H.B. Fuller recently announced its financial results for the 2011 third quarter. Net income for the third quarter of 2011 was $23.2 million, compared to $19 million in last year’s third quarter. Net revenue for the 2011 third quarter was $387.8 million, up 14.5% vs. the third quarter of 2010. Higher average selling prices and favorable foreign currency translation positively impacted net revenue growth by 10.5 and 6.0 percentage points, respectively. Lower volume reduced net revenue growth by 2.0 percentage points. Organic revenue grew by 8.5% year-over-year. On a sequential basis, net revenue decreased approximately 2% relative to the second quarter of 2011, driven by softer end-market demand, especially in EIMEA.
“We are pleased with our results for the third quarter and for the entire year thus far,” said Jim Owens, president and CEO. “In the third quarter, raw material inflation continued and end-market demand softened. In the face of these adverse conditions, we increased revenue, improved gross margin and reduced our operating expenses as a percentage of revenue. Despite continuing challenges in end-market conditions, we expect a strong fourth quarter built on further revenue growth and margin expansion.”
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