OMNOVA Q3 Profit Rises - Quick Facts

(RTTNews) - OMNOVA Solutions Inc. (OMN) reported that its third-quarter income from continuing operations increased to $9.0 million, or $0.19 per share, from $6.9 million, or $0.15 per share, last year. Net income was $9.0 million or $0.19 per share, compared to $6.4 million or $0.14 per share, prior year.

Adjusted income from continuing operations was $9.1 million, or $0.19 per share for the third quarter of 2013. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.22 for the quarter. Analysts' estimates typically exclude special items. Net sales decreased 9.4% to $261.2 million, from $288.2 million, a year ago. The company said the sales decline was driven by lower volume of $10.0 million, or 3.5%, and reduced pricing of $18.7 million, or 6.5%, partially offset by favorable currency translation effects of $1.7 million.

OMNOVA Solutions expects that its fourth-quarter results will be significantly above last year's fourth quarter, and similar to the third quarter of 2013. The company also believes that full-year 2013 adjusted income from continuing operations will approximate full-year 2012 levels.