OMNOVA Solutions Inc. reported a strong increase in net income in its second fiscal quarter ending 5/31/2010. The company earned net income of $15.1 million, or $0.33 per diluted share, triple the net income of $5.1 million, or $0.12 per diluted share, that the company earned in the same quarter last year.
OMNOVA Solutions Inc. also reported a sharp increase in revenues in the second fiscal quarter compared to last year. The company reported revenues of $226.4 million for the second fiscal quarter of 2010, compared to only $161.3 million in the same quarter in 2009.
OMNOVA Solutions Inc. said that net income in this year’s second fiscal quarter was boosted by a one-time gain of $2.1 million.
The management of OMNOVA Solutions Inc. said that the strong relative performance in the quarter was due to improved volumes, higher realized prices and foreign currency translation that benefited earnings.
Kevin McMullen, the CEO of OMNOVA Solutions Inc., said, “OMNOVA’s record second quarter reflects the fundamental improvements we have made in our Company and improving economic conditions. We have made significant progress on many fronts, including the introduction of numerous innovative products, penetration into new, adjacent markets, the continued globalization of our business and aggressive productivity gains and cost reductions.”
OMNOVA Solutions Inc. reported the largest increase in revenues in the company’s Performance Chemicals segment. Revenues here increased to $138.6 million in the second fiscal quarter of 2010, compared to $87.0 million in the same quarter in 2009.
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OMNOVA Solutions Inc. (OMN) Reports Tripling of Net Income in Second Quarter
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