US HB Fuller Q1 net income increases 35% year on year

27 March 2013 23:15  [Source: ICIS news]

HOUSTON (ICIS)--US-based adhesives producer HB Fuller reported on Wednesday a 35% rise in Q1 net income year on year on increased revenue and lower cost of sales.

Net income for the first quarter was $20.7m (€16.1m), compared to $15.3m during the same period last year.

Q1 net revenue totalled $479.8m, a 39% increase from $345.5m year on year.

Meanwhile, cost of sales was $346.5m, compared with last year’s $242.8m.

“We are off to a solid start to a very important year for HB Fuller,” CEO Jim Owens said. “We grew our business in the quarter and achieved our plans for operating profit despite a lacklustre economic environment in most parts of the world.”

Looking forward, Owens said the company’s “guidance remains unchanged for the fiscal year” as the company is on target to deliver another successful year.

“Our business integration project remains on track to deliver the committed benefits on time and on budget,” Owens said.

($1 = €0.78)

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By: Tracy Dang
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