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H.B. Fuller Co. recently reported financial results for the second quarter that ended June 2. Net income for the second quarter of 2012 was $1.9 million, vs. net income of $25.1 million in last year’s second quarter.
Excluding the Latin America Paints business, net revenue for the second quarter of 2012 was $527 million, up 43.1% compared to the second quarter of 2011. Higher average selling prices and acquisitions positively impacted net revenue growth by 6.8 and 39.4 percentage points, respectively. Foreign currency translation and lower volume reduced net revenue growth by 2.4 and 0.7 percentage points, respectively. Organic revenue grew by 6.1% year-over-year.
“Our underlying business had an outstanding quarter with sales up over 6% and profits up over 25% vs. prior year,” said Jim Owens, president and CEO. “The acquired Forbo business performed at expected levels, and the synergies we committed to are clearly attainable. Our team delivered this business result while making key strategic moves that are enhancing our portfolio. We achieved this quarter’s strong performance while completing the largest acquisition in the company’s history and making the strategic decision to sell a long-held, non-core part of our business. We also announced within 90 days of the acquisition our specific plans to integrate the combined businesses and deliver the profit performance committed to in our strategic plan.”
For additional information, visit www.hbfuller.com.