H.B. Fuller Company income falls
H.B. Fuller Company said its net income for the first quarter of 2011 was $14.4 million, or 29 cents per diluted share, versus $19.0 million, or 38 cents per diluted share, in last year's first quarter.
Net revenue for the adhesives manufacturer was $339.5 million, up 9.7 percent versus the first quarter of 2010. Higher average selling prices, higher volume and acquisitions positively impacted net revenue growth.
Gross profit margin was down approximately 300 basis points versus the first quarter of 2010, primarily due to the cumulative effect of escalating raw material costs over the past year.
"We are pleased with the results of the first quarter," said Jim Owens, H. B. Fuller president and chief executive officer. "We continued our growth momentum with organic revenue up 9 percent from last year. While raw material costs continued to rise in the quarter, our gross margin improved sequentially due to a combination of pricing actions, reformulation and product substitution that were executed efficiently by the entire organization."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
