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H.B. Fuller Announces Preliminary Fiscal Year 2024 Results

ST. PAUL, Minn.–(BUSINESS WIRE)–
H.B. Fuller Company (NYSE: FUL) announced today unaudited preliminary financial results for fiscal year 2024 and scheduled the company’s fourth quarter investor conference call. These preliminary results are estimates and remain subject to completion of the company’s fiscal year financial audit.

The company now expects fiscal year 2024 net revenue to be approximately $3.57 billion, adjusted diluted earnings per share to be approximately $3.84 and adjusted EBITDA to be approximately $594 million compared to previous guidance of adjusted EBITDA between $610 million and $620 million as communicated on September 25, 2024. Additionally, the company now expects cash flow from operations for the year to be approximately $300 million.

Fourth quarter net revenue and earnings were adversely impacted by weaker than expected conditions and delayed orders, particularly in consumer product goods and packaging related end markets as well as durable goods distribution. In addition, delayed customer order patterns shifted price increase realization into fiscal 2025 while higher raw material costs, primarily in Hygiene, Health and Consumable (HHC) Adhesives, negatively impacted adjusted EBITDA.

“Late in the fourth quarter there was a negative inflection point on volume whereby a number of market segments exhibited topline deceleration versus the previous quarter, and this adversely impacted our operating results and led to a disappointing shortfall relative to our expectations,” said Celeste Mastin, President and Chief Executive Officer. “In response to this weaker market environment, we are focusing on the controllable variables and putting in place new pricing actions and cost controls. This is in addition to our ongoing restructuring initiatives to streamline our manufacturing footprint and overall SG&A profile.”

The Company plans to report its financial results for the three-month and twelve-month fiscal periods ended November 30, 2024, in a press release issued after the market close on January 15, 2025. The Company will hold an investor conference call on January 16, 2025, at 9:30 a.m. CT (10:30 a.m. ET) to discuss its financial results.

Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the company’s website at https://investors.hbfuller.com. Participants must register prior to accessing the webcast using this link and should do so at least 10 minutes prior to the start of the call to install and test any necessary software and audio connections. Participants can pre-register for the webcast at any time using the link above. The webcast will be archived on the company’s website.

A telephone replay of the conference call will be available from 12:30 p.m. CT on January 16, 2025, to 10:59 p.m. CT on January 23, 2025. To access the telephone replay dial 1-800-770-2030 (toll free) or 1-609-800-9909 and enter the Conference ID: 6370505.

Regulation G

The information presented in this release regarding consolidated adjusted net income, adjusted diluted earnings per share, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) does not conform to U.S. generally accepted accounting principles (U.S. GAAP) and should not be construed as an alternative to the reported results determined in accordance with U.S. GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the Company as well as the comparability of results to the results of other companies. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported U.S. GAAP results in this release.

About H.B. Fuller

As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2023 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,000 global team members who collaborate with customers across more than 30 market segments in over 140 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com.

Safe Harbor for Forward-Looking Statements

Certain statements in this press release may be considered forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases. These statements are subject to various risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including but not limited to the following: the availability and pricing of raw materials; the impact of potential cybersecurity attacks and security breaches; the impact on the supply chain, raw material costs and pricing of our products due to military conflict, including between Russia and Ukraine and Israel and Hamas; the consequences of the COVID-19 outbreak and other pandemics on our operations and financial results; the impact on our margins and product demand due to inflationary pressures; the substantial amount of debt we have incurred to finance our acquisition of Royal, our ability to repay or refinance our debt or to incur additional debt in the future, our need for a significant amount of cash to service and repay the debt and to pay dividends on our common stock, and the effect of debt covenants that limit the discretion of management in operating the business or in paying dividends; our ability to pay dividends and to pursue growth opportunities if we continue to pay dividends according to our current dividend policy; our ability to acquire and integrate complementary businesses; our ability to achieve expected synergies, cost savings and operating efficiencies from our restructuring initiatives and operational improvement projects within the expected time frames or at all; our ability to effectively implement Project ONE; uncertain political and economic conditions; fluctuations in product demand; competing products and pricing; our geographic and product mix; disruptions to our relationships with our major customers and suppliers; failures in our information technology systems; regulatory compliance across our global footprint; trade policies and economic sanctions impacting our markets; changes in tax laws and tariffs; devaluations and other foreign exchange rate fluctuations; the impact of litigation and investigations, including for product liability and environmental matters; impairment charges on our goodwill or long-lived assets; the effect of new accounting pronouncements and accounting charges and credits; and similar matters.

