ST. PAUL, MN - H.B. Fuller Co. reported financial results for the first quarter that ended March 3, 2012, with the company reporting increases in net income and revenue for the quarter.
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 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.
Gross profit margin was up approximately 190 basis points versus the first quarter of 2011, primarily due to the cumulative effect of pricing actions over the past year. Gross profit margin improved by 160 basis points versus the previous quarter, primarily due to the benefit of pricing actions and slightly lower raw material costs. Relative to the prior year, Selling, General and Administrative expense was higher by 10 percent but down 10 basis points as a percentage of net revenue.