Home / Knowledge / News / Textiles / H.B. Fuller Q2'FY14 net revenues up 4.8% to $544mn
H.B. Fuller Q2'FY14 net revenues up 4.8% to $544mn
26
Jun '14
H.B. Fuller Company reported financial results for the second quarter that ended May 31, 2014.
 
Items of Note for the Second Quarter of 2014:
-Volume increased 5 percent compared to the prior year;
-Selling, General and Administrative (SG&A) expenses were tightly controlled, up less than 3 percent despite absorbing higher than planned Project ONE implementation costs;
-Adjusted diluted EPS of $0.781 was up 16 percent versus last year;
-On track to substantially complete business integration by the end of the third quarter 2014;
-Project ONE proceeding; North America adhesives business operating on SAP and stable;
-Completed closure of Pirmasens, Germany production site; completed consolidation of two production sites in Guangzhou, China;
 
Second Quarter 2014 Results: 
Net income for the second quarter of 2014 was $20.5 million, or $0.40 per diluted share, versus net income of $25.9 million, or $0.51 per diluted share, in last year's second quarter. Adjusted diluted earnings per share in the second quarter of 2014 were $0.781, up 16 percent versus the prior year's adjusted result of $0.671. 
 
Net revenue for the second quarter of 2014 was $544.0 million, up 4.8 percent versus the second quarter of 2013. Higher volume and positive foreign currency translation positively impacted net revenue growth by 4.8 and 0.3 percentage points, respectively. Lower average selling prices negatively impacted net revenue growth by 0.3 percentage points. Organic revenue grew by 4.5 percent year-over-year.
 
Gross profit margin was down approximately 200 basis points versus the prior year's result due to a variety of factors including excess costs associated with the business integration project in Europe and Project ONE "go-live" in North America, a temporary spike in the cost of certain raw materials in Europe, margin compression on certain products in our Construction Products business and adverse foreign currency exchange effects in Australia.  SG&A expense was up only about 3 percent, or $2.6 million, versus the prior year's second quarter, despite absorbing unplanned and non-recurring costs related to Project ONE in North America.
 
Click here to view full results.
 

H.B. Fuller Company

Must ReadView All

Textiles | On 22nd May 2017

GST to be biggest achievement of Modi govt: ASSOCHAM

Goods and Services Tax (GST) which is near a roll-out would be the...

Textiles | On 22nd May 2017

Maintaining NAFTA benefits is crucial: Cotton council

The US must remain a participant in a vibrant North American Free...

Apparel/Garments | On 22nd May 2017

Retailers ask Congress not to go for consumption tax

The National Retail Federation has asked US Congress to focus on...

Interviews View All

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search