Omnova Solutions Income Up on Sales Decline
Fairlawn, OH, Sept. 26, 2012 -- Omnova Solutions reported net income for the third quarter of $6.4 million, or $0.14 per share, compared to $0.4 million, or $0.01 per share, for the third quarter of 2011..
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The company said that net sales decreased $26.8 million, or 8.5%, to $288.2 million, compared to $315.0 million for the third quarter of 2011.
The sales decrease was driven by pricing declines of $14.7 million, or 4.7%, reduced volumes of $4.9 million, or 1.6%, and unfavorable currency translation effects of $7.2 million, or 2.2%
Paper and Carpet Chemicals sales were $91.4 million for the third quarter compared to $108.8 million for the third quarter of 2011.