H.B. Fuller Co. recently reported financial results for the first quarter that ended February 27. Net income for the first quarter of 2016 was $18.9 million, vs. net income of $9.7 million in last year’s first quarter. Net revenue for the first quarter of 2016 was $474.3 million, up 0.8% compared to the first quarter of 2015.
Adjusted diluted earnings per share in the first quarter of 2016 were $0.431, up 43% vs. the prior year’s adjusted result of $0.301. Constant currency revenue increased 5.3% compared to the prior year, led by solid growth in a new operating segment called Engineering Adhesives along with growth in EIMEA, Construction Products and Asia-Pacific.
“We are off to a solid start to our 2016 fiscal year,” said Jim Owens, president and CEO. “Our 2020 strategic plan identified specific areas of profitable growth and differential management of our EBITDA margins as key drivers. This quarter’s performance aligned with our strategy as we delivered solid organic growth and very strong margin improvement in our targeted segments. Our new engineering adhesives segment delivered growth and margin improvement as expected and our geographical segments all showed solid EBITDA margin performance. Our efforts resulted in over a 40 percent increase in adjusted diluted EPS versus last year’s first quarter and a first quarter EBITDA margin well above historical levels.”
For more information, visit www.hbfuller.com.