Adhesives, sealants, and other specialty chemical products provider H.B. Fuller Company reported its financial results for its fourth quarter that ended Nov. 29, 2014.
Fourth quarter sales were up 2.8 percent year-over-year to $2.1 billion, while net income was $10.8 million, down more than 49 percent from its $21.9 million in Q4 2013. Organic revenue grew 4.8 percent year-over-year.
The company said gross profit margin was down versus the prior year's result due to a variety of factors, including organizational restructuring and excess costs associated with a business integration project in Europe and Project ONE in North America.
"We are energized and optimistic as we start the new fiscal year," said Jim Owens, H.B. Fuller president and CEO. "The sizable investments we made over the past several years progressed as planned in the fourth quarter and we expect that by mid-year we will be capturing the benefits of these investments and will be positioned to achieve our long term EBITDA margin goals in 2016. Our growth agenda is on track for 2015 as we continue to capture market share in construction products and Asia, deliver positive organic growth in EIMEA and leverage the fundamental strengths in the Americas end-markets. In addition, the anticipated acquisition of Tonsan Adhesives will provide numerous new and exciting opportunities for growth going forward."
