H.B. Fuller finished 2016 with a strong fourth quarter, reporting a 56 percent increase in net income to $39.1 million, or 76 cents per share.
In the fourth quarter of 2015, the St. Paul-based company reported net income of $25 million, or 49 cents per share.
The industrial adhesive manufacturer's adjusted earnings per share for the quarter was 74 cents, a 7 percent increase. The adjusted earnings exclude some business integration costs associated with the start-up of a new facility in China.
Revenue for the quarter was $574.9 million, a 4.9 percent increase over the same quarter last year.
For the year ended Dec. 3, the company had sales of $2.1 billion, up 0.5 percent over 2015 revenue. Net income was $124.1 million, or $2.42 per diluted share, up from $86.7 million, or $1.69 a share, during the prior year. Adjusted diluted earnings per share for the year grew 14 percent to $2.48 per share.
"We delivered on our strategic and financial commitments in the 2016 fiscal year and are positioned for further success in 2017," said Jim Owens, H.B. Fuller president and chief executive.
H.B. Fuller said it expects adjusted earnings per share to grow about 10 percent this year and earnings per share to be in the range of $2.57 to $2.77 per share.
The company is likely to be challenged by increasing raw material prices in 2017. Petrochemicals are key raw materials for the industrial adhesive manufacturer. In the company's earnings call with analysts, Owens said the company expects flat to modest inflation in its raw materials.