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H.B. Fuller Co. recently reported financial results for the second quarter that ended May 31, 2014. Net income for the quarter was $20.5 million, vs. net income of $25.9 million in last year’s second quarter. Net revenue for the quarter was $544 million, up 4.8% compared to the same period last year. Higher volume and positive foreign currency translation reportedly had a positive impact on net revenue growth, which grew by 4.8 and 0.3 percentage points, respectively.
“During the second quarter, we reached historic milestones toward our strategic plan with the closure of a major European production site in May, our initial go-live on SAP in April and the negotiation of a significant acquisition in China,” said Jim Owens, president and CEO. “Our financial performance in the second quarter was mixed. On the positive side, we retained our discipline in discretionary spending and improved our organic revenue growth trend. Notably, sales volume increased 20% in our Construction Products business, 14% in Asia and about 5% in the Americas. However, these positives were tempered by the costs associated with the execution of our business integration project in Europe and the Project ONE go-live in North America.”
For more information, visit www.hbfuller.com.