Home / Knowledge / News / Textiles / OMNOVA Solutions posts improved Q1'FY14 results
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


Must ReadView All

Textiles | On 26th Jul 2017

Q1 2018 revenue at Raymond soars 14%

The consolidated revenue of Raymond Limited for the first quarter of...

Textiles | On 26th Jul 2017

Textile Corp of America to create 1000 jobs in Tennessee

Textile Corporation of America Inc, a leading textile manufacturer,...

Textiles | On 26th Jul 2017

Leather & footwear industry expecting incentive package

India’s leather and footwear industry is anticipating an incentive...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X