H.B. Fuller Co. (FUL) Reports In-Line Q2 EPS; Cuts Fy14 EPS Outlook

H.B. Fuller Co. (NYSE: FUL) reported Q2 EPS of $0.78, in-line with the analyst estimate of $0.78. Revenue for the quarter came in at $544 million versus the consensus estimate of $545.18 million.

"During the second quarter we reached historic milestones toward our strategic plan with the closure of a major European production site in May, our initial go-live on SAP in April and the negotiation of a significant acquisition in China. Our financial performance in the second quarter was mixed. On the positive side, we retained our discipline in discretionary spending and improved our organic revenue growth trend. Notably, sales volume increased 20 percent in our Construction Products business, 14 percent in Asia and about 5 percent in the Americas. However, these positives were tempered by the costs associated with the execution of our business integration project in Europe and the Project ONE go-live in North America," said Jim Owens, H.B. Fuller president and chief executive officer. "The added costs in the second quarter reflect our commitment to minimize the disruption to our customers while we proceed with the transformation of our company. During the second half of this year we will complete the business integration project in Europe, reduce the costs of our Project ONE implementation and get our profit margin performance back on track in all segments of our business, setting the stage for a strong 2015 and the delivery of our strategic commitments."

H.B. Fuller sees FY2014 EPS of $2.80 - $2.95, versus prior guidance of $3.00 - $3.15 and the consensus of $3.07.

For earnings history and earnings-related data on H.B. Fuller Co. (FUL) click here.

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