OMNOVA Solutions Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended August 31, 2017; Provides Earnings Guidance for the Fourth Quarter and Fiscal Year 2017
For the nine months, the company reported net sales of $596.8 million against $572.9 million a year ago. Income before income taxes was $12.1 million against $16.2 million a year ago. Net income was $5.1 million against $10.8 million a year ago. Diluted income per share was $0.11 against $0.24 a year ago. Net cash provided by operating activities was $28.2 million against $41.0 million a year ago. Capital expenditures were $17.0 million against $16.5 million a year ago. On non-GAAP basis, net sales of $596.8 million against $572.9 million a year ago. Segment /consolidated Adjusted EBIT were $45.1 million against $40.5 million a year ago. Segment /consolidated Adjusted EBITDA were $65.8 million against $61.0 million a year ago. Adjusted income was $20.4 million or $0.46 per diluted share compared to $16.2 million or $0.36 per diluted share a year ago.
For the fourth quarter, the company expects to incur a $2 million to $4 million operating profit reduction related to Hurricane Harvey and the antioxidant plant start-up issues.
The company continues to expect margin expansion from its various strategic initiatives and remains on track to deliver adjusted diluted earnings per share growth in fiscal 2017.