OMNOVA Solutions Inc. (NYSE:OMN) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
OMNOVA Solutions Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 18.75% to $0.19 in the quarter versus EPS of $0.16 in the year-earlier quarter.
Revenue: Decreased 9.37% to $261.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: OMNOVA Solutions Inc. reported adjusted EPS income of $0.19 per share. By that measure, the company missed the mean analyst estimate of $0.22. It missed the average revenue estimate of $277 million.
Quoting Management: “Our financial results in the third quarter of 2013 improved on both a sequential basis and as compared to last year. A favorable mix of business and cost reduction actions contributed to the improvement while we generated the best volumes of fiscal 2013 in Performance Chemicals, and the highest quarterly operating profit in Engineered Surfaces since 2000,” said Kevin McMullen, OMNOVA Solutions’ Chairman and Chief Executive Officer.
Key Stats (on next page)…