OMNOVA Solutions Revises Q4, FY13 Earnings View - Quick Facts

(RTTNews) - OMNOVA Solutions Inc. (OMN) has updated its earnings guidance for the fourth quarter and full year ending November 30, 2013.

For the fourth quarter, the company now sees reported GAAP earnings per share to be about $0.16 - $0.18 per share, significantly above the $0.01 per share for the fourth quarter last year. The earlier forecasted fourth-quarter 2013 results are now expected to be adversely impacted by several items. The firm currently expects higher health care costs in the quarter due to higher claims in its employer-sponsored plan.

Looking ahead to the full year 2013, the firm now anticipates that adjusted income from continuing operations before items would be in the range of $22.5 million - $24.5 million.

Chairman and Chief Executive said, "While fourth quarter 2013 results are now expected to be lower than we previously forecasted, we expect them to be well above last year's fourth quarter. We continue to work on a number of key structural improvements in Performance Chemicals and Engineered Surfaces that should positively contribute to future results. Included in those improvements are the recent start-up of new specialty chemicals capacity in China, emulsion polymer and engineered surfaces manufacturing footprint consolidation in the U.S., and several exciting new product launches."