US HB Fuller posts twelvefold jump in Q2 net income

27 June 2013 00:16  [Source: ICIS news]

HOUSTON (ICIS)--HB Fuller posted a more than twelvefold increase in year on year income, thanks to a more than 500% increase in income from continuing operations, the US adhesives and special chemicals producer said on Wednesday.

Net income for the second quarter was $25.9m (€19.7m), up from $1.9m in Q2 2012, HB Fuller said in a news release.

Income from continuing operations in Q2 2013 was $26.0m, a substantial increase from $5.1m in the second quarter of 2012.

Net revenue for Q2 2013 was $519.0m, down about 1.5% from $527.0m in the same quarter a year before.

For the first half of 2013, HB Fuller reported a net income of $46.6m, up 171% from $17.2m for H1 2012.

The company said higher average selling pricings helped net revenue growth in Q2 2013, but foreign currency translation, lower volume and a decline in organic growth were drags on the business.

"We are satisfied with the overall results we delivered this quarter," said Jim Owens, HB Fuller president and CEO. "While we did not deliver the organic growth we expected in the quarter, we managed our margins well, took another step toward completion of the business integration plan and reduced discretionary spending to deliver on our commitments.”

($1 = €0.76)

By: Jeremy Pafford
+1 713 525 2653

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