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People & Business :: Companies
Omnova's Profits Improve on Lower Costs
8:17 AM MST | January 19, 2010 | Kerri Walsh
Omnova Solutions reported net income of $11.1 million for its fiscal fourth quarter ended November 30, compared to $800,000. Fourth-quarter 2009 earnings included restructuring, severance, asset impairment and other charges totaling $400,000, compared to $300,000 in the year-ago period. Sales fell 14%, to $189 million because of lower selling prices and unfavorable currency exchange rates, Omnova says. Margins improved because of lower raw material costs and reduced manufacturing expenses, the company says. Profits from the performance chemicals division...
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