H.B. Fuller Q3 Results Miss Street, Cuts FY Outlook, Shares Tank 8%

(RTTNews) - Shares of H.B. Fuller Company (FUL) tanked 8% on extended trading session Wednesday after the company's third-quarter profit and revenues fell short of Wall Street expectations. The company also lowered its full year outlook.

Third-quarter net income rose to $49.7 million or $0.97 per share from $37.7 million or $0.72 per share last year.

On an adjusted basis, earnings were $0.86 per share. Analysts polled by Thomson Reuters estimate earnings of $0.90 per share for the quarter.

Revenues for the quarter dropped 5.8% to $725.4 million from $770.1 million last year. Analysts had a consensus revenue estimate of $749.3 million for the quarter.

"We delivered solid profit performance and strong cash flow in the quarter despite challenging macroeconomic headwinds impacting global industrial production," said CEO Jim Owens. "Share gains in Engineering Adhesives and Asia Pacific were offset by weakness across numerous manufactured goods sectors, including automotive, which is reported as part of our Engineering Adhesives segment."

Looking forward to the full year 2019, the company now expects adjusted earnings of $2.95 to $3.05 per share, down from previous outlook of $3.10 to $3.30 per share. Analysts currently estimate earnings of $3.17 per share for 2019.

FUL closed Wednesday's trading at $47.54, up $0.69 or 1.47%, on the NYSE. The stock, however, gained $3.84 or 8.08% in the after-hours trade.