Additional information about these various risks and uncertainties can be found in the “Risk Factors” section of our Form 10-K filings, and any updates to the risk factors in our Form 10-Q and 8-K filings with the SEC, but there may be other risks and uncertainties that we are unable to identify at this time or that we do not currently expect to have a material impact on the business. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.

H.B. FULLER COMPANY AND SUBSIDIARIES

REGULATION G RECONCILIATION

In thousands, except per share amounts (unaudited)

		Year Ended November 30,
		2024
Net income attributable to H.B. Fuller		$	130,786
Adjustments:
Acquisition project costs 1			9,354
Organizational realignment 2			39,996
Project One 3			11,885
Business divestiture 4			48,948
Other 5			(1,981	)
Discrete tax items 6			(5,999	)
Income tax effect on adjustments 7			(15,811	)
Adjusted net income attributable to H.B. Fuller 8			217,178
Add:
Interest expense			133,122
Interest income			(4,679	)
Income taxes			77,661
Depreciation and Amortization expense 9			170,573
Adjusted EBITDA 8			593,855
Diluted Shares			56,629
Adjusted diluted income per common share attributable to H.B. Fuller 8		$	3.84

1 Acquisition project costs include costs related to evaluating, acquiring and integrating business acquisitions. Acquisition project costs include $8,037 in transaction costs (primarily consulting and professional fees, representations and warranties, insurance premiums and employee acquisition related travel expenses), $740 in purchase accounting costs (primarily professional fees for valuation services, inventory step-up cost and the impact of changes to contingent consideration liabilities after the completion of the purchase price allocation) and $577 in business integration costs (primarily costs of transition services agreements and, for the three month ended March 2, 2024, retention bonuses paid to employees of the acquired entities) for the year ended November 30, 2024.

2 Organizational realignment includes costs incurred as a direct result of the organizational realignment program, including professional fees related to legal entity and business structure changes, employee retention and severance costs, and facility rationalization costs related to the closure of production facilities and consolidation of business activities. Facility rationalization costs include plant closure costs, the impact of accelerated depreciation, and, for the three months ended March 2, 2024, operational inefficiencies. Organizational realignment includes $9,084 in professional fees related to legal entity and business structure changes, $16,553 in employee severance and other related costs and $14,359 related to facility rationalization costs for the year ended November 30, 2024.

3 Project One includes non-capitalizable project costs related to implementing our global Enterprise Resource Planning system, including upgrading to SAP S/4HANA®, which will upgrade and standardize our information system.

4 Business divestiture includes impairment losses for goodwill and long-lived assets, and project costs incurred as a direct result of the pending sale of the North America Flooring business, which is a component of our Construction Adhesives operating segment. Impairment losses represent the difference between the book value of the assets held for sale and their net realizable value.

5 Other includes a gain from insurance recoveries and a loss from the write-off of a cost method investment for the year ended November 30, 2024.

6 Discrete tax items for the year ended November 30, 2024 are related to various foreign tax matters as well as excess tax benefit related to U.S. stock compensation.

7 The income tax effect on adjustments represents the difference between income taxes on net income before income taxes and income from equity method investments reported in accordance with U.S. GAAP and adjusted net income before income taxes and income from equity method investments.

8 Adjusted net income attributable to H.B. Fuller, adjusted diluted income per common share attributable to H.B. Fuller and adjusted EBITDA are non-GAAP financial measures. Adjusted net income attributable to H.B. Fuller is defined as net income before the specific adjustments shown above. Adjusted diluted income per common share is defined as adjusted net income attributable to H.B. Fuller divided by the number of diluted common shares. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation, amortization and the specific adjustments shown above. The table above provides a reconciliation of adjusted net income attributable to H.B. Fuller, adjusted diluted income per common share attributable to H.B. Fuller and adjusted EBITDA to net income attributable to H.B. Fuller, the most directly comparable financial measure determined and reported in accordance with U.S. GAAP.

9 Depreciation and amortization expense added back for EBITDA is adjusted for amounts already included in adjusted net income attributable to H.B. Fuller totaling ($4,137) for the year ended November 30, 2024.

