Fairlawn, OH, June 19, 2006--Omnova Solutions reported earnings in the second quarter that rose 47 percent, despite a slight drop in revenue.
Earnings for the quarter were $5.3 million, or $0.13 per share, up from $3.6 million, or $0.09 per share, last year. Revenue for the quarter was $204.6 million, down 2.2 percent from $209.3 million last year.
Analysts expected the company to report earnings of $0.11 per share.
The company said second-quarter operating margins improved thanks to lower manufacturing, health care and warranty costs. Also, an Asian joint venture which broke even in the year-ago period recorded a profit of $1.2 million in the recent quarter.
"Our focus has been on margin restoration and our actions resulted in a 47 percent improvement in net income versus last year. While consolidated volume was off slightly from the prior year, we are very pleased with the overall improved performance," Kevin McMullen, chairman and chief executive said in a prepared statement.
