ST. PAUL, Minn. - H.B. Fuller Co. (NYSE:FUL) reported fourth quarter earnings that fell short of analyst expectations, sending shares down 3.7% in after-hours trading on Wednesday.

The adhesives manufacturer posted adjusted earnings per share of $0.92 for the quarter, missing the consensus estimate of $1.23. Revenue came in at $923 million, below the $945.32 million analysts were expecting.

For the full fiscal year 2024, H.B. Fuller reported net income of $130 million and adjusted EBITDA of $594 million. The company's adjusted EBITDA margin expanded to 16.6% for the year.

Looking ahead, H.B. Fuller provided a disappointing outlook for fiscal 2025. The company expects earnings per share between $3.90 and $4.20, compared to the $4.14 consensus. Net revenue growth is projected to decline 2% to 4% year-over-year, or increase 1% to 2% when adjusting for the divestiture of its Flooring business.

"I am disappointed that we were unable to finish the year as strong as we had expected," said CEO Celeste Mastin. "In the fourth quarter, we encountered an unexpected deceleration in volume across the majority of our end markets."

The company said it is finalizing plans to streamline its manufacturing and supply chain footprint, aiming to generate approximately $75 million in annualized cost savings by fiscal 2030. H.B. Fuller expects to invest around $150 million in incremental capital over the next five years to implement these changes.

For the first quarter of fiscal 2025, H.B. Fuller forecasts adjusted EBITDA between $105 million and $115 million. The company projects full-year adjusted EBITDA of $600 million to $625 million, representing growth of 1% to 5% compared to fiscal 2024.

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