PaintSquare.com
      | Connect Follow us on Twitter Like us on Facebook
About | Subscribe | Advertise
  

 

Download the FREE Equipment and Rental Resource Guide

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.

Nationwide Overspray
Profession Overspray Removal Services

The Finest Name in Safe Overspray Removal. We specialize in removing all contaminants from any surface. Family Owned and Operated for 33 years! Fully insured. Satisfaction is guaranteed.


SSPC: The Society for Protective Coatings
http://www.sspc.org/

Join SSPC and Enhance
Your Career !


Armorthane
Polyurethane and Polyurea Sprayed-On Protection

Buy POLYURETHANE or POLYUREA coatings and spray equipment for years of proven chemical resistance, water- and weather-proofing, and structural improvements.


N.T. Ruddock Co.

Our Abrasives Hold Up Under Pressure

N. T. Ruddock focuses on abrasive selection, equipment evaluation, equipment maintenance & reduction of abrasive consumption. Other services include Screen Analysis & Background Radiation Testing.


Modern Safety Techniques
Modern Safety Techniques

With our unique LTCat, we can help to provide clean, safe breathing air to your workers. Take a look at our Breathing Air Systems, we supply at least twice as much charcoal as our competitors! Modern


Farrow System USA, Inc.
       SIMPLY the BEST
In Wet Abrasive Blasting

Automated controls simplify operation. 100lb. media capacity & enclosed water tank, for hours of continuous blasting. Dry weight of 350 lbs. & 150 psi capable.


HoldTight Solutions Inc.
NO FLASH RUST -
NO CONTAMINANTS

Our HoldTight®102 salt remover & flash rust preventer prevents flash
rust by removing surface contaminants. It has no equal; only wannabees.
Contact us for your
nearest distributor.
(800) 319.8802 sales@holdtight.com


Sherwin-Williams
Sherwin-Williams Protective & Marine Coatings

With 4,000 distribution points and 3,700+ years of experience, Sherwin-Williams delivers the products, support and expertise you need, right where you need it.


Novetas Solutions
Number 1 Crushed Glass Abrasive in America!

Manufactured from 100% Recycled Glass.
NO Crystalline Silica,
Beryllium & Arsenic
Great White Metal Finish!
4 plants on Navy QPL
Call us at 866-775-6226


Safway Services
One Source. Every Solution.

The Safway Group is your source for multiservices. Painting, coating, insulation and more – all from the most trusted name in the industry.

 
 
 
Technology Publishing

The Technology Publishing Network

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

 
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 2000-2015, 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