H.B. Fuller Company reported financial results for the third quarter that ended August 27, 2011. Net income for the third quarter of 2011 was $23.2 million versus $19.0 million in last year’s third quarter.
Net revenue for the third quarter of 2011 was $387.8 million, up 14.5 percent versus the third quarter of 2010. Higher average selling prices and favorable foreign currency translation positively impacted net revenue growth. Net income for the first nine months of 2011 was $62.7 million versus $48.9 million in the first nine months of last year. Net revenue for the first nine months of 2011 was $1,121.0 million, up 12.6 percent versus the first nine months of 2010.
“We are pleased with our results for the third quarter and for the entire year thus far,” said Jim Owens, H. B. Fuller president and chief executive officer. “In the third quarter raw material inflation continued and end-market demand softened. In the face of these adverse conditions, we increased revenue, improved gross margin and reduced our operating expenses as a percentage of revenue. Despite continuing challenges in end-market conditions, we expect a strong fourth quarter built on further revenue growth and margin expansion.”