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Services :: Financial
Omnova's Second-Quarter Income Falls
3:57 PM MDT | June 28, 2011 | Vincent Valk
Omnova's net income for the second-quarter fell to $6.2 million, or 14 cts/share, from $15.1 million, or 33 cts/share in the year-ago period. Sales rose $103.5 million, to $329.9 million, due to higher selling prices and increased revenues from the Eliokem acquisition. The fall in net income was due to a drop in volumes, higher raw material prices, and acquisition-related expenses, including a $1.1 one-time charge and a $7.7 million rise in interest expense. The performance chemicals segment saw sales rise to $245.5 million from $138.6 million. Some $94.8...
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