Fairlawn, OH, January 16, 2007--Omnova Solutions reported fourth quarter earnings of $17 million, or 41 cents a share, compared with $4.1 million, or 10 cents a share, a year ago.
The current quarter included a gain of 43 cents a share from the building-products divestiture, as well as certain restructuring, severance and asset impairment charges.
Net sales increased to $176.4 million from $175.1 million during the same period a year ago. Omnova attributed the increase to pricing improvements and positive foreign exchange rates, partially offset by lower unit volumes.
The company said weak market conditions, especially in the residential carpet industry, and high styrene and butadiene costs hurt the fourth quarter results, the company said. It said those factors offset improvements in its paper chemicals, coated fabrics, and laminates businesses.
