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Omnova earnings up, sales down on winter weather impacts

9:53 AM MDT | April 2, 2014 | Lindsay Frost

Omnova Solutions today reported its first quarter results, with net income of $1.2 million up compared to a loss of $0.2 million year-over-year (YOY). Earnings per share of 3 cts/share, below analyst consensus of 6 cts/share, according to Thomson Reuters (New York). Severe winter weather negatively impacted customer demand and resulted in over $1.5 million of unanticipated expenses in the quarter, primarily for energy, logistics and maintenance, the company says. Net sales fell 10%, to $225.9 million due to reduced pricing and lower volumes, partially driven by...

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