IHS Chemical Week

Services :: Financial

Omnova Swings to Loss on Discontinued Operations

10:43 AM MST | January 27, 2012 | Vincent Valk

Omnova Solutions swung to a loss of $10.4 million, or 23 cts/share, compared to net income of $81.5 million in the year-ago period. The loss resulted primarily from a $13.6 million non-cash impairment charge related to the North American commercial wallcovering business, which was sold in December. Adjusted earnings, excluding the charge, totaled 14 cts/share, beat analysts estimates of 7 cts/share and 8% higher than the same period in 2010.   Net sales rose 58% year-on-year, to $301.4 million, primarily due to $81.8 million in new revenue from the Eliokem...

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