Omnova Reports Sales Decrease, Earnings Increase in Second Quarter

Omnova Solutions (Fairlawn, OH) reported net income of $7 million, or 15 cts/share, for the second quarter 2012 ending May 31, up 13% year-on-year. Adjusted earnings were $7.3 million, or 16 cts/share year, down 13% year-on-year. Sales fell 1.7% year-on-year, to $307.5 million. The decrease in sales can be attributed to a volume decline that reduced revenue by $21.1 million and unfavorable currency translation effects of $3.5 million, partially offset by price increases to cover high raw material costs, the company says. Early in the second quarter, the company...

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