H.B. Fuller Co. (NYSE: FUL), St. Paul, MN, reported sales for the third quarter ended August 30 of $526.8 million, a 2.4 percent increase over the same period a year ago. Organic revenue grew by 1.3 percent year-over-year. Profit decreased 86 percent to $3.69 million.
Jim Owens, H.B. Fuller president and chief executive officer, said that the company’s SAP integration project led to unacceptable results for the quarter.
"We entered this fiscal year with plans that by the third quarter we would complete a major project in Europe, initiate a major systems upgrade project in North America, improve our organic growth rate and, at the same time, improve our margins and take another significant step forward toward our 2015 strategic goals,” Owens said. These goals are still in place for the fourth quarter.
For the first nine months, sales were $1.6 billion, up 2.9 percent over the same period a year ago. Profit decreased 47.8 percent to $39 million.