OMNOVA Solutions (OMN) Misses Q3 Expectations on Top and Bottom; Announces Management Change

OMNOVA Solutions (NYSE: OMN) reported Q3 EPS of $0.05, $0.13 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $252.1 million versus the consensus estimate of $272.9 million.

• Sales increased 2.3% in Performance Chemicals' specialty chemical product lines, led by oil & gas and specialty coatings, and increased 3.1% in Engineered Surfaces' laminates product line.
• Sales decreased 15.4% in Performance Chemicals' performance material product lines, primarily as a result of unusual weakness in the coated publication paper market including lower contract pricing negotiated earlier in the year in response to increased competitive intensity, and lower raw material driven index pricing.
• The Company expects sequential profit improvement from the third quarter to the fourth quarter of fiscal 2014 from increased Chinese sales, stronger paper and carpet margins and continued growth in oil & gas, specialty coatings and laminates.
• The Company announced that Anne Noonan, previously a senior executive with Chemtura, became President of Performance Chemicals effective September 22, 2014.

For earnings history and earnings-related data on OMNOVA Solutions (OMN) click here.

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