Omnova Solutions Reports Lower Sales, Income
Fairlawn, OH, June 26, 2014 -- Omnova Solutions reported net income of $3.4 million, or $0.07 per share, for the second quarter of 2014, compared to net income of $2.9 million, or $0.06 per diluted share, for the second quarter of 2013.
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Net sales fell $4.4 million, or 1.6%, to $266.4 million, compared to $270.8 million a year ago.
Omnova said that customer-driven logistics issues led to lower sales and higher operating costs.
"Overall, second quarter results were below what we had expected," said CEO Kevin McMullen.
"Positive items included improved Performance Chemicals volumes and strong laminates sales in Engineered Surfaces, but these were offset by approximately $2.5 million of negative operating profit impact from temporary customer-driven delays in shipments and higher logistics costs."