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H.B. Fuller Reported Solid Q2 Results, Raises 2011 Guidance
H.B. Fuller Company (NYSE:FUL) reported Q2 EPS of $0.50 late yesterday, beating the consensus estimate for $0.46 per share. Revenues for the quarter grew 13.2% year-over-year to $393.7 million, topping the consensus estimate for $383.24 million.Jim Owens, H. B. Fuller president and chief executive officer said, "Our performance this quarter demonstrates our ability to execute with rigor and speed. In the face of continued raw material inflation, we performed well against our three key objectives for this year -net revenue grew by double digits both year-over-year and sequentially, gross margin expanded sequentially and SG&A reached its lowest percentage of net revenue since 2008. We are certainly pleased with these results and, although economic improvement remains uncertain, we believe the momentum we have built points to a better year than we originally planned, and we are increasing our EPS guidance by $0.10."The company now sees FY 2011 EPS of $1.85 to $1.95, above the consensus estimate for $1.79 per share, on revenue growth of 13% to 15% over 2010, up from its previous guidance of 10% to 12%.
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Date Found: June 23, 2011
Date Produced: June 23, 2011
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