HB Fuller reports rise in third quarter profit

22 September 2011 (Last Updated September 22nd, 2011 18:30)

Global adhesives provider HB Fuller has posted a net income of $23.2m for the third quarter of fiscal year 2011, up from $19m in the previous year.

Global adhesives provider HB Fuller has posted a net income of $23.2m for the third quarter of fiscal year 2011, up from $19m in the previous year.

The company said its revenue got a boost from higher average selling prices and favourable currency conversion, even though those gains were partly offset by lower revenue growth.

Net income for the first nine months of 2011 stood at $62.7m, compared to $48.9m in the first nine months of fiscal 2010.

The company's net revenue for the quarter increased by 14.5% to $387.8m, compared with the third quarter of 2010.

Net revenue during the period increased by 12.6% to $1,121m, compared against the first nine months of last year.

HB Fuller president and CEO Jim Owens said that despite continuing challenges in end-market conditions, the company expects a strong fourth quarter, built on further revenue growth and margin expansion.