Omnova Solutions Q3 Profit Declines, See Adj EPS Growth In 2015 - Quick Facts

(RTTNews) - Specialty chemicals company Omnova Solutions, Inc. (OMN) reported that third-quarter net income declined to $0.4 million or $0.01 per share from $1.8 million or $0.04 per share in the prior-year quarter.

Excluding items, adjusted income from continuing operations was $5.9 million or $0.13 per share, compared to $2.2 million or $0.05 per share in the year-ago quarter.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter decreased 16.3 percent to $210.9 million from $252.1 million in the same quarter last year.

Looking ahead, the company continues to expect significant growth in adjusted earnings per share for the fiscal year ending November 30, 2015.

During the fourth quarter, the company expects to incur charges of about $4.0 million to $5.0 million, of which $1.0 million to $2.0 million is cash related to the manufacturing realignment and SG&A restructuring.