Forbo Acquisition Helps H.B. Fuller First Quarter Revenue Jump 38.9%
H.B. Fuller Co. recently reported financial results for the first quarter that ended March 2, 2013. Net income from continuing operations for the first quarter of 2013 was $20.8 million, compared to net income from continuing operations of $13.6 million in last year’s first quarter.
Net revenue for the first quarter of 2013 was $479.8 million, up 38.9% vs. the first quarter of 2012. When excluding the incremental revenue from the acquired Forbo business, net revenue growth was 3.6%, representing 3.2% organic growth and 0.4 percentage points of favorable foreign currency translation. The organic growth comprised a 1.1% increase in price and 2.1% growth in volume.
“We are off to a solid start to a very important year for H.B. Fuller,” said Jim Owens, president and CEO. “We grew our business in the quarter and achieved our plans for operating profit despite a lackluster economic environment in most parts of the world. Our business integration project remains on track to deliver the committed benefits on time and on budget. Our guidance remains unchanged for the fiscal year and we are on target to deliver another successful year in 2013.”
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