23 March 2011 22:38 [Source: ICIS news]
HOUSTON (ICIS)--US adhesives producer HB Fuller reported on Wednesday that its fiscal first-quarter net income was $14.4m (€10.1m), down 24.2% from $19.0m a year earlier as costs outpaced sales.
Sales rose 9.7% to $339.5m, while cost of sales increased 14.5% to $242.6m.
The company’s first quarter ended on 26 February.
HB Fuller said margins fell because of the cumulative effect of escalating raw material costs over the past year.
However, sales increased on higher volumes and selling prices, the company noted.
Looking forward, HB Fuller bumped its full-year 2011 revenue guidance to 10–12% growth, up from a prior projection of an 8–10% increase.
The upward revision reflects additional price increases likely to succeed, the company said.
($1 = €0.70)
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