Omnova Solutions Income, Sales Fall in Quarter

Fairlawn, OH, Sept. 26, 2014 -- Chemicals maker Omnova Solutions reported third quarter net income of $1.8 million, or $0.04 per share, compared to net income of $9.0 million, or $0.19 per share, a year ago.

Net sales decreased $9.1 million, or 3.5%, to $252.1 million, compared to $261.2 million for the third quarter of 2013.

Omnova said it expects improvement in the fourth quarter from increased Chinese sales, stronger paper and carpet margins and continued growth in oil and gas, specialty coatings and laminates.

"Carpet volume was about flat year-over-year, and we believe the carpet market is now poised for modest growth," said CEO Kevin McMullen.