Omnova Solutions Reports Lower Income on Higher Sales

Beachwood, OH, Jan. 22, 2015 -- Specialty chemicals firm Omnova Solutions reported fourth quarter net income of $5.1 million, or $0.11 per share, compared to net income of $7.9 million, or $0.17 per share, a year ago.

Net sales increased $8.6 million, or 3.7%, to $243.0 million, compared to $234.4 million for the fourth quarter of 2013.

""We have taken, and will continue to take, decisive actions to respond to recent market declines in our traditional core businesses, specifically those serving the North American paper and carpet markets," said CEO said Kevin McMullen. 
 
Reversing previous trends, the Performance Materials product line (paper, carpet and tire cord) reported sales of $81.1 million, a 6% increase from last year's fourth quarter sales of $76.5 million.