28 March 2012 23:50 [Source: ICIS news]
HOUSTON (ICIS)--US-based adhesives producer HB Fuller reported on Wednesday a 6.3% year-on-year increase in first-quarter net income on higher prices and increased sales volume.
Net income for the company increased to $15.3m (€11.5m) in the first quarter, up from $14.4m in the same quarter a year ago.
Revenue increased to $375.3m from $339.5m in the first quarter of 2011.
The cost of sales also increased in the first quarter to $261.2m from $242.6m in the same period a year ago, leaving a gross profit of $114.1m, up from $96.9m in the first quarter of 2011.
“This higher level of operating performance should offset the negative impact of the current foreign exchange translation rates relative to the rates assumed in our 2012 operating plan,” said chief executive Jim Owens. “So, we remain on track to deliver diluted [earnings per share] of $2.05 to $2.15 on our base business in the 2012 fiscal year.”
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