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H.B. Fuller Q3 net income $32.7 million

Staff Writer | September 23, 2016
H.B. Fuller Company reported financial results for the third quarter that ended August 27, 2016. Net income was $32.7 million, or $0.64 per diluted share.
H.B. Fuller
H.B. Fuller   Gross profit margin increased 50 basis points
This compares with net income of $26.8 million, or $0.52 per diluted share, in last year’s third quarter. Adjusted diluted earnings per share were $0.641, up 5 percent versus the prior year’s adjusted result of $0.611.

Adjusted EBITDA2 was $68.7 million in the third quarter, or 13.4 percent of net revenue.

Net revenue for the third quarter of 2016 was $512.9 million, down 2.2 percent versus the third quarter of 2015. Higher volume/mix positively impacted net revenue growth by 0.9 percentage points.

Lower average selling prices and negative foreign currency translation negatively impacted net revenue growth by 2.1 and 1.0 percentage points, respectively.

During the quarter we maintained margins through effective management of pricing and raw material costs. Gross profit margin increased 50 basis points versus the prior year. Selling,

General and Administrative (SG&A) expense was down by approximately 0.6 percent versus last year, primarily due to well controlled discretionary expenses, the favorable impact of exchange and lower variable compensation, offset by selective investments for growth.