H.B. Fuller (FUL) Q4 2019 Earnings Call Transcript

H.B. Fuller (FUL) Q4 2019 Earnings Call Transcript

In a challenging manufacturing environment where overall end markets were showing negative growth, in the full year of 2019, we delivered organic constant currency EPS growth of 6%, margin improvement, solid cost control, and very strong cash flow, which allowed us to reduce debt by $268 million, well ahead of our target.. We announced the realignment of our business from five operating segments into three global businesses, which are enabling better organic growth and a more simplified business structure which will operate with approximately $30 million in lower cost.. I'll talk more about our 2020 plans and our business realignment later in the call.. In the fourth quarter, we saw good organic growth in the Americas adhesives, in Asia Pacific adhesives and engineering adhesive segments.. Overall, organic revenues were down less than 1% compared with the fourth quarter of 2018.. The profit growth was achieved despite the fact that we had negative annual organic growth for the first time in 10 years.. Strong free cash flow conversion and working capital improvements continued in the fourth quarter and enabled us to pay down $118 million of debt in the quarter for a total of $268 million for the full year.. And