H.B. Fuller Co. recently reported financial results for the first quarter that began on Dec. 2, 2018 and ended on March 2. Net revenue for the first quarter of 2019 was $673 million, a decrease of 5.6% compared with the first quarter of 2018.
Net income for the first quarter of 2019 was $12 million, compared with $48 million in the same period last year. The decline was reportedly due primarily to a $35 million one-time, non-cash tax benefit in the first quarter of 2018 related to U.S. Tax Reform.
“We are off to a solid start in 2019, due primarily to our ability to respond quickly to dynamic external conditions impacting our revenue,” said Jim Owens, president and CEO. “In the first quarter, we leveraged solid pricing carry-over from 2018 and acquisition synergies to deliver earnings results and debt paydown in-line with our guidance. We are building on our strategic market position around the world to win with customers in our targeted growth sectors. And, based on improving trends in several segments throughout the quarter, we foresee stronger organic growth sequentially in the second quarter and continued EBITDA improvement throughout the year, within our prior guidance ranges for fiscal 2019.”
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