H.B. Fuller net income up in first quarter

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H.B. Fuller net income up in first quarter
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Tuesday, April 3, 2012
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St. Paul, MN - H.B. Fuller Co. reported net income for the first quarter of 2012 was $15.3 million, or $0.30 per diluted share, versus $14.4 million, or $0.29 per diluted share, in last year’s first quarter. After adjusting for the special charges, adjusted diluted earnings per share in the first quarter of 2012 was $0.44, up 52 percent from the prior year. Net revenue for the first quarter of 2012 was $375.3 million, up 10.5 percent versus the first quarter of 2011. Higher average selling prices and higher volume positively impacted net revenue growth by 8.7 and 2.3 percentage points, respectively. Foreign currency translation reduced net revenue growth by 0.5 percentage points. Organic revenue grew by 11 percent year-over-year. On a sequential basis, net revenue decreased approximately 14 percent. When adjusting for the impact of the extra week during the fourth quarter of 2011, net revenue fell approximately 7 percent, in line with typical seasonal patterns.