Industrial adhesive maker H.B. Fuller Co. (FUL), Wednesday reported an increase in profit for the first quarter, driven mainly by a surge in revenues. Earnings for the quarter fell short of analysts' expectations by a penny, while revenues beat estimates.
St. Paul, Minnesota-based H.B. Fuller's first-quarter profit improved to $20.68 million or $0.41 per share from $15.31 million or $0.30 per share last year.
Adjusted earnings for the quarter rose to $0.49 per share from $0.44 per share last year. On average, seven analysts polled by Thomson Reuters expected earnings of $0.50 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the three-month period grew 39 percent to $479.84 million from $345.45 million last year. Analysts expected revenues of $472.92 million for the quarter. Excluding revenues from the acquired Forbo business, revenue growth was 3.6 percent.
In March last year, H.B. Fuller completed the acquisition of the global industrial adhesives business of Forbo Group.
Gross margins, or gross profit as a percent of revenues, for the quarter declined to 27.8 percent from 29.7 percent last year, due to the inclusion of the lower margin Forbo business.
Commenting on the results, Chief Executive Jim Owens said, "We grew our business in the quarter and achieved our plans for operating profit despite a lackluster economic environment in most parts of the world. Our business integration project remains on track to deliver the committed benefits on time and on budget."
Looking forward to fiscal year 2013, H.B. Fuller continues to expect earnings of $2.55 to $2.65 per share. Analysts currently expect full-year earnings of $2.63 per share for the year.
FUL closed Wednesday's trading at $39.37, down $0.65 or 1.62%, on the NYSE. The stock gained $0.11 or 0.28% in after hours.
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