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Text: Our speakers are Jim Owens, H.B. Fuller President and Chief Executive Officer; and John Corkrean, Executive Vice President and Chief Financial Officer.
First, a reminder that our comments today will include references to organic revenue, which excludes the impact of foreign currency translation on our revenues.
We believe that discussion of these measures is useful to investors to assist their understanding of our operating performance and how our results compare with other companies.
Unless otherwise specified, discussion of sales and revenue refers to organic revenues and discussion of EPS, margins or EBITDA refers to adjusted non-GAAP measures.
Many of these risks and uncertainties are and will be exacerbated by COVID-19 and resulting deterioration of the global business and economic environment.
Last evening, we reported first quarter results, which built upon the momentum we saw in Q4 of last year.
Organic revenues this quarter were up 10.5%, adjusted EBITDA was up 30% and adjusted earnings per share of $0.66 was nearly doubled last year's first quarter.
The H.B. Fuller team gained share and reduced operating expense in each of our businesses in 2020, which created the momentum that is delivering exceptional financial performance to begin fiscal 2021.
Market innovation and exceptional service led to the share gains as H.B. Fuller solved customer problems faster than competition and growth accelerated as demand continued to strengthen in the first quarter.
As we reported last March, COVID-19 impacted our fiscal Q1 of 2020 only in China and by about $15 million in revenue, $4.5 million in EBITDA and $0.06 of EPS.
Excluding this impact, our revenues were up 8% organically, EBITDA was up 23% and earnings per share was up 65%, exceptional results.
H.B. Fuller works with our customers to solve their toughest adhesive problems.
In today's remote work environment, this means collaborating in new ways and delivering market-driven innovation faster than ever.
For example, we proactively developed and qualified new engineering adhesives for mobile devices, automotive, electronics, electronic vehicle batteries and solar panels to name just a few.
These innovations helped drive one of our strongest quarters for engineering adhesive sales growth.
We created technology and branding opportunities with the new line of GorillaPro MRO adhesives and there will be more H.B. Fuller marketing innovation in the year ahead.
We work with Hygiene, Health and Consumable customers to develop innovative applications and to ensure supply to meet high demand for their products.
As a result, we substantially grew our sales across the majority of our HHC end markets in the first quarter.
H.B. Fuller's revenue growth was also broad based geographically in the quarter with organic growth in all three of our geographic regions.
Importantly, our growth came with positive incremental margins driven by product mix, reduced expenses and structural efficiencies resulting from our business realignment last year.
EBITDA margin increased 190 basis points year-on-year.
Raw material cost increased from where we exited 2020, but we're still relatively neutral on a year-over-year basis in the first quarter and in line with our expectations.
Raw material cost going forward will increase at a faster rate than originally anticipated due to increased demand, reduced inventories and supply constraint.
Winter storm Uri in the Gulf Coast in February has created additional tightening in the United States and is impacting global supply.
Supply has become tight for commodity materials, which make up a smaller portion of our portfolio.
As the year progresses, this will also have an impact on the supply and pricing of the specialty materials, which make up the majority of our purchases.
Most suppliers have made good progress in recovering from Uri.
However, the rate of recovery going forward will mostly depend on the output rates of the impacted assets and the time it takes for supply chains and inventory levels to fully recover.
We have done a very good job of serving customers thus far by working closely to manage inventories and available materials.
Our contracted positions with our suppliers, backward integration of key polymers and global breadth have helped us manage the supply crisis thus far.
The breadth of our adhesive chemistry and the diversity of our raw materials has meant that no single material has had a large impact on us and has enabled us to help customers find alternatives when short supply exists.
The near-term disruptions we are navigating in the US are considerable, but they are temporary and supply is expected to normalize to a more balanced level in the coming months.
Our planning assumptions anticipate that the risk of supply disruption will lessen as we exit the second quarter and we do not anticipate that it will have a material impact on our ability to meet demand.
