Omnova Solutions Has Record Earnings

Fairlawn, OH, Jan. 21, 2010--Specialty chemicals maker Omnova Solutions earned a record profit of $11.1 million, or 25 cents per share, in the fourth quarter, up from a profit of $800,000, or 2 cents per share, in the same period a year earlier.

The company said revenue declined 14 percent to $188.8 million because of lower prices.

Cost savings for the full year came to $24 million, helped by a drop in raw materials and manufacturing costs.

For the full fiscal year, earnings totaled $26.2 million, or 61 cents per share, compared with a year-earlier loss of $2.2 million, or 5 cents per share. Sales fell 20 percent to $696.4 million.