OMNOVA Solutions Q4 Profit Soars - Quick Facts

(RTTNews) - OMNOVA Solutions Inc. (OMN) reported a sharp surge in fourth-quarter net income to $7.9 million, or $0.17 per share, from $0.7 million, or $0.01 per share, last year. On an adjusted basis, income from continuing operations amounted to $5.5 million, or $0.12 per share for the recent period. On average, 4 analysts polled by Thomson Reuters expected earnings per share of $0.12 for the fourth quarter. Analysts' estimates typically exclude one-time items.

For the quarter, net sales, however, slid 7.7% to $234.4 million, from $253.9 million in the 2012 period, as a result of reduced pricing of $16.3 million, or 6.4%, and lower volumes of $3.9 million, or 1.5%. These were partially offset by favorable currency translation effects of $0.7 million.

The company's quarterly financial results improved year-over-year, helped by stronger results in Engineered Surfaces, which had a favorable mix of business and reduced costs, resulting in its highest quarter and full-year operating profit since 2001.