20 Sep 2006
Fairlawn, Ohio -- Omnova Solutions Inc. reported net income of $3.3 million (€2.6 million) in the third quarter of 2006, more than double the figure in the same period last year.
The Ohio-based firm -- which makes latex, speciality chemicals and elastomer-based roofing materials -- increased net sales for the quarter to $208.8 million, up slightly from $207 million the year before.
The quarter marked the sixth consecutive period of year-over-year improvement in net income and earnings per share, said Kevin McMullen, Omnova Solutions chairman and CEO.
"Our focus has been on margin restoration and profitable growth, and our actions resulted in a $1.9 million improvement in net income versus the third quarter of last year," McMullen said.
"Two of our three business units recorded higher sales and operating profit. The improved total segment operating profit and cash flow results were driven by cost reductions, increased pricing and new products."
For the first nine months of fiscal 2006, Omnova´s net sales were up less than 1 percent to $606.4 million.
Net income for the period was $4.3 million, compared to a $5.9 million loss in fiscal 2005.
From Rubber & Plastics News (A Crain publication)
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