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Home  > Markets & companies  > Omnova reports second quarter earnings

Wednesday, 03 June 2020
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Markets & companies

Omnova reports second quarter earnings

Monday, 29 June 2009

Omnova reports improved net income for the second quarter of 2009.

"Our improved second quarter performance reflects the impact from a number of positive actions by the company, including broad-based cost reductions, structurally improved pricing and theintroduction of new products, as well as lower raw material costs," says Kevin McMullen, Omnova Solutions’ Chairman and Chief Executive Officer. Source: Omnova Solutions Inc.
"Our improved second quarter performance reflects the impact from a number of positive actions by the company, including broad-based cost redu...

Omnova Solutions Inc. reported net income of USD 5.1 million for the second quarter ended 31 May 2009, compared to a net loss of USD 3.1 million for the second quarter of 2008. Net sales decreased USD 58.4 million, or 26.6%, to USD 161.3 million for Q2 of 2009 compared to USD 219.7 million for the second quarter of 2008. Net sales for Decorative Products decreased 21.4% and Performance Chemicals went down by 30.5%. Included in Decorative Products’ results for the quarter are sales of USD 23.4 million from its Asian businesses, which generated an operating profit of USD 1.9 million during the second quarter of 2009 as compared to a loss of USD 0.9 million for last year’s second quarter. This improvement was driven by lower raw material costs, significant cost reduction actions and improved productivity.

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