26 September 2012 23:10 [Source: ICIS news]
HOUSTON (ICIS)--US-based adhesives producer HB Fuller reported on Wednesday a third-quarter net income of $83.3m (€64.1m), up sharply from $23.2m reported for the same time last year, reflecting money the company earned from discontinued operations.
HB Fuller did not elaborate on the discontinued operations. However, the company has completed the sale of its Central America paints unit, and it has shut down plants.
Third-quarter income from continuing operations was $24.6m, up 11% from the same time last year.
Income rose, in part, because higher revenue more than offset higher costs of sales.
Third-quarter revenue was $501m, up 38%. Third-quarter cost of sales were $366m, up 40.8%.
Looking forward, HB Fuller maintained its fiscal 2012 guidance for the adjusted earnings from continuing operations, which is $2.10-2.15/share.
However, its guidance for 2012 revenue was lowered to $1.875bn-1.900bn, the company said. HB Fuller lowered its revenue estimate because of a slight slowdown in the global market for industrial adhesives.
($1 = €0.77)
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