 

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Steven Brazones

Investor Relations Contact

651-236-5060

KEYWORDS: Minnesota United States North America

INDUSTRY KEYWORDS: Packaging Chemicals/Plastics Other Manufacturing Manufacturing

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Adtalem Global Education Announces Second Quarter Fiscal Year 2025 Conference Call

CHICAGO–(BUSINESS WIRE)–
Adtalem Global Education Inc. (NYSE: ATGE), the leading healthcare educator in the United States, announced today it will release its second quarter fiscal year 2025 results on Thursday, Jan. 30, 2025, after financial markets close, followed by a conference call at 4:00 p.m. CT (5:00 p.m. ET) the same day to discuss the results.

The call can be accessed by dialing +1 877-407-6184 (U.S. participants) or +1 201-389-0877 (international participants) and stating “Adtalem earnings call” or by using conference ID: 13750710. The call will be simulcast through the Adtalem investor relations website at: https://investors.adtalem.com.

Adtalem will archive a replay of the call for 30 days. To access the replay, dial +1 877-660-6853 (U.S.) or +1 201-612-7415 (international), conference ID: 13750710, or visit the Adtalem investor relations website.

About Adtalem Global Education

Adtalem Global Education is the leading provider of healthcare education in the U.S., shaping the future of healthcare by preparing a diverse workforce with high-quality academic programs. We innovate education pathways, align with industry needs and empower individuals to reach their full potential. Our commitment to excellence and inclusivity is reflected in our expansive network of institutions, serving over 90,000 students and supported by a strong community of approximately 350,000 alumni and nearly 10,000 dedicated employees. Visit Adtalem.com for more information and follow us on LinkedIn, Instagram and Facebook.

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Investor Contact

Jay Spitzer

[email protected]

+1 312-906-6600

Media Contact

Britt Mitchell

[email protected]

+1 872-270-0301

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Nursing Education Health Continuing Training University

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Ladder Announces $850 Million Revolving Credit Facility to Upsize and Extend Existing Facility and Reduce Cost of Debt

NEW YORK–(BUSINESS WIRE)–
Ladder Capital Corp (“Ladder,” the “Company,” “we” or “our”) (NYSE: LADR), a leading diversified commercial real estate finance platform, recently closed and subsequently upsized a revolving credit facility (the “Credit Facility”) with commitments of $850 million. The Credit Facility has an “accordion” feature under which the Company may further increase the total borrowing availability to up to $1.25 billion. The Credit Facility replaced Ladder’s prior $324 million revolving credit facility, which had no balance drawn at the time the Credit Facility closed.

The Credit Facility, which more than doubled Ladder’s existing revolving credit facility at a significantly lower cost of funds, has a maturity date of December 20, 2028, and up to two 6-month extensions thereafter at the Company’s option. The larger Credit Facility is expected to further enhance the liquidity and flexibility of the Company’s balance sheet. Without changing any commitments, the agreement governing the Credit Facility will be automatically replaced by an unsecured investment grade agreement if certain debt instruments of the Company receive investment grade ratings from two rating agencies. The margins for borrowings under the Credit Facility are tighter than that of Ladder’s prior revolving credit facility and further adjust based on the Company’s credit rating. Ladder is currently rated just one notch below investment grade from Moody’s (Ba1) and Fitch (BB+), with a positive outlook from both agencies. S&P rates Ladder at BB.

“We are pleased to see our strategic plans coming together. Upsizing our revolving credit facility is a crucial step as we continue on our path toward potential investment grade ratings,” said Brian Harris, Ladder’s Chief Executive Officer. “The success of this transaction reflects our strong relationships with financial partners, our differentiated approach to financing, and our commitment to building enduring value through a commercial real estate finance platform grounded in stability, discipline, and long-term resilience.”

A total of 10 lenders participated in the Credit Facility. JPMorgan Chase Bank, N.A. (“JPMorgan”) is the Administrative Agent and Collateral Agent for the Credit Facility, and JPMorgan, Wells Fargo Securities, LLC, Bank of America, N.A., M&T Bank and Société Generale are acting as Joint Bookrunners and Joint Lead Arrangers. Barclays Bank PLC, Citibank, N.A., Raymond James Bank, and U.S. Bank National Association are acting as Joint Lead Arrangers, and along with Wells Fargo Bank, N.A., Bank of America, N.A., M&T Bank and Société Generale are acting as Syndication Agents. Deutsche Bank AG New York Branch is acting as Documentation Agent.

