St. Paul, MN, September 26, 2006--H.B. Fuller reported fiscal third-quarter profit grew 56 percent, aided by productivity gains and a more profitable business mix, and forecast that fourth-quarter profit will also beat Wall Street's expectations.
H.B. Fuller shares jumped $1.75, or 8.6 percent, to $22.10 in aftermarket trading. They had closed down 31 cents at $20.35 on the New York Stock Exchange, where they've traded between $14.04 and $28 over the past year.
Quarterly income grew to $24.2 million, or $0.40 per share, from $15.5 million, or $0.26 per share, in the year-ago period. Revenue for the period ended Sept. 2 rose to $388.9 million from $358.1 million.
Wall Street had been expecting a profit of $0.33 per share on sales of $369.1 million, according to an analyst poll by Thomson Financial.
During this year's quarter, the company said it sold fewer of its products -- volume was down 7 percent from the prior-year period -- at higher prices -- selling prices rose nearly 6 percent.
"We are shifting the paradigm, transforming the business into a more profitable specialty chemical company," Chairman and Chief Executive Al Stroucken said in a statement.
Looking ahead, the company said it expects to earn between $0.45 and $0.47 per share in the fourth quarter, compared with analysts' expectations of $0.39 per share.
For the year, it said it expects earnings per share of between $1.44 and $1.46. Previously, before a 2-for-1 stock split, the company had forecast earnings per share between $2.49 and $2.59.
