H.B. Fuller’s Revenue Jumps 37.9% in Third Quarter
H.B. Fuller Co. recently reported financial results for the third quarter ended September 1, 2012. Net income from continuing operations was $24.6 million, compared to $22.2 million in last year’s third quarter.
Net revenue for the 2012 third quarter was $500.5 million, up 37.9% vs. the third quarter of 2011. Higher average selling prices, higher volume and acquisitions positively impacted net revenue growth by 3.3, 1.7 and 38.0 percentage points, respectively. Negative foreign currency translation reduced net revenue growth by 5.1 percentage points. Organic revenue grew by 5% year-over-year.
“We are very pleased with the results we delivered this quarter as we delivered solid organic growth and significant profit improvement,” said Jim Owens, president and CEO. “Our third quarter revenue was slightly below our earlier projections but strong margin management and the benefits of the business integration project generated operating income in the quarter that exceeded our internal plans. Our synergy and integration plans are on schedule and we are on track to deliver our profit improvement plans for 2012 and to deliver the expected profit targets of 15% EBITDA margin in 2015.”
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