Omnova Solutions (OMN) Misses Q1 EPS by 3c
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OMNOVA Solutions Reports First Quarter 2015 Results and Reaffirms Full-Year 2015 Guidance of Significant Growth in Adjusted Diluted Earnings Per Share
April 8, 2015 7:30 AM EDTBEACHWOOD, Ohio, April 8, 2015 /PRNewswire/ --
First Quarter 2015 Highlights
In the first quarter - seasonally its weakest - the Company reported a net loss of $3.2 million and an Adjusted Loss from Continuing Operations of $0.6 million, compared to first quarter 2014 net income of $1.2 million and Adjusted Income from Continuing Operations of $2.3 million. First quarter 2015 earnings were adversely impacted year-over-year by an unfavorable net inventory revaluation of $8.8 million, reflecting declining raw material prices on existing inventory. Engineered Surfaces Adjusted Segment Operating Profit grew 16.2% compared to the first quarter of 2014, demonstrating... More