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Omnova beats estimates despite net income decline

10:32 AM MDT | June 27, 2013 | Vincent Valk

Omnova’s fiscal second-quarter net income declined 58.6% year-on-year (YOY), to $2.9 million, on sales down 11.9%, to $270.8 million. Adjusted earnings from continuing operations, excluding restructuring and refinancing costs, totaled $7.1 million, or 16 cts/share, down 14.5% YOY but ahead of analysts’ consensus of 15 cts/share, as reported by Thomson Reuters. Omnova’s fiscal second-quarter ended on 31 May. "We have made a number of structural improvements that we expect will contribute to improved results during the remainder of the year...

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