H.B. Fuller Co. (NYSE: FUL), St. Paul, MN, reported sales for the first quarter ended Feb. 28 of $470.7 million, down 3.2 percent compared to the same period a year ago. Profit decreased 33.4 percent to $9.7 million.
"Clearly, the significant and broad-based strengthening of the US dollar against most foreign currencies that continued through the first quarter had a negative impact on our business and lowered our reported financial results," said Jim Owens, president and CEO. "We anticipate offsetting this impact by capitalizing on the opportunity for lower raw material costs in some product lines that has developed due to lower petrochemical costs and a more favorable supply and demand environment."
During the quarter, the company completed the acquisition of the Tonsan adhesive business in China and finalized the integration of the ProSpec acquisition from last fall.