Business brief: Omnova Solutions posts profit in fourth quarter

January 24, 2013 9:29:40 AM

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FAIRLAWN, Ohio -- Omnova Solutions Inc., the chemical maker, reported a profit in its fourth quarter Tuesday after posting a loss in the same quarter a year ago. 

 

The Fairlawn, Ohio-based company said that it earned $700,000, or 1 cent per share, in the quarter ending Nov. 30. It lost $10.4 million, or 23 cents per share loss, in the same quarter last year.  

 

It said its adjusted earnings came to 7 cents per share for the latest quarter. 

 

Analysts, on average, expected earnings of 13 cents per share, according to a survey by FactSet. 

 

The company said that its total revenue fell 16 percent to $253.9 million from $301.4 million. 

 

The company said that sales at its performance chemicals unit dropped 21 percent to $189.5 million. 

 

Omnova operates s a facility in Lowndes County.