However, we now expect year-on-year raw material inflation to be in the range of 5% to 8%.
H.B. Fuller has done a remarkable job in supporting customers through supply shortages and we also have implemented over $100 million in annualized price adjustments that are effective in Q2 and will enable us to continue to seamlessly serve our customers.
Some of these were effective on February 15, with most effective March 15 and April 1.
We are preparing for further price adjustments, if needed in Q3.
These price adjustments will fully offset the impact of raw material increases.
Now let me move on to discuss performance in each of our segments in the first quarter on Slide 4.
Hygiene, Health and Consumable Adhesives' first quarter organic sales increased 7.6% year-over-year, continuing the strong performance trend in this business unit in 2020.
Sales increased versus last year across the majority of our HHC markets with strong growth in Packaging, Tissue & Towel and Tape & Label and good growth in hygiene in particular.
HHC segment EBITDA margin was strong at 13.3%, up 180 basis points, margin improved versus last year, reflecting volume leverage, restructuring benefits and good expense management.
Construction Adhesives' organic revenue was down 10% versus last year as winter storm Uri, extreme weather and material supply issues across much of the United States impacted construction activity as we started the year.
Construction Adhesives' EBITDA margin declined versus last year reflecting these issues.
Underlying operational improvements from the GBU restructuring were offset by lower volume and the impact of severe weather.
Uri temporarily disrupted operations at our construction adhesive facilities in Texas in February.
Both plants have now been fully up and running since early March.
Aside from these near-term impacts, demand for Construction Adhesives continues to be strong for residential builds and remodeling.
Demand has also begun to improve on the commercial roofing side.
We are planning for both top-line performance and margins to improve significantly over the rest of the year.
Engineering Adhesive results were extremely strong with organic revenue up 21% versus last year, reflecting share gains and improving end market demand.
Sales increased versus last year across the majority of our EA markets with the strongest growth in electronics and new energy.
We expect continued strength and double-digit full year growth in this segment.
Engineering Adhesives' EBITDA margins were strong at 15.4%, up 300 basis points compared with Q1 last year, reflecting strong volume leverage and good expense management.
Looking ahead at our full year results, our planning assumptions are that COVID-related shutdown impacts will remain but continue to decrease as vaccines are rolled out around the world.
We anticipate that many raw materials will be tied through the summer as supply chains normalize and demand continues to be strong.
We anticipate continued improvement in underlying demand in each of our business units, driving volume growth in 2021 versus 2020.
Growth in some end markets such as commercial construction and aerospace will improve at a slower pace and may not return to 2019 levels of activity this year.
While Engineering Adhesives demand is expected to moderate from first quarter levels, which reflect some pent-up demand, we expect end market demand will likely be strong for the entire year.
Overall, when considering our strategic pricing actions, coupled with the solid volume growth in HHC, improved performance in Construction Adhesives and strong demand in Engineering Adhesives, we now expect full year revenue growth of high single digits to low double-digits versus 2020.
I'll begin on Slide 5 with some additional financial details on the first quarter.
Net revenue was up 12.3% versus same period last year.
Currency had a positive impact of 1.8%.
Adjusting for currency, organic revenue was up 10.5% with volume accounting for all of the growth.
Pricing had a neutral impact year-on-year in the quarter.
Year-on-year adjusted gross profit margin was 26.7%, up 20 basis points versus last year, driven by the higher volume.
Adjusted selling, general and administrative expense was up 2.9% versus last year.
SG&A was down 170 basis points as a percentage of revenue, reflecting savings associated with our business reorganization, lower travel expense, general cost controls, offset by higher variable comp than last year.
Net other income increased by $3 million versus last year, driven primarily by increased income on pension assets.
Net interest expense declined by $2 million, reflecting lower debt balances.
The adjusted effective income tax rate in the quarter was 27.5%, up 180 basis points versus the adjusted tax rate in the first quarter last year, driven primarily by mix of income and tax related to the global cash strategies.
