Omnova posts $3.5M Q3 profit

AKRON, OH -- Omnova Solutions Inc. (NYSE: OMN) reported net income of $3.5 million for its third quarter ended August 31 compared to net income of $10.1 million for the third quarter of 2009. 

Net sales increased $41.8 million, or 22.5%, to $227.9 million Q3 2010, compared to $186.1 million for the third quarter of 2009.

"In Omnova's third quarter, our underlying business continued to post strong operating performance considering that results were adversely impacted by nearly $7 million of non-recurring expenses. Cash flow was strong, and our balance sheet continues to improve. 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," said Kevin McMullen, Omnova Solutions chairman and CEO.

Read Omnova Solution's press release.


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