H.B. Fuller 2014 Revenue Grows 2.8%
H.B. Fuller Co. recently reported financial results for its fiscal fourth quarter and full year ended November 29, 2014. Net income for the fourth quarter of 2014 was $10.8 million, compared to net income of $21.9 million in last year’s fourth quarter. Net revenue for the fourth quarter of 2014 was $547.7 million, up 2.7% vs. the fourth quarter of 2013. Higher volume and higher average selling prices reportedly had a positive impact on net revenue growth by 4.7 and 0.1 percentage points, respectively.
Net income for the 2014 fiscal year was $49.9 million, compared to income from continuing operations of $96 million in the 2013 fiscal year. Adjusted total diluted earnings per share in the 2014 fiscal year were $2.331, down 10% from the prior year’s result of $2.581.
Net revenue for the 2014 fiscal year was $2,104.5 million, up 2.8% vs. the 2013 fiscal year. Higher volume positively impacted net revenue growth by 3.5 percentage points. Lower average selling prices and foreign currency translation negatively impacted net revenue growth by 0.4 and 0.3 percentage points, respectively. Organic revenue grew by 3.1 percent year-over-year.
“We are energized and optimistic as we start the new fiscal year,” said Jim Owens, president and CEO. “The sizable investments we made over the past several years progressed as planned in the fourth quarter, and we expect that by mid-year we will be capturing the benefits of these investments and will be positioned to achieve our long-term EBITDA margin goals in 2016.”
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