About Ladder

Ladder Capital Corp (NYSE: LADR) is a leading diversified commercial real estate finance platform that specializes in underwriting commercial real estate across the capital stack. With $5.4 billion of assets, our investment objective is to preserve and protect shareholder capital while generating attractive risk-adjusted returns.

Since 2008, we have invested over $46 billion in debt and equity, serving both institutional and middle-market clients. Our primary business is originating fixed and floating rate first mortgage loans secured by all commercial real estate property types. We also own and operate commercial real estate, including net leased commercial properties, and we invest in investment grade securities secured by first mortgage loans on commercial real estate.

We are internally managed and members of our management team and board of directors collectively own more than 11% of Ladder’s equity, making them the Company’s largest shareholder and aligning their interests closely with fellow stakeholders. Since our founding, their vision has been to support the Company’s investment platform with a conservative and durable capital structure. Our industry-leading credit ratings reflect this differentiated financing strategy.

Ladder is headquartered in New York City with a regional office in Miami, Florida. All amounts in this section are as of September 30, 2024.

Forward-Looking Statements

Certain statements in this release may constitute “forward-looking” statements, including those regarding the Credit Facility and expectations related to the Credit Facility’s impact on the Company’s financial condition, the Company’s ability to achieve investment grade credit ratings and any potential future change in those credit ratings, the potential for the Credit Agreement to be automatically amended, the Company’s access to the accordion feature of the Credit Facility, the impact of macroeconomic factors beyond the Company’s control, including changes in interest rates and the Company’s strategic plans and objectives. These forward-looking statements are based on management’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Ladder believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results on the Company’s business. There are a number of risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the Company’s ability to achieve investment grade credit ratings and any potential future change in those credit ratings, the potential for the Credit Agreement to be automatically amended, the Company’s access to the accordion feature of the Credit Facility and other market trends in the Company’s industry, interest rates and real estate values and the risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as its consolidated financial statements, related notes, and other financial information appearing therein, and its other filings with the U.S. Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this release. Ladder expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or changes in events, conditions, or circumstances on which any such statement is based.

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Ladder Capital Corp Investor Relations

917-369-3207

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property Professional Services Finance

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Amprius Technologies to Present at the 27^th Annual Needham Growth Conference

FREMONT, Calif.–(BUSINESS WIRE)–Amprius Technologies, Inc. (“Amprius” or the “Company”) (NYSE: AMPX), a leader in next-generation lithium-ion batteries with its Silicon Anode Platform, today announced that it will participate in the 27^th Annual Needham Growth Conference on Tuesday, January 14, 2025.

The management team is scheduled to present at 9:30 a.m. Eastern time. The presentation will be available live and for replay here.

Amprius management will also be participating in 1×1 meetings throughout the day. Please contact your Needham representative if you are interested in scheduling a time to meet with management.

For additional information or for any other investor inquiries, please contact [email protected].

About Amprius Technologies, Inc.

Amprius Technologies, Inc. is a leading manufacturer of high-energy and high-power lithium-ion batteries, producing the industry’s highest-known energy density cells. The company’s commercially available SiMaxx™ batteries deliver up to 450 Wh/kg and 1,150 Wh/L, with third-party validation of 500Wh/kg and 1,300 Wh/L. Amprius expanded its product portfolio to include the SiCore™ platform in 2024, significantly enhancing its ability to serve additional customer applications. The company’s corporate headquarters is in Fremont, California, where it maintains an R&D lab and a MWh scale manufacturing facility for the fabrication of silicon anodes and cells. To serve customer demand, Amprius entered into several agreements to secure over 500MWh of contract manufacturing available today. For additional information, please visit amprius.com. Also, see the company’s LinkedIn and Twitter pages.

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Investors

Tom Colton, Greg Bradbury

Gateway Group, Inc.

949-574-3860

[email protected]

Media

Zach Kadletz, Brenlyn Motlagh

Gateway Group, Inc.

949-574-3860

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: EV/Electric Vehicles Other Energy Batteries Alternative Energy Alternative Vehicles/Fuels Energy Drones Technology Automotive Other Manufacturing Automotive Manufacturing Manufacturing

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