The net revenue was positively impacted by a high volume (5.8 percentage points), but was negatively affected by lower average selling prices and foreign currency translation (0.5 and 4.5 percentage points respectively).
Net income reported by the company in Q1 of 2016 was $18.9 million as compared to $9.7 million in the first quarter of 2015. Diluted earnings per share in the quarter stood at $0.37 as compared to $0.19 in the previous quarter.
Commenting on the results, Jim Owens, president and CEO of HB Fuller said, “Our 2020 strategic plan identified specific areas of profitable growth and differential management of our EBITDA margins as key drivers. This quarter's performance aligned with our strategy as we delivered solid organic growth and very strong margin improvement in our targeted segments.”
“Our efforts resulted in over a 40 per cent increase in adjusted diluted EPS versus last year's first quarter and a first quarter EBITDA margin well above historical levels. We are off to a solid start to our 2016 fiscal year,” he added.
Constant currency growth is expected to be around 4 per cent for 2016 versus the 2015 fiscal year. (MCJ)
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