364 $ 170,262 Gross profit margin 26.5% 26.3% Adjustments: Organizational realignment 249 81 Royal restructuring and integration 740 900 Other
Slide 16: Regulation G – Adjusted SG&A Reconciliation
16 Regulation G – Adjusted SG&A Reconciliation 13 Weeks Ended February 27, 2021 February 29, 2020 Selling, general and administrative expenses $ (144,014) $ (141,509) Adjustments: Acquisition project costs 73 213 Organizational realignment 3,387 2,784 Royal restructuring and integration 572 2,111 Ta
Slide 17: Regulation G – Q1'21 Segment EBITDA Reconciliation
17 Regulation G – Q1’21 Segment EBITDA Reconciliation Hygiene, Health 13 Weeks Ended: and Consumable Engineering Construction Corporate H.B. Fuller February 27, 2021 Adhesives Adhesives Adhesives Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 33,170 $ 32,916 $ (2,528) $ 63,5
Slide 18: Regulation G – Q1'20 Segment EBITDA Reconciliation
18 Regulation G – Q1’20 Segment EBITDA Reconciliation Hygiene, Health 13 Weeks Ended: and Consumable Engineering Construction Corporate H.B. Fuller February 29, 2020 Adhesives Adhesives Adhesives Total Unallocated Consolidated Net income attributable to H.B. Fuller $ 24,487 $ 16,835 $ (189) $ 41,133
Slide 19: Revenue Performance Components
19 Revenue Performance Components 13 Weeks Ended February 27, 2021 Price 0.0% Volume 10.5% Organic Growth (Decline) 10.5% M&A 0.0% F/X 1.8% Total H.B. Fuller Net Revenue Growth (Decline) 12.3% 13 Weeks Ended February 27, 2021 Organic Growth Net Revenue F/X (Decline) Hygiene, Health and Consumable Ad
Slide 20: Investor contact
Investor contact: Vice President, Investor Relations H.B. Fuller Barbara Doyle (651) 236-5023 Q1 2021 Investor Presentation