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H.B. Fuller Q1 Results Miss Street View

H.B. Fuller Company (FUL) Wednesday reported a first-quarter profit that fell short of Wall Street estimates, as revenues declined.

First-quarter net income dropped to $12.2 million or $0.24 per share from $47.7 million or $0.92 per share last year. The decline in bottom-line largely reflect one-time tax benefit last year related to U.S. tax reforms.

On an adjusted basis, earnings were $0.341 per share, down from $0.351 per share last year. Analysts polled by Thomson Reuters estimate earnings of $0.35 per share for the quarter.

Revenues for the first quarter dropped 5.6% to $672.9 million from $713.1 million last year. Analysts had a consensus revenue estimate of $701.30 million for the quarter.

"We are off to a solid start in 2019, due primarily to our ability to respond quickly to dynamic external conditions impacting our revenue," said CEO Jim Owens. "In the first quarter, we leveraged solid pricing carry-over from 2018 and acquisition synergies to deliver earnings results and debt paydown in-line with our guidance."

Looking forward to the full year 2019, the company reaffirmed its adjusted earnings of $3.15 to $3.45 per share. Analysts currently estimate earnings of $3.29 per share for 2019.

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