H.B. Fuller profits up on lower revenue
H.B. Fuller Company reported net income for the second quarter of 2016 of $33.3 million, or 65 cents per diluted share.
That compared to income of $26.5 million, or 51 cents, in last year’s second quarter.
Net revenue for the quarter was $532.5 million, down 1.5 percent versus the second quarter of 2015. Higher volume positively impacted net revenue growth by 1.0 percentage point. Lower average selling prices and negative foreign currency translation negatively impacted net revenue growth by 1.4 and 1.1 percentage points, respectively.
”Solid volume growth in our EIMEA and Asia Pacific segments, along with improving volume performance in our Americas Adhesives segment, are all indicators of the continued strengthening of our business. We also recently closed two strategic acquisitions which will enhance our returns for investors,” said Jim Owens, H.B. Fuller president and chief executive officer.