17 January 2013 14:38 [Source: ICIS news]
HOUSTON (ICIS)--HB Fuller’s fiscal 2012 fourth-quarter net income fell by 4.9% year on year to $25.1m (€18.8m) as expenses rose while gross profit margin remained flat at 28.0%, the US-based sealants, adhesives and coatings producer said in results released late on Wednesday.
However, Fuller’s revenues for the three months ended 1 December rose by 28% year on year to $513.3m, driven by the acquisition of the industrial adhesives business of ?xml:namespace>
Excluding the acquired Forbo business, Fuller’s net revenue was flat as 3% organic growth was offset by unfavourable foreign currency translation.
Fuller’s fourth-quarter net income from continuing operations was $25.0m, up from $22.2m in the same period a year ago. The margin on earnings before interest, tax, depreciation and amortisation (EBITDA margin) was 12.4% in the fourth quarter, up from 11.5% in the same period a year ago.
"The results we delivered in the final quarter of this fiscal year are impressive, even when comparing to last year's reported results, which included an extra week," said CEO Jim Owens.
"Our fourth-quarter revenue came in right on target and we exceeded our internal expectations for margin expansion as some business integration benefits were realised earlier than anticipated and the raw material cost environment was generally favourable,” Owens said.
“Our performance trends are good, our integration plans are on schedule and we have strong momentum as we enter the 2013 fiscal year," he added.
($1 = €0.75)
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