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OMNOVA Solutions posts improved Q1'FY14 results
03
Apr '14
OMNOVA Solutions Inc. announced net income of $1.2 million, or $0.03 per diluted share, for the first quarter ending February 28, 2014, compared to a loss of $0.2 million, or breakeven per diluted share, for the first quarter of 2013.
 
Adjusted Income From Continuing Operations was $2.3 million, or $0.05 per diluted share for the first quarter of 2014, compared to first quarter 2013 Adjusted Income From Continuing Operations of $1.5 million, or $0.03 per diluted share.
 
First Quarter 2014 Highlights
-The Company reported net income of $1.2 million, or $0.03 per diluted share for the first quarter of 2014, compared to a loss of $0.2 million, or breakeven per diluted share for the first quarter of 2013.
 
-The Company's Adjusted Income from Continuing Operations improved to $2.3 million, or $0.05 per diluted share, compared to $1.5 million, or $0.03 per diluted share for the first quarter of 2013.
 
-Severe winter weather negatively impacted customer demand and resulted in over $1.5 million of unanticipated expenses in the quarter, primarily for energy, logistics and maintenance.
 
-Gross profit was $49.1 million with margins increasing to 21.7% in the first quarter of 2014 as compared to $49.0 million, or 19.5%, a year ago. The margin improvement was due to favorable product mix.
 
-The Company's segment operating profit was $15.5 million in the first quarter of 2014, compared to $15.0 million for the first quarter of 2013.
 
"Our financial results in the first quarter of 2014 improved as compared to last year, driven by significantly higher earnings in Engineered Surfaces, improved results in several specialty chemical product lines and lower interest expense.  Better results were achieved despite extreme winter weather disruptions which negatively affected customer demand and also resulted in over $1.5 million of higher operating costs during the quarter for energy, raw materials, transportation and maintenance," said Kevin McMullen, OMNOVA Solutions' Chairman and Chief Executive Officer.
 
Click here to view full results.
 

OMNOVA Solutions

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