ST. PAUL, Minn.—Revenue increased and income decreased for the full year and fourth quarter of 2017, H.B. Fuller Co. reported in its latest financial report.
Net income for the year came in at $58.2 million, a drop compared to $124.1 million in 2016. Revenue increased to $2.31 billion, up 10 percent against 2016.
"We had continued strong revenue performance and excellent cash flow performance in the fourth quarter as organic growth was again very strong," President and CEO Jim Owens said in a statement. "The pricing actions we implemented early in the year had a positive impact on our margins, however, as a result of Hurricane Harvey and continued environmental controls in China, raw materials continued to increase during the fourth quarter."
For the quarter, the firm reported a net loss of $7.6 million compared to net income of $39.1 million in 2016. Revenue, however, increased 18 percent to $678.2 million compared to 2016. The firm cited its October acquisition of Royal Adhesives & Sealants L.L.C. as the primary reason for the net income decrease. Excluding its impact, net income was about on par with 2016 at $38.9 million.
H.B. Fuller also disclosed the net revenue of Royal Adhesives at $658 million during the 2017 fiscal year ending Dec. 2.
The firm's Engineering Adhesives segment reported a 19 percent increase in organic volume growth for the fourth quarter, with both Asia-Pacific and the Americas regions growing by about 10 percent.