IHS Chemical Week

Markets :: Specialty Chemicals :: Paints and Coatings

Omnova Earnings Jump on Lower Raw Material Costs

11:42 AM MDT | September 26, 2012 | Vincent Valk

Omnova’s fiscal third-quarter net income jumped to $6.4 million, from $400,000 in the year-ago quarter, on lower raw material costs and a favorable sales mix. Adjusted earnings from continuing operations—excluding special items, acquisitions, and divestitures—rose 58% year-on-year (YOY), to $7.1 million. Omnova's fiscal third-quarter ended on August 31.   Sales fell 8.5% YOY, to $288.2 million, on falling prices and volumes. Gross profit increased 14.7%, to $57.8 million, on lower raw material costs and a favorable sales mix. "The...

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