Third Quarter 2013 Highlights Included:
- Adjusted Gross Profit margin1 improved 150 basis points versus the prior year;
- Selling, General and Administrative (SG&A) expense down 3 percent versus the prior quarter or 50 basis points as a percentage of net revenue;
- Adjusted EBITDA margin1 up 200 basis points versus prior year's result and 60 basis points versus prior quarter;
- EIMEA region EBITDA margin2 10.6 percent versus 6.4 percent in last year's third quarter and on track to achieve 12 percent EBITDA margin target in fourth quarter of this year;
- Adjusted operating income3 increased 28 percent versus last year's adjusted result1;
- Adjusted diluted EPS from continuing operations of $0.741 up 40 percent versus last year.
Third Quarter 2013 Results:
Net income from continuing operations for the third quarter of 2013 was $27.2 million, or $0.53 per diluted share, versus net income from continuing operations of $24.6 million, or $0.48 per diluted share, in last year's third quarter. Adjusted diluted earnings per share in the third quarter of 2013 were $0.741, up 40 percent from the prior year's adjusted result of $0.531.
Net revenue for the third quarter of 2013 was $514.6 million, up 2.8 percent versus the third quarter of 2012. Higher volume, higher average selling prices and positive foreign currency translation positively impacted net revenue growth by 1.4, 0.1 and 1.3 percentage points, respectively. Organic revenue grew by 1.5 percent year-over-year.
"Our third quarter results showed strong progress toward our 2015 strategic goals," said Jim Owens, H.B. Fuller president and chief executive officer. "We got our revenue growth moving in the right direction and managed our margins and discretionary spending to deliver our commitments for operating profit growth.
"At the same time we successfully completed major milestones in our European business integration project, keeping us on track to fully deliver the planned financial and strategic benefits from this investment. We have momentum for a strong fourth quarter and to complete another successful, transformational year as part of our current five year plan."
Adjusted Gross profit margin1 was up approximately 150 basis points compared to the prior year's result reflecting solid operational improvement as a result of the ongoing business integration project and a generally favorable raw material cost environment.
Selling, General and Administrative (SG&A) expense was down by over 3 percent, or 50 basis points as a percentage of net revenue versus the prior quarter and also down by 1 percent, or 70 basis points as a percentage of net revenue versus the prior year as the Company actively reduced discretionary spending.
H.B. Fuller Company
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