H.B. Fuller Revises Earnings Expectations
September 12, 2008
ST. PAUL, MN - H.B. Fuller Co, has revised its earnings expectations for fiscal year 2008, primarily reflecting the ongoing negative impact from rapidly rising raw material costs.
The company now expects to achieve income from continuing operations per diluted share in fiscal year 2008 of $1.55 to $1.60. This compares to $1.66 reported in the prior year and is below the company's previous guidance of $1.76 to $1.86. This new range includes a $4.3 million, or $0.08 per diluted share, tax benefit from the recognition of deferred tax benefits related to the company's Brazilian operations that will be reported in the company's third-quarter financial results.
For the third quarter of 2008, the company expects to report net income per diluted share of approximately $0.44. This estimate includes the aforementioned $4.3 million tax benefit, which on a per share basis for the third quarter equates to $0.09 per diluted share. Third-quarter net revenue is expected to be approximately $362 million versus $352 million reported in the third quarter of 2007. For the fourth quarter of 2008, the company expects to report income from continuing operations per diluted share of between $0.40 and $0.45 compared to $0.51 in the prior year. Fourth-quarter net revenue is expected to be $380 to $390 million versus $361 million in the fourth quarter of 2007.