HB Fuller Co. (FUL) said late Monday that second-quarter profit declined sharply from the prior year, amid higher expenses as well as special charges. Adjusted earnings increased from the prior year.
Net income attributable to the company for the quarter was $1.9 million, or $0.04 per share, a sharp decline from $25.1 million, or $0.50 per share in last year's second quarter.
The company completed the acquisition of the Forbo industrial adhesives business on March 5. The latest results included special charges of $32.13 million. The results of the period under review also included sharply higher selling, general and administrative expenses.
Adjusted earnings per share was $0.56, up 12 percent from the prior year's $0.50 per share. Excluding the Latin America Paints business, adjusted earnings per share from continuing operations was $0.62.
On average, 5 analysts polled by Thomson Reuters expected earnings of $0.55 per share for the quarter. Analysts' estimates typically exclude special items.
Excluding the Latin America Paints business, net revenue climbed over 43 percent to $527.0 million from $368.36 million. Higher average selling prices and acquisitions positively impacted net revenue growth by 6.8 and 39.4 percentage points, respectively. Organic revenue grew by 6.1 percent year-over-year. Analysts expected revenues of $526.98 million for the second quarter.
Jim Owens, H.B. Fuller president and chief executive officer, said, "Our underlying business had an outstanding quarter with sales up over 6 percent and profits up over 25 percent versus prior year. The acquired Forbo business performed at expected levels, and the synergies we committed to are clearly attainable."
For the full year, excluding the Paints business, the company expects earnings per share of $2.10 to $2.15 and revenues of $1.925 billion to $1.975 billion.
The previous earnings guidance range was $2.05 to $2.15 per share. On a comparable basis, the mid-point of the earnings guidance has been now increased to $2.13 per share from $2.04 per share under the original baseline guidance, the company noted.
Wall Street expects earnings of $2.17 per share on revenues of $1.92 billion.
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