Omnova Solutions (OMN) Tops Q4 EPS by 1c, Slight Miss on Revenues

Omnova Solutions (NYSE: OMN) reported Q4 EPS of $0.17, $0.01 better than the analyst estimate of $0.16. Revenue for the quarter came in at $191.3 million versus the consensus estimate of $191.97 million.

"Adjusted Segment Operating Profit for the Performance Materials segment was $1.9 million, or 3% of net sales in the fourth quarter of 2018, compared to $3.1 million, or 4.1% of net sales in the comparable period last year. Fourth quarter 2018 operating performance was improved from the second quarter of 2018 and about flat with the third quarter as improved margins were largely offset by the impact of our decision to exit the declining commodity paper chemicals market. Because of this strategic change to our portfolio, at the end of the second quarter of fiscal 2018, the Company announced the closure of its Green Bay, Wisconsin plant. The closure is on track and we are on plan to realize $7-8 million of annual run-rate savings, primarily benefiting the Performance Materials segment. We expect to realize about half of the savings beginning in the second half of fiscal 2019 with the full annual savings being realized in fiscal 2020," finished Noonan.

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

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