H.B. Fuller Co. recently reported financial results for the second quarter that ended June 3. Net income for the second quarter of 2017 was $25.9 million, vs. net income of $33.3 million, in last year’s second quarter.
Net revenue for the second quarter of 2017 was $561.7 million, up 5.5% vs. the second quarter of 2016. The company suggests that higher volume, and acquisitions positively impacted net revenue growth, which was offset by negative foreign currency translation.
“A spike in raw material costs and the timing of our price increases impacted earnings in the second quarter however price increases have been implemented and the underlying performance of our business is in line with expectations for 2017,” said Jim Owens, president and CEO. “We continued to drive solid growth across most of the businesses, led again by nearly 20% volume growth in the strategically important engineering adhesives business and strong constant currency growth in Americas, EIMEA and Asia Pacific. All businesses showed solid EBITDA performance in the quarter, including construction products, which delivered double digit margins ahead of schedule. Price increases announced early in the quarter were successfully implemented late in the second quarter which will deliver the targeted earnings and cash flow performance for the rest of 2017. We expect 2017 to provide another strong positive step forward in delivering our 2020 strategic commitments for growth, profit and cash flow performance.”
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