Omnova Solutions Income Rises, Sales Fall
Fairlawn, OH, Jan. 21, 2014 -- Specialty chemicals firm Omnova Solutions reported fourth quarter net income of $7.9 million, or $0.17 per share, compared to $0.7 million, or $0.01 per share, a year earlier.
Net sales decreased $19.5 million, or 7.7%, to $234.4 million for the quarter, compared to $253.9 million for the fourth quarter of 2012.
Performance Materials' (the North American paper and carpet chemicals division) gross profit was hurt by weaker paper market conditions and competitive pricing pressures, said CEO Kevin McMullen.
"We continue to work on a number of key structural improvements in Performance Chemicals that should positively contribute to future results, including the recent startup of new specialty chemicals capabilities in China, styrene butadiene latex capacity rationalization in North America, and several new product launches," McMullen said.