Posted on March - 28 - 2010
Omnova Solutions reports first-quarter profit vs. year-ago loss
Omnova Solutions Inc. (NYSE: OMN) has reported improved first-quarter results compared to the like period last year.
The producer of emulsion polymers, specialty chemicals and wallcoverings said its net income in the quarter that ended Feb. 28 totaled $7.8 million, or 17 cents per diluted share, and compares to a loss of $100,000 in the first quarter of last year.
Sales at Omnova rose 15%, to $183.9 million from $160.2 million.
“Omnova’s strong first quarter, which began Dec. 1 and seasonally is our weakest, is indicative of the fundamental improvements we have made in our company and the consolidation that is occurring in our industries,” Omnova chairman and CEO Kevin McMullen said in a statement.
“This is the fifth consecutive quarter of earnings improvement and the second consecutive quarter of volume improvement,” Mr. McMullen said. “The volume expansion was broad based as both of our segments achieved volume growth in the quarter, and our growth has accelerated over the last few months as the economy begins to rebound. After spending several years improving our cost structure in the face of reduced market demand, we expect to have strong operating leverage moving forward as volumes continue to outpace last year’s levels.”
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