ST. PAUL, Minn.—H.B. Fuller Co. reported increased sales of $2.1 billion and a drop in net income of about $49.9 million for fiscal 2014 compared to fiscal 2013.
The global adhesives provider's sales increased about 2.8 percent, while net income dropped about 48.5 percent compared to fiscal 2013.
For fourth quarter 2014, the firm experienced similar results. Sales increased about 2.6 percent to $547.6 million while net income declined about 51 percent to about $10.8 million.
H.B. Fuller attributed the increase in sales to higher volume and higher average selling prices, saying it impacted net revenue growth by 4.7 and 0.1 percent for the quarter. For fiscal 2014, the firm experienced higher volume, but against lower average selling prices.
The firm signed an agreement to purchase Continental Products Ltd., an adhesives business based in Kenya, at the end of the fourth quarter.
H.B. Fuller is a global adhesives provider with fiscal 2013 net revenue of $2.05 billion. The firm serves the packaging, hygiene, general assembly, electronic and assembly materials, paper converting, woodworking, construction, automotive and consumer industries.