HB Fuller says accounting charge hit 2nd-quarter income; revenue climbs 16 percent

HB Fuller 2Q income falls on accounting charge

ST. PAUL, Minn. — HB Fuller Co., a maker of adhesives and sealants, said Tuesday that its fiscal second-quarter earnings slipped because of a one-time accounting charge related to exiting a product line in Europe.

The company earned $11 million, or 22 cents per share, for the quarter ended May 29, down from $17.6 million, or 36 cents per share, in the same period a year earlier.

Excluding one-time expenses, HB Fuller said it would have earned 39 cents per share in the latest quarter, a penny higher than the average forecast from analysts polled by Thomson Reuters.

Revenue climbed 16 percent to $347.9 million. Analysts projected revenue of $330 million. HB Fuller said growth came mainly from a higher volume of sales. Favorable foreign currency swings and acquisitions helped as well.

The company said it expects revenue for the full year to grow 10 percent to 12 percent from fiscal 2009, implying revenue of $1.35 billion to $1.38 billion. Analysts forecast revenue of $1.35 billion.

Shares of HB Fuller fell 71 cents, or 3.2 percent, to close at $21.73. The stock has ranged from $16.47 to $24.66 over the past year.