H.B. Fuller revenues up 37.9%
H.B. Fuller Company reported net revenue for the third quarter of 2012 was $500.5 million, up 37.9 percent versus the $363 million in the third quarter of 2011.
Higher average selling prices, higher volume and acquisitions positively impacted net revenue growth. Net income from continuing operations was $24.6 million, or 48 cents per diluted share, versus $22.2 million, or 44 cents per diluted share, in last year's third quarter.
"We are very pleased with the results we delivered this quarter as we delivered solid organic growth and significant profit improvement," said Jim Owens, H.B. Fuller president and chief executive officer. "Our third quarter revenue was slightly below our earlier projections but strong margin management and the benefits of the business integration project generated operating income in the quarter that exceeded our internal plans. Our synergy and integration plans are on schedule and we are on track to deliver our profit improvement plans for 2012 and to deliver the expected profit targets of 15 percent EBITDA margin in 2015."
The adhesives manufacturer is implementing a comprehensive business integration program related to the recent acquisition of the Forbo adhesives business and to improve the performance of the Europe, India, Middle East and Africa (EIMEA) operating segment.
Net revenue for the first nine months of 2012 was $1,373.0 million, up 31.7 percent versus $1,043.0 million in the first nine months of 2011.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
