H.B. Fuller Reports Second-Quarter 2011 ResultsJune 23rd, 2011 | Category: Industry News
H.B. Fuller Co. has reported a 13 percent increase in net revenue over last year for the second quarter. Net income for the second quarter of 2011 was $25.1 million, or $0.50 per diluted share, compared with $11.0 million, or $0.22 per diluted share, in last year’s second quarter, according to the company’s latest report.
However, the company points out that its 2010 second-quarter net income for included exit costs and non-cash impairment charges associated with the exit of the company’s polysulfide insulating glass sealant product line in Europe, totaling $8.4 million after-tax. After adjusting for these charges, second quarter 2010 net income was $19.5 million, or $0.39(1) per diluted share.
Net revenue for the second quarter of 2011 was $393.7 million, up 13.2 percent versus the second quarter of 2010, according to the company. H.B. Fuller officials attribute the increase from higher average selling prices, higher volume, favorable foreign currency translation and acquisitions.
“Our performance this quarter demonstrates our ability to execute with rigor and speed,” says Jim Owens, H. B. Fuller president and chief executive officer. “In the face of continued raw material inflation, we performed well against our three key objectives for this year—net revenue grew by double digits both year-over-year and sequentially, gross margin expanded sequentially and SG&A reached its lowest percentage of net revenue since 2008.”