H.B. Fuller's Profit Falls 17 Percent

St. Paul, MN, June 25, 2009--H.B. Fuller Co.’s profit declined 17 percent in the second quarter of 2008, largely due to declining sales of the manufacturer’s adhesives, sealants, paints and other specialty chemical products.

The company reported net income of $17.6 million, or 36 cents per share for the second quarter ended May 30, down from $21.4 million, or 41 cents a share, in the second quarter of 2008.

Revenue came in at $299.2 million for the quarter, down 16.1 percent from $356.8 million a year ago. Gains from higher prices and acquisitions weren’t enough to offset the effects of lower sales volume and unfavorable currency exchange rates.

“We are pleased with our first half performance and grateful to our associates, especially in light of the external economic challenges we have faced,” H.B. Fuller President and CEO Michele Volpi said in a statement.

“We expect these external challenges to persist through the remainder of our fiscal year and, therefore, we expect our net revenue to decline 10 to 12 percent for the full year, in-line with our prior guidance.”