PaintSquare.com


The First Word in Protective & Marine Coatings

A Product of Technology Publishing / PaintSquare
JPCL | PaintSquare News | Durability + Design | Paint BidTracker

Paint and Coatings Industry News

Main News Page


OMNOVA Reports Earnings Gain

Friday, March 26, 2010

Comment | More

Wallcovering and specialty chemicals manufacturer OMNOVA Solutions Inc. reported net income of $7.8 million for the company’s first quarter ended February 28, compared to a net loss of $0.1 million for same quarter a year earlier.

Included in the first quarters of both years were restructuring and severance charges of $0.3 million and $0.9 million, respectively.

Net sales for the quarter increased $23.7 million, or 14.8%, to $183.9 million, compared to $160.2 million for the previous year. The company said improved volumes accounted for $18.7 million of the the first-quarter sales increase, with higher selling prices responsible for a $3.1 million gain and foreign currency translation effects accounting for $1.9 million.

Kevin McMullen, chairman and CEO, said the results for the quarter—normally the company’s weakest—“is indicative of the fundamental improvements we have made in our company and the consolidation that is occurring in our industries.” He said the results continue “a very positive trend which began in the second half of 2008,” adding that the company has introduced a number of new products, penetrated new, adjacent markets, and continued a globalization program  while pursuing productivity gains and cost reductions.
 
The results mark the company’s fifth consecutive quarter of earnings improvement and the second consecutive quarter of volume improvement, McMullen said.

Segment results

The company’s Decorative Products business reported an operating loss of $0.1 million for the first quarter, typically the company’s weakest, compared to a loss of $2.9 million for the same quarter a year earlier. Sales for the quarter rose 8.4%, to $71.1 million. Sales improved in six of the segment’s seven product categories, with the strongest growth coming from Asian businesses and domestic laminates and films, the company said.

The Performance Chemicals segment reported an operating profit of $13.8 million, compared to $7.8 million for the first quarter a year earlier. Sales for the quarter rose 19.2%, to $112.8 million.

   

Tagged categories: Earnings reports; Economy; Finance; Omnova Solutions; Wallcovering

Comment Join the Conversation:

Sign in to our community to add your comments.

PreTox Products - NexTec, Inc.
GOT LEAD? Specify Pretox System products

The ONLY Lead Stabilizer Compatible with All Paint Removal Methods. Works with all Blast Media: Grits | Recyclable Abrasives | CO2 | Water | Power Tools | Etc. Call Dave Steffen at 800.338.8296.


Armakleen Company, The
No Ordinary Soda

ARMEX® baking soda-based abrasives from the makers of ARM & HAMMER® products offers over 12 formulas specially engineered for your application and your budget.


DeHumidification Technologies
HUMIDITY PROBLEMS?

DH Tech has the most innovative and reliable equipment available to
control humidity efficiently
and effectively.
IT'S UNDER CONTROL!


International Paint LLC

International Paint Engineered Coatings

Learn about our solutions for:
  • Structural Steel
  • Piping & Equipment
  • Storage Tanks
  • Pressure Vessels
  • Secondary Containment


    Novatek Corporation
    Dustless Coatings Removal

    Strip it, clean it, and profile it,
    all dust free! High production
    rates and Blast like finishes.
    Comply with new lead
    standards.


    Dampney Co., Inc.
    Solar Coating

    High Temperature Resistant for Solar Panels/Collectors/Tubes. Achieve selectivity with the economy and ease
    of application of a paint.


    BASF
    New resins from BASF will have metals loving water:

    Excellent corrosion resistance, low VOC, high gloss, thin films basf.us/industrialcoatings
    polyorders@basf.com
    800-231-7868

  •  
     
     
    Technology Publishing

    The Technology Publishing Network

    The Journal of Protective Coatings & Linings (JPCL) PaintSquare
    Durability + Design Paint BidTracker JPCL Europe

     
    EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
    REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
    MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us
     

    © Copyright 2000-2014, Technology Publishing / PaintSquare, All rights reserved
    2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951; Tel 1-412-431-8300; Fax 1-412-431-5428; E-mail webmaster@paintsquare.com