H.B. Fuller Co. recently reported financial results for the first quarter that ended February 28, 2015. Net income for the quarter was $9.7 million, vs. net income of $14.6 million in last year’s first quarter. Net revenue for the first quarter was $470.7 million, down 3.2% compared to the first quarter last year. Higher volume and higher average selling prices positively impacted net revenue growth by 1 and 0.4 percentage points, respectively.
“We are off to a solid start to our 2015 fiscal year,” said Jim Owens, president and CEO. “We completed the acquisition of the Tonsan adhesive business in China in early February and welcomed the Tonsan team to H.B. Fuller. Our Construction Products segment was very active, finalizing the integration of the ProSpec acquisition that we completed last fall and preparing for the launch of a significant new volume of business with a key customer. Clearly, the significant and broad-based strengthening of the U.S. dollar against most foreign currencies that continued through the first quarter had a negative impact on our business and lowered our reported financial results.”
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