Omnova earnings fall short of estimates as sales decline

Omnova’s fiscal fourth-quarter net income from continuing operations fell 81% year-on-year (YOY), to $1.2 million, the company says. This excludes Omnova’s wall covering business, which the company exited in 2011, as well as losses resulting from the closure of a Mississippi manufacturing plant in 2012. Including these items, Omnova swung to a $700,000 profit from a loss of $10.4 million in the year-ago period. Omnova’s fiscal fourth-quarter ended on 30 November 2012. Adjusted income from contuing operations totaled 7 cts/share, well short of...

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