OMNOVA Solutions Inc. announced net income of $3.4 million, or $0.07 per diluted share, for the second quarter ending May 31, 2014, compared to net income of $2.9 million, or $0.06 per diluted share, for the second quarter of 2013. Adjusted Income from Continuing Operations was $4.0 million, or $0.09 per diluted share for the second quarter of 2014, compared to second quarter 2013 Adjusted Income From Continuing Operations of $7.2 million, or $0.16 per diluted share.
OMNOVA Solutions Inc. announced net income of $3.4 million, or $0.07 per diluted share, for the second quarter ending May 31, 2014, compared to net #
Second Quarter 2014 Highlights
The Company reported net income of $3.4 million, or $0.07 per diluted share, for the second quarter of 2014, compared to net income of $2.9 million, or $0.06 per diluted share, for the second quarter of 2013.
OMNOVA Solutions Inc. announced net income of $3.4 million, or $0.07 per diluted share, for the second quarter ending May 31, 2014, compared to net #
The Company's Adjusted Income from Continuing Operations was $4.0 million, or $0.09 per diluted share, compared to $7.2 million, or $0.16 per diluted share, for the second quarter of 2013.
OMNOVA Solutions Inc. announced net income of $3.4 million, or $0.07 per diluted share, for the second quarter ending May 31, 2014, compared to net #
Customer-driven logistics issues led to lower sales and higher operating costs. These issues negatively impacted operating profit in the quarter by approximately $2.5 million. The Company has begun shipping the delayed shipments to the customer.
OMNOVA Solutions Inc. announced net income of $3.4 million, or $0.07 per diluted share, for the second quarter ending May 31, 2014, compared to net #
Changes in LIFO inventory valuations negatively impacted year-over-year operating profit by $1.7 million in the quarter.
OMNOVA Solutions Inc. announced net income of $3.4 million, or $0.07 per diluted share, for the second quarter ending May 31, 2014, compared to net #
Performance Chemicals volumes in the second quarter of 2014 increased by 3.6% on a year-over-year basis.
OMNOVA Solutions Inc. announced net income of $3.4 million, or $0.07 per diluted share, for the second quarter ending May 31, 2014, compared to net #
Consolidated Results for the Second Quarter Ended May 31, 2014
Net sales decreased $4.4 million, or 1.6%, to $266.4 million for the second quarter of 2014, compared to $270.8 million for the second quarter of 2013. The sales decline was a result of reduced pricing of $9.4 million, or 3.5%, which was partially offset by volume increases of $4.4 million, or 1.6%, and favorable currency translation effects of $0.6 million. The pricing decline was primarily a result of lower raw material costs and their related impact on index pricing formulas in Performance Materials, and competitive pressure in several markets.
OMNOVA Solutions Inc. announced net income of $3.4 million, or $0.07 per diluted share, for the second quarter ending May 31, 2014, compared to net #
Gross profit in the second quarter of 2014 was $52.6 million, or 19.7%, compared to $57.3 million and 21.2% in the second quarter of 2013. The decline in margins was due primarily to competitive pressure in Performance Materials and higher global logistics costs. Raw material costs declined $6.5 million in the second quarter versus the same period last year, offset by a year-over-year LIFO inventory valuation adjustment of $1.7 million. Selling, general and administrative expense (SG&A) in the second quarter of 2014 was $31.5 million, or 11.8% of sales, compared to $31.2 million, or 11.5% of sales, in the second quarter of 2013.
OMNOVA Solutions Inc. announced net income of $3.4 million, or $0.07 per diluted share, for the second quarter ending May 31, 2014, compared to net #
Interest expense in the second quarter of 2014 declined to $7.7 million, a decrease of $0.3 million from the second quarter of 2013, due to reduced borrowing spreads as a result of a term loan refinancing in March 2013 and lower foreign borrowings.
OMNOVA Solutions Inc. announced net income of $3.4 million, or $0.07 per diluted share, for the second quarter ending May 31, 2014, compared to net #
OMNOVA Solutions Inc. announced net income of $3.4 million, or $0.07 per diluted share, for the second quarter ending May 31, 2014, compared to net #
OMNOVA Solutions