Omnova Posts First Positive Quarter in Last Six

Fairlawn, OH, June 23–Polymer and surfacing chemical company Omnova Solutions Inc. posted its first positive earnings report in the last six quarters, the company said Tuesday.

Second-quarter earnings rose to $300,000, or 1 cent per share, up from last year’s loss of $5 million, or 12 cents per share.

Second-quarter revenue rose 7.3 percent to $189.5 million, Omnova said.

“We are seeing improvement in most of our end-use markets after a weak economic environment over the past two years and we are optimistic that the improvement should continue throughout 2004,” said Omnova chairman and chief executive Kevin McMullen in a statement. “However, as the year unfolds, significant risk of raw material inflation remains.”