ST. PAUL, Minn. (AP) -- H.B. Fuller Co.'s shares jumped Tuesday after the specialty chemical company raised its earnings forecast for the year.
The St. Paul, Minn.-based company reported late Monday that it earned $1.9 million, or 4 cents per share, for its second quarter. That's compared with $25.1 million, or 50 cents per share, a year earlier. On an adjusted basis, it reported net income of 56 cents per share.
H.B. Fuller's revenue increased more than 43 percent to $527 million for the period that ended June 2.
Analysts polled by FactSet anticipated the company would earn 55 cents per share on an adjusted based in the latest quarter and post revenue of $536.2 million.
The company said that it expects to benefit from its March acquisition of Swiss company Forbo Holding AG's industrial adhesive business, along with other changes. As a result, it now expects to earn on an adjusted basis between $2.10 and $2.15 per share for the year, up from its prior forecast of $1.94 to $2.14. It anticipates revenue of $1.93 billion to $1.98 billion.
Analysts expect H.B. Fuller were expecting the company to earn $2.16 per share on revenue of $1.91 billion.
Shares of the company, which makes adhesives, sealants and other specialty products, rose $2.33, more than 8 percent, to close at $31.06 Tuesday.
