Fule (FUL.US) Q3 2026 Earnings Conference Call
Live time: Sep 24, 2026 17:59
Fule (FUL.US) Q3 2026 Earnings Conference Call
Live time: 09/24/2026 17:59:00
富乐 (FUL.US) 2026 年第三季度业绩电话会
Summary
00:00
Opening Remarks by Moderator
The meeting begins with a welcome to participants for H.B. Fuller's Q3 2026 earnings call and explains that after prepared remarks, there will be a Q&A session.
00:30
Remarks by Scott Jensen, Head of Investor Relations
Scott Jensen introduces the speakers—President and CEO Celeste Masten, and Executive VP and CFO John Corcoran—and provides an overview of the agenda, which includes prepared remarks, the use of non-GAAP measures, forward-looking statements, and risk disclosures.
01:52
CEO Celeste Masten's Q3 Highlights
Celeste announces strong revenue growth of 5.2% YoY, EBITDA of $187M (+9% YoY), and adjusted EPS up by 21%. She highlights pricing actions and restructuring that mitigated raw material cost pressures and drove an 80-basis-point EBITDA margin improvement to 19.9%. The AMS acquisition is expected to strengthen the portfolio further.
02:42
CEO Celeste Masten’s Q3 Segment Review
Celeste notes 6% organic revenue growth in HHC from strong hygiene, beverage, and tape segments. EA saw 5% organic growth, with tailwinds from aerospace offsetting solar exits and smartphone production challenges. BAS revenue grew 5% due to demand for roofing and insulated glass, despite weakness in lumber markets.
06:04
Update on Petrochemical Supply and Pricing by CEO Celeste Masten
Supply chain constraints remain post-conflicts, but the company has managed supply continuity. CEO expects raw material prices to stabilize near current levels and plans selective price increases to protect margins. The Quantum Leap project is progressing on schedule, with added facilities rationalization planned.
08:40
Quantum Leap Financial Update by CEO Celeste Masten
By the end of 2026, H.B. Fuller expects to save $25M from the Quantum Leap program, with $75M targeted in total by 2030. The company is on track to reduce facilities to fewer than 60 by 2027 and will invest $150M over the project's course, offset by real estate sales proceeds.
10:23
CFO John Corcoran on Additional Q3 Financial Details
John Corcoran reports Q3 adjusted gross margins of 33.5% (+120 basis points YoY), driven by pricing execution and restructuring savings. Adjusted EBITDA rose 9% YoY to $187M, leading to adjusted EPS growth of 21%. Operating cash flow was $183M (+17% YoY), while net debt to adjusted EBITDA dropped below 3x.
12:26
2026 Guidance by CFO John Corcoran
Net income is expected to grow mid-single digits, while organic revenue will grow low single digits. Adjusted EBITDA is forecasted between $655M-$670M, and adjusted EPS between $4.70-$4.85. Post-AMS acquisition, operating cash flow is projected at $300M-$325M.
13:08
Closing Remarks by CEO Celeste Masten
Celeste highlights the company's dedication to innovation and collaboration with clients to address challenges like sustainability. She also provides updates on the AMS acquisition, which is expected to close by year-end, strengthening H.B. Fuller's presence in the medical markets.
18:15
Q&A Session — Mike Harrison (Seaport Research Partners)
The CEO highlights stronger-than-expected sales volumes due to better material availability in Q3 and acknowledges market volatility caused variability in order patterns. She explained that fluctuations in customer demand, especially from smaller customers, influenced this trend.
32:43
Q&A Session — Jeff Zekauskas (JP Morgan): Sale of Facilities
John Corcoran confirms planned sales of facilities and land without leasebacks, with proceeds to cover restructuring costs. Pricing achieved a 7.6% increase by the end of Q3, and continues to be adjusted to cover raw material costs.
44:49
Q&A Session — Kevin McCarthy (Vertical Research Partners): AMS Financing
John Corcoran states that AMS acquisition financing includes short-term bridge loans and potentially term loan Bs or unsecured bonds. The company plans rapid deleveraging post-acquisition, with anticipated interest rates around 6.5%-7% for fixed and a spread over SOFR for variable.
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