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Omnova net income rises but misses estimates

9:55 AM MDT | June 25, 2014 | Vincent Valk

Omnova today reported fiscal second-quarter earnings up 17.2% year-on-year (YOY), to $3.4 million, or 7 cts/share, on sales down 1.6%, to $266.4 million. Adjusted earnings from continuing operations totaled $4 million, or 9 cts/share, down 44.4% YOY and well short of analysts' consensus estimate of 19 cts/share, as reported by Thomson Reuters (New York). Sales fell mostly because prices were down 3.5% overall . Omnova's fiscal second quarter ended on 31 May. "Overall, second-quarter results were below what we had expected. Positive items included improved...

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