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February 08, 2018 01:00 AM

Sales up at Omnova in 2017 amid overall loss

Frank Esposito
Senior Staff Reporter
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    Omnova

    Materials firm Omnova Solutions posted higher sales in its 2017 fiscal year, even as it posted an overall loss.

    Sales for the year ended Nov. 30 for Beachwood, Ohio-based Omnova were $783.1 million, up more than 3 percent vs. fiscal 2016. Sales in its Specialty Solutions unit — including polymer emulsions and plastic laminates — grew more than 9 percent to $441.4 million for the year.

    Specialty Solutions accounted for 56 percent of Omnova's sales total in fiscal 2017. Annual operating profit for the unit essentially was flat at just under $60 million.

    But the firm saw its annual loss swell to $87.8 million in fiscal 2017 after losing only $400,000 in the previous fiscal year. Almost all of the 2017 loss came from income tax expense.

    In a news release, officials said that fourth-quarter sales were strong in laminates, films, coatings and elastomeric modifiers.

    For 2018, CEO Anne Noonan said in the release that Omnova anticipates its fourth consecutive year of adjusted earnings-per-share growth. She added that the firm should benefit from Specialty Solutions growth and from exiting lower-margin work in its paper coatings business.

    On Wall Street, Omnova's per-share stock price has bounced around but has shown overall improvement. It was close to $9 in early 2017 but was near $10.50 in early trading Feb. 7 for a gain of almost 17 percent.

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