OMNOVA Solutions Q1 Profit From Cont. Ops. Rises - Quick Facts

(RTTNews) - OMNOVA Solutions Inc. (OMN) reported that its first-quarter income from continuing operations increased to $1.4 million or $0.03 per share, from $0.2 million or breakeven per share, previous year. Net income for the first quarter of 2014 was $1.2 million, or $0.03 per share. This compared to a net loss of $0.2 million, or breakeven per share, for the first quarter of 2013.

Adjusted income from continuing operations was $2.3 million, or $0.05 per share, for the first quarter of 2014.

On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.06 for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased to $225.9 million from $251.7 million. The company said the sales decline was a result of reduced pricing of $11.3 million, or 4.5%, and lower volumes of $14.9 million, or 5.9%. These were partially offset by favorable currency translation effects of $0.5 million. The volume decline was driven primarily by the company's decision in 2013 to exit certain lower margin Engineered Surfaces business in China and weaker volumes in some markets.