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UPDATE 1-H.B. Fuller Q2 beats, raises FY profit forecast
June 26, 2012 / 10:51 AM / 5 years ago

UPDATE 1-H.B. Fuller Q2 beats, raises FY profit forecast

* Q2 Adj EPS $0.56 vs est $0.55

* Sees FY EPS $2.10-$2.15 vs est $2.17

* Sees FY rev $1.93 bln-$1.98 bln vs est $1.92 bln

June 26 (Reuters) - Specialty chemicals maker H.B. Fuller Co’s quarterly profit beat market estimates and the company raised its full-year profit forecast citing cost savings from a recently acquired adhesives business.

The company said it now expects to earn between $2.10 and $2.15 per share for 2012, compared with its prior forecast of $1.94 to $2.14 per share. It also forecast revenue between $1.93 billion and $1.98 billion.

Analysts on average had been expecting the company to earn $2.17 per share on revenue of $1.92 billion for the full year, according to Thomson Reuters I/B/E/S.

The company bought Swiss firm Forbo Holding AG industrial adhesives business for $395 million in December last year to expand its presence in Europe.

H.B. Fuller reported a profit of $1.9 million, or 4 cents per share, for the second quarter, compared with $25.1 million, or 50 cents per share, a year earlier.

On an adjusted basis, it earned 56 cents per share, just ahead of analyst expectations of 55 cents per share.

The company, which makes adhesives used in industries like construction and packaging, reported 43.1 percent higher revenue at $527 million in the second quarter, in line with analysts’ estimates.

The Saint Paul, Minnesota-based company’s shares, which have gained about 25 percent this year, closed at $28.73 on the New York Stock Exchange on Monday.

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