OMNOVA Solutions Inc. (OMN) Reports Results for Fourth Fiscal Quarter

By @ibtimes on

OMNOVA Solutions Inc. reported financial and operating results for the fourth quarter of fiscal 2010. The company saw higher overall revenues and record operating profit in its Performance Chemicals Segment.

OMNOVA Solutions Inc. reported adjusted net income of $8.2 million, or $0.18 per diluted share, in the quarter ending November 30, 2010. The company reported adjusted net income of $11.5 million, or $0.26 per diluted share, in the same quarter of 2009.

OMNOVA Solutions Inc. said that the reported adjusted net income amount for the fourth quarter contains several unusual items. These include acquisition expenses and the reversal of a tax valuation allowance. OMNOVA Solutions Inc. said that including these unusual items, the company earned $81.5 million, or $1.80 per diluted share.

OMNOVA Solutions Inc. reported $208 million in revenue in the most recent quarter, which was a 10% increase over the $189 million reported in the corresponding quarter of fiscal 2009.

The Performance Chemicals Segment of OMNOVA Solutions Inc. reported record operating profit of $17.6 million in the fourth quarter of fiscal 2010. The business benefited from higher sales volume and higher realized selling prices for its products.

For more information on the company, go to www.omnova.com

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