OMNOVA Solutions Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended February 28, 2018; Reaffirms Earnings Guidance for the Full Year of 2018
The company reaffirmed earnings guidance for the full year of 2018. For fiscal 2018, the company is using a normalized blended book tax rate of 25% to reflect the lower U.S. statutory rates, which accounts for about $0.01 of additional EPS in this year's first quarter compared to last year. The company expects to continue to utilize NOLs to offset taxable income. Accordingly, the company doesn't expect to pay any U.S. cash taxes for the next few years. The company continues to expect adjusted EPS growth for the full year.