Home » World News » EARNINGS SUMMARY: Details of Pier 1 Imports Inc. Q2 Earnings Report

EARNINGS SUMMARY: Details of Pier 1 Imports Inc. Q2 Earnings Report

09/25/2019

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

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.

Amazon’s Alexa can help jobseekers apply for a job at McDonald’s

Universal Credit changes in October 2019 explained as childcare costs affected

H.B. Fuller stock falls after earnings miss, company restructuring

H.B. Fuller Co. FUL, +1.43% shares fell more than 7% in the extended session Wednesday after the company missed earnings and revenue expectations. The company reported third-quarter net income of $49.7 million, or 97 cents a share, compared with $37.7 million, or 72 cents a share, in the year-ago period. Adjusted for items such as restructuring and integration, among other things, earnings were 86 cents a share and said it was restructuring the business. Revenue fell to $725.4 million from $770.1 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 90 cents a share on revenue of $750.6 million. For the fourth quarter, analysts model adjusted earnings of $1.06 a share on sales of $775.4 million. In addition to the earnings, the company announced that it was restructuring, reducing the number of business segments to three from five, which will take effect at the beginning of the company’s fiscal year, Dec. 1, 2019. H.B. Fuller stock has gained 11.4% this year, with the S&P 500 index SPX, +0.62% rising 18.3%.

Aston Martin raises boatload of cash to fund SUV

The big money flowing into luxury cars in Pebble Beach

FBN’s Jeff Flock talks to Gooding & Co. founder Roger Gooding on the expensive cars up for auction at Concours d’Elegance in Pebble Beach, California.

Aston Martin Lagonda raised $150 million through a bond sale to help fund its DBX sport utility vehicle, which the luxury automaker hopes will provide a big boost to business.

Continue Reading Below

The British automaker, which has been featured in several James Bond films, has struggled as the U.K.'s pending exit from the European Union has brought uncertainty to the U.K.'s economy.

“At the H1 results we highlighted that we expected macroeconomic headwinds and uncertainty to continue,” CFO Mark Wilson said in a prepared statment.

In July, the automaker slashed its annual wholesale vehicle forecast to a range between 6,300 and 6,500, down from 7,100 to 7,300, and said it expects “softness” to continue for the remainder of the year.

CLICK HERE TO READ MORE ON FOX BUSINESS

Aston Martin is the latest luxury automaker to unveil plans for an SUV. Last September, Ferrari said its Purosangue SUV would hit the market in 2022. Bentley, Lamborghini, Maserati, Porsche and Rolls Royce have recently launched SUVs.

Watch: Trump holds press conference after Ukraine call notes released

[The stream is slated to start at 4 p.m. ET. Please refresh the page if you do not see a player above at that time.]

President Donald Trump is set to hold a press conference Wednesday, hours after the White House released a memorandum of his call with Ukraine President Valodymyr Zelensky.

A whistleblower's complaint, which reportedly raised alarms about Trump's request in that call for Ukraine to investigate former Vice President Joe Biden and his son, pushed House Speaker Nancy Pelosi on Tuesday to announce a formal impeachment inquiry into the president.

Trump met with Zelensky at the United Nations General Assembly in New York City for a bilateral meeting Wednesday afternoon. Zelensky told reporters after that meeting that "nobody pushed me" in the July 25 phone call with Trump.

Subscribe to CNBC on YouTube.