Shares of chemical products maker HB Fuller posted steep gains Wednesday, after the company reported strong first quarter earnings and boosted its earnings outlook.
Shares of H.B. Fuller were up $2.87, or 11.2 percent, to close at $28.40 on the New York Stock Exchange.
Tuesday evening, the company said its net income was up to $20.8 million, or 34 cents per share for the quarter ending on March 3. A year ago, the company had reported earnings of $15.3 million, or 26 cents per share. Revenue was up 5.6 percent to $351.8 million
Analysts polled by Thompson Financial had expected earnings of 29 cents per share.
The company attributed the profit gain to profitable pricing process, mix management, and cost control measures.
H.B. Fuller raised its outlook for fiscal 2007 and expects earnings per share from continuing operations to be between $1.65 and $1.75 for the year. Previous expectations were for earnings between $1.58 and $1.68 per share.