H.B. Fuller Co. recently reported financial results for the first quarter ended February 26, 2011. Net income for the first quarter of 2011 was $14.4 million, compared to $19 million in last year’s first quarter. Net revenue for the first quarter of 2011 was $339.5 million, up 9.7% vs. the first quarter of 2010. Higher average selling prices, higher volume and acquisitions reportedly had a positive impact on net revenue growth by 6.8, 2.2 and 1.7 percentage points, respectively.
“We are pleased with the results of the first quarter,” said Jim Owens, president and CEO. “We continued our growth momentum with organic revenue up 9% from last year. While raw material costs continued to rise in the quarter, our gross margin improved sequentially due to a combination of pricing actions, reformulation and product substitution that were executed efficiently by the entire organization.”
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