Gabelli Reports Increased Revenues For H.B. Fuller

According to Gabelli, H.B. Fuller FUL revenues increased 9.7% in the 4Q, more than anticipated due to the successful implementation of selling price increases of 6.8% in response to raw material cost increases. Gabelli reported that additional selling price increases will flow through over the next quarters but, given the current price of crude, it expects continuing pressure on gross margin for the balance of the year. “This will be true for all the companies in our space. Mgmt raised its estimated revenue growth to 10-12% from 8-10% previously, while maintaining earnings guidance to the range of $1.75-$1.85 for the year. We were estimating $1.76 and will most likely raise our estimate following the conference call scheduled at 10:30.” H.B. Fuller closed yesterday at $21.02.