18 January 2012 23:22 [Source: ICIS news]
HOUSTON (ICIS)--US-based adhesives producer HB Fuller reported on Wednesday that its fourth-quarter net income reached $26.4m (€20.9m), up by 20% year on year on sales growing faster than costs.
HB Fuller reported the gains despite one-time charges that totalled $7.5m.
These included the pending acquisition of the Forbo Group's industrial adhesives business what HB Fuller called its EIMEA transformation plan.
Net revenue was $436.5m for the fourth quarter that ended on 3 December, up by 21% year on year, the company said. HB Fuller attributed the increase to higher selling prices, favourable currency exchange rates and larger volumes.
Cost of sales was $310.9m, up by 20% year on year, the company said. HB Fuller managed costs by raising prices, reformulating products and substitutions.
For the full 2011 fiscal year, HB Fuller reported a net income of $89.1m, compared with $70.9m for the 2010 fiscal year.
Net revenue for 2011 was $1.56bn, up by 14.9% versus 2010.
Looking forward, HB Fuller expects 2012 net revenue to rise by 4–7%. Earnings per diluted share should be $2.05–2.15.
($1 = €0.79)
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