Adjusted EBITDA for the quarter of $101 million is 30% higher than the same period last year, driven by strong top-line growth, particularly in Engineering Adhesives, restructuring savings and good cost management, partially offset by higher variable compensation.
Adjusted earnings per share was $0.66, up 94% versus the first quarter of last year, reflecting strong operating income growth and lower interest expense associated with our debt reduction.
Cash flow from operations in the quarter of $36 million was up from last year, reflecting strong income growth, partly offset by higher working capital requirements to support the strong top-line performance.
We continue to reduce debt paying down $16 million in the quarter compared to $6 million during the same period last year.
Regarding our outlook, based on what we know today and the planning assumptions that Jim laid out earlier, we anticipate revenue to be up high single-digits to low double-digits versus 2020 and EBITDA to be between $455 million and $475 million as continued strong volume growth and pricing actions offset higher raw material costs.
We expect cash flow to be strong for the rest of the year, allowing us to maintain our target to pay down approximately $200 million of debt during 2021.
We were very pleased with our strong start in the first quarter, which follows a strong fourth quarter, both of which greatly outperformed predominantly non-COVID quarters from the prior year.
We are growing through our strategy of delivering sustainable innovation and high value solutions and we are in a great position to continue to grow our business as global economies continue to open up in 2021.
This year, we will focus on three critical priorities to profitably grow our business in a dynamic environment.
Our top priority is to drive continued volume growth as we support our customers success in the current high demand and supply constrained environment.
This means continued growth through innovation, leverage of remote servicing tools as a new standard and finding creative ways to address any raw material shortages we see in the coming months.
Our second imperative is to strategically manage pricing aligned to the value we deliver in this inflationary environment.
Our company has built pricing tools and in-depth training in anticipation of the day when material inflation returned.
And we are already executing with speed and precision to maintain and grow our business while pricing to value.
Our third priority, to help fuel our growth will be to release productive capacity through our operational excellence programs.
Our 2020 operations investment was centered on creating the operational discipline and metrics that enable more productivity per employee work hour.
In a low capital-intensive business like ours, this helps to reduce cost and increase capacity.
We will also deliver an additional $200 million of debt reduction in 2021, moving the company closer to our net debt target of 2 to 3 times EBITDA.
On our conference call a year ago in March of 2020, I told you that because of our extraordinary collaboration with customers, a robust global operations and supply chain and our unmatched expertise and adhesive innovation, I was confident that H.B. Fuller which strengthened its position in this industry, setting ourselves apart from competition and enabling us to grow as global economies recover.
I was confident that we would emerge as an even stronger company than prior to the pandemic.
Our stronger performance throughout 2020 and our exceptional results in the first quarter are proof that my confidence was well founded.
This company is built on an agile business model where people collaborate remotely with each other, with customers and with suppliers around the globe.
In a changing world, these attributes of agility, collaboration and flexibility have enabled H.B. Fuller to excel.
As working conditions changed, supply and demand fluctuated and as supply constraints emerged, the H.B. Fuller team has been first and fastest among adhesive companies at addressing challenges.
Growing the business this year in a period of economic recovery presents exciting opportunities and unique challenges.
In 2021, our business priorities are squarely focused on capturing share and managing inflation risks as we continue to build on our rising leadership position in the global adhesives industry.
Our culture of collaboration and innovation and our improving operational execution gives me confidence that we are strongly positioned to continue to deliver sustained value for our shareholders in 2021 and in the years ahead.
Operator, please open up the call so we can take some questions.

user
compname posts q1 adjusted earnings per share $0.66.
q1 adjusted earnings per share $0.66.
raises its full year guidance on stronger outlook for revenue and ebitda growth.
anticipates high-single digit to low double-digit revenue growth, and adjusted ebitda in range of $455 million to $475 million for fiscal 2021.
sees full year raw material costs to increase 5% to 8% versus 2020.
expects to pay down additional $200 million of debt in 2021.

assistant