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Adhesives manufacturer H.B. Fuller Company (NYSE: FUL), St. Paul, MN, reported sales for the fiscal year ended Nov. 30, 2013, of $2.05 billion, up 8.5 percent over fiscal year 2012. Organic sales grew by 1.6 percent year-over-year. Profit from continuing operations grew 41 percent to $96 million.
Higher volume (+1.5 percent), higher average selling prices (+0.1 percent), positive foreign currency translation (+0.4 percent) and acquisitions (+6.5 percent) positively impacted net sales growth. Organic growth was lower than expected due to weak end-market conditions in Europe.
"We are pleased with our 2013 financial results which demonstrate solid operational improvement and another step towards our 2015 targets," said Jim Owens, president and CEO. "In the midst of a major business integration and weaker than expected end-market conditions in some key markets, our team delivered solid results. … We are still gaining momentum as we complete our business integration in EIMEA, which we anticipate to finish by the middle of the 2014 fiscal year."
Sales for the fourth quarter of fiscal year 2013 were $533.5 million, up 4 percent versus the fourth quarter of 2012. Organic revenue grew by 3.6 percent year-over-year. Profit from continuing operations fell 12 percent to $22 million.
Higher volume (+4.2 percent) and positive foreign currency translation (+0.4 percent) positively impacted net revenue growth in the fourth quarter. Lower average selling prices negatively impacted net revenue growth by 0.6 percentage points.