ST. PAUL, Minn.—H.B. Fuller Co. reported growth for both net income and sales in the second quarter and first half of 2018.
The firm's revenue increased to $789.4 million, a 41 percent increase compared to 2017, while net income shot up 72 percent to $44.5 million.
For the first six months, sales improved to $1.5 billion, up from $1.06 billion in 2017, and net income also more than doubled to $92.1 million.
The firm cited its 2017 acquisition of Royal Adhesives, as the main driver for its growth. H.B. Fuller said the integration has led to about $4 million in cost synergies for the second quarter and $6 million for the first half.
The firm remains on target to achieve $15 million in cost synergies by the end of 2018 and $35 million by 2020.
"We had a very strong second quarter, driven by solid revenue growth and robust pricing momentum," President and CEO Jim Owens said in a statement. "The contributions being made to our business by Royal continue to gain traction and we are pleased that the integration plans and synergy progress remain in-line with our expectations."
The firm reported organic growth at 3.5 percent, led by its Engineering Adhesives segment, which reported 17 percent organic growth. Sales-wise, the segment nearly doubled to $121.8 million. Construction Adhesives also reported a big jump, to $121.8 million compared to $63.6 million in 2017. Both segments reported similar results for the first six months, with sales jumping to $219 million and $231.1 million, respectively.
The Americas region accounted for nearly $278 million in sales, up from $229.6 million in the previous second quarter, and grew to $539.3 million in the first six months, up from $422.8 million.