Fairlawn polymer company Omnova Solutions Inc. showed a profit in the fourth quarter and for its full fiscal year.
Omnova on Tuesday reported net income of $700,000, or 1 cent per share, on revenue of $253.9 million for the fourth quarter. That compares with a loss of $10.4 million, or 23 cents per share, on revenue of $301.4 million for the fourth quarter a year ago. Adjusted quarterly income was $3.2 million, or 2 cents per share, compared with $5.9 million, or 13 cents a share, for the fourth quarter of 2011.
For the full year, Omnova said it made $27.6 million, or 60 cents per share, on revenue of nearly $1.13 billion. The company lost $2.8 million, or 6 cents per share, on revenue of $1.2 billion in 2011.
The company made structural improvements during the year and took other actions that resulted in making a profit on lower revenue for the year, said Kevin McMullen, chairman and chief executive officer.
“As we look forward to 2013, we are encouraged by a number of actions and market developments that are expected to gain traction starting in the second quarter and, as a result, we believe the company will continue to improve earnings in 2013,” McMullen said in a statement.
Omnova also said it changed the name of its Decorative Products segment to Engineered Surfaces.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
