H.B. Fuller Co.’s profit rose in the third quarter, helped by price increases and gains in market share.
The St. Paul, MN.-based adhesives maker had net income of $46.5 million in the three months through August 27, compared with $31.6 million in the same period a year earlier. Earnings per share reached 84 cents from 58 cents and adjusted earnings per share rose to $1.06 from 79 cents in the prior-year quarter. Revenue increased to $941.2 million from $826.8 million.
The sales and profit figures underperformed market expectations. The consensus for the company’s revenue, as reported by FactSet, was $944 million for the third quarter. The consensus for net income was $58 million.
H.B. Fuller said it raised the lower end of its expectations for fiscal year 2022 adjusted earnings before interest, taxes, depreciation and amortization to a range of $540 million to $550 million, from its earlier view for $530 million to $550 million.
“Our innovation-driven market share gains and mix shift to a more highly specified product portfolio through innovation and strategic M&A, coupled with our responsible pricing actions, are delivering significant improvement to our financial results,” said H.B. Fuller President and Chief Executive Officer Jim Owens.