Earnings release
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H.B. Fuller Worldwide Headquarters 1200 Willow Lake Boulevard St. Paul , Minnesota 55110-5101 NEWS ■ Barbara Doyle Investor Relations contact 651-236-5023 September 22 , 2021 H.B. Fuller Reports Third Quarter 2021 Results Net revenue up 20 % and organic revenue up 16 % driven by strong volume growth and pricing Net income of $ 32 million and EPS of $ 0.58 ; adjusted EPS of $ 0.79 Adjusted EBITDA of $ 111 million , up 5 % year - on - year despite significant raw materials headwinds ST . PAUL , Minn . - H.B. Fuller Company ( NYSE : FUL ) today reported financial results for its third quarter ended August 28 , 2021 . Items of Note Net revenue increased 20 % versus the third quarter of last year . Organic revenue increased 16 % , with 10 % from volume growth and 6 % from pricing . Organic revenue was up 13 % when compared with the non - COVID - impacted third quarter of 2019 . Net income increased to $ 32 million ; volume leverage , pricing and operating expense efficiencies offset higher raw material costs and drove a 5 % year - over - year increase in adjusted EBITDA to $ 111 million , ahead of our expectations . Earnings per diluted share ( EPS ) were $ 0.58 ; adjusted EPS of $ 0.79 increased 4 % year over year . Strategic supply chain management enabled the company to secure raw materials to meet increasing demand , and pricing actions have been implemented that are expected to restore margins in the fourth quarter and into 2022 . Year - to - date debt paydown of $ 110 million keeps the company on track to its $ 200 million debt reduction target for the full year . 1 Summary of Third Quarter 2021 Results Net revenue of $ 827 million increased 20 % compared with the third quarter of 2020. Foreign currency exchange rates favorably impacted revenue by 3 % . Organic revenue , which excludes impacts from foreign currency translation , increased 16 % versus last year , with double - digit organic growth in all three Global Business Units ( GBUS ) . Organic revenue also significantly increased by 13 % when compared with the non - COVID impacted third quarter of 2019 , with strong organic growth in all three GBUS .