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Omnova earnings rise but fall short of estimates

10:19 AM MDT | September 30, 2013 | Vincent Valk

Omnova Solutions today reported fiscal third-quarter earnings of $9 million, or 19 cts/share, up 30.4% year-on-year (YOY), on sales down 9.4%, to $261.2 million. Earnings fell short of analysts’ consensus estimate of 22 cts/share, as reported by Thomson Reuters (New York). Omnova’s fiscal third-quarter ended on 31 August. "Our financial results in the third quarter of 2013 improved on both a sequential basis and as compared to last year. A favorable mix of business and cost reduction actions contributed to the improvement while we generated the...

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