ST. PAUL, Minn. (Sept. 14)—H.B. Fuller Co. said its net income for the third quarter ended Aug. 28 is expected to be 32 to 34 cents a share, lower than previously forecast.
The maker of adhesives and sealants blames the lower projection on the rate of rapidly rising raw material costs exceeding selling price increases; higher than expected operating expenses for bad debt and legal expenses. Those factors were partially offset by a favorable tax settlement.
Third-quarter results will be released after the market close on Sept. 21.
Fourth quarter net income is forecast to improve on last year´s period, though the firm said full-year earnings will be lower than projected earlier this year.