Fairlawn, OH, September 19, 2006--Chemicals maker Omnova Solutions reported third-quarter earnings that more than doubled on sales and gross margin improvements.
The results however fell short of analysts' forecasts
For the quarter Omnova earned $3.3 million, or $0.08 per share, compared with $1.4 million, or $0.03 per share, for the same quarter in 2005. Revenue grew to $208.8 million from $207 million in the year-ago period.
Analysts were expecting of $0.12 per share.
Omnova said the margin improvements were driven by $5.8 million in price increases, and lower manufacturing and health care costs.
Those gains were partially offset by higher raw material costs of $4.4 million, lower volumes, an increase in non-cash pension expense and higher utility and transportation costs, Omnova said.
