Second Quarter 2013 Highlights Included:
- Gross Profit margin improved 170 basis points versus the prior year's adjusted result and 40 basis points relative to the prior quarter;
- Selling, General and Administrative (SG&A) expense down 4 percent versus the prior quarter;
- EBITDA margin up over 100 basis points versus prior year's adjusted result, EIMEA EBITDA margin over 10 percent for the first time since 2009;
- Regional operating income increased 13 percent and 130 basis points versus last year's adjusted result;
- Adjusted diluted EPS from continuing operations of $0.671 up 8 percent versus last year;
- Acquisition of Plexbond in Brazil announced.
Second Quarter 2013 Results:
Net income for the second quarter of 2013 was $25.9 million, or $0.51 per diluted share, versus net income from continuing operations of $5.1 million, or $0.10 per diluted share, in last year's second quarter. Adjusted diluted earnings per share in the second quarter of 2013 were $0.671, up 8 percent from the prior year's adjusted result of $0.621.
Net revenue for the second quarter of 2013 was $519.0 million, down 1.5 percent versus the second quarter of 2012. Higher average selling prices positively impacted net revenue growth by 0.2 percentage points.
Foreign currency translation and lower volume reduced net revenue growth by 0.3 and 1.4 percentage points, respectively. Organic revenue declined by 1.2 percent year-over-year. Volume was slightly higher relative to last year in each geographic region except the EIMEA region where volume was down about 5 percent.
"We are satisfied with the overall results we delivered this quarter," said Jim Owens, H.B. Fuller president and chief executive officer. "While we did not deliver the organic growth we expected in the quarter, we managed our margins well, took another step toward completion of the business integration plan and reduced discretionary spending to deliver on our commitments.
"We have initiatives in the pipeline which will generate improved revenue results in the second half. We remain on track to deliver the Forbo synergies, our business integration project in Europe, our EPS commitments for the year and our strategic target of 15 percent EBITDA margin in 2015."
Gross profit margin was up approximately 170 basis points compared to the prior year's adjusted result1 reflecting solid operational improvement as a result of the ongoing business integration project. Selling, General and Administrative (SG&A) expense was down versus the prior quarter and relatively flat versus last year's second quarter result.
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