Global adhesives provider HB Fuller has reported a fourth quarter 2011 net income of $26.4m, compared to $21.9m in the same period of the previous year.
Net revenue for the quarter ended on 3 December 2011 and saw an increase of 21% to reach $436.5m, compared with the same time in 2010.
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HB Fuller president and CEO Jim Owens said: "The business delivered a second consecutive year of strong organic growth, displayed a positive trend in gross margin progression throughout the year in the face of continued raw material cost escalation."
The company said that for the year, higher average selling prices, favourable foreign currency translation, acquisitions, and higher volume inclusive of an extra week all impacted positively on net revenue growth.
The company’s net income for the year 2011 was $89.1m, a rise from $70.9m in the 2010 fiscal year. In addition, the firm’s organic revenue for the quarter grew by 18.6% year-on-year and gross profit margin was up by 50 basis points from the fourth quarter of 2010.
Figures in the company’s financial report saw the full-year net revenue for 2011 increase by 14.9% and to $1.55bn in comparison to the 2010 figure.
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By GlobalDataOrganic revenue for the year 2011 grew by 11.4% year-on-year and the gross profit margin was down by 60 basis points on the 2010 gross profit margin, reflecting the impact of raw material cost escalation of nearly 20% in the 2011 fiscal year.
According to HB Fuller, operating income for the quarter, increased by 36% compared to the fourth quarter of 2010, while full year operating income rose by nearly 24%.
