H.B. Fuller cuts forecast for full-year revenue
(Reuters) - H.B. Fuller Co's (FUL.N) third-quarter profit met analysts' estimates, but the specialty chemicals maker cut its full-year revenue outlook, citing a slight slow down in the global market for industrial adhesives.
The company cut its full-year revenue forecast to between $1.88 billion and $1.90 billion from between $1.93 billion and $1.98 billion.
Analysts had been estimating its full-year revenue at $1.88 billion, according to Thomson Reuters I/B/E/S.
The company, however, maintained its forecast for full-year adjusted earnings.
H.B. Fuller had bought Swiss firm Forbo Holding AG's (FORN.S) industrial adhesives business for $395 million last December to expand its presence in Europe.
Net income from continuing operations for the third quarter was $24.6 million, or 48 cents per share, up from $22.2 million, or 44 cents per share, reported last year.
On an adjusted basis, earnings from continuing operations was 53 cents, in-line with analysts' estimates.
Net revenue was up 38 percent at $500.5 million, but lagged analysts' estimates.
Saint Paul, Minnesota-based H.B. Fuller closed at $33.38 on Wednesday on the New York Stock Exchange.
(Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Sreejiraj Eluvangal)