H.B. Fuller Co. recently reported financial results for the second quarter that ended June 1. Net income for the second quarter of 2013 was $25.9 million, compared to net income from continuing operations of $5.1 million in last year’s second quarter.
Net revenue for the second quarter of 2013 was $519.0 million, down 1.5% vs. the second quarter of 2012. Higher average selling prices reportedly had a positive impact on net revenue growth by 0.2 percentage points.
“We are satisfied with the overall results we delivered this quarter,” said Jim Owens, president and CEO. “While we did not deliver the organic growth we expected in the quarter, we managed our margins well, took another step toward completion of the business integration plan and reduced discretionary spending to deliver on our commitments. We have initiatives in the pipeline, which will generate improved revenue results in the second half. We remain on track to deliver the Forbo synergies, our business integration project in Europe, our EPS commitments for the year and our strategic target of 15% EBITDA margin in 2015.”
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