H.B. Fuller Q3 Profit Down

(RTTNews) - H.B. Fuller Company (FUL) Wednesday reported third-quarter net income of $31.6 million or $0.58 per share, down from $41.6 million or $0.79 per share last year.

Adjusted earnings for the quarter rose to $0.79 per share from $0.76 per share last year.

Revenues for the quarter rose 20% to $826.8 million from $691.5 million last year. Organic revenue increased 16%, with 10% from volume growth and 6% from pricing.

Analysts polled by Thomson Reuters expected earnings of $0.79 per share on revenues of $797.48 million for the quarter.

Moving ahead, the company said that strategic supply chain management enabled it to secure raw materials to meet increasing demand, and pricing actions have been implemented that are expected to restore margins in the fourth quarter and into 2022.

The company expects full-year revenue growth to be 17% to 18% and fourth quarter revenue growth of 15% to 17%. Analysts currently estimate revenue growth of 14.40% and 8.10%, respectively.