Omnova Solutions Reports Higher Income
Fairlawn, OH, June 27, 2012 -- Omnova Solutions reported that net income for the second quarter was $7.0 million, or $0.15 per share, compared to $6.2 million, or $0.14 per share for the second quarter of 2011.
Net sales decreased $5.3 million, or 1.7%, to $307.5 million for the second quarter, compared to $312.8 million for the second quarter of 2011.
Omnova said the sales decrease was driven by a volume decline of $21.1 million and unfavorable currency translation effects of $3.5 million, which was partially offset by improved pricing of $19.3 million to cover higher raw material costs.
"The second quarter 2012 financial results were solid, considering the weak global economy and higher raw material costs," said CEO Kevin McMullen.
"Our results reflect the fundamental improvements we have made to our Company, including our globalization initiatives, expansion of our specialty chemicals capability through the ELIOKEM acquisition and the repositioning of our Decorative Products segment to be a positive contributor after the divestitures of our wallcovering businesses."