IHS Chemical Week

People & Business :: Earnings/Finance

Omnova Net Income Soars

4:00 PM MDT | March 20, 2012 | Vincent Valk

Omnova’s net income for the fiscal first-quarter totaled $12.7 million, or 28 cts/share, compared with $1 million, or 2 cts/share, in the year-ago period. Omnova’s fiscal first-quarter ended on February 29. Net income included a one-time gain from the sale of the company’s decorative products business, without which it totaled $10.7 million, or 23 cts/share.   Net sales for the quarter rose 1.5% year-on-year, to $279 million. Improved pricing and a favorable product mix drove the increase, which was offset by high raw material costs and...

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