Omnova Solutions Inc. (OMN) reported that net loss for the first quarter of 2013 was $0.2 million, or breakeven per share, compared to net income of $13.5 million, or $0.29 per share, for the first quarter of 2012.
This included a loss from discontinued operations of $0.4 million for the first quarter of 2013, compared to income from discontinued operations of $2.8 million, or $0.06 per diluted share, in the first quarter of 2012.
Income from continuing operations for the first quarter of 2013 was $0.2 million, or breakeven per share, compared to $10.7 million, or $0.23 per share, for the first quarter of 2012.
Adjusted income from continuing operations was $1.5 million, or $0.03 per share for the first quarter, compared to adjusted income from continuing operations of $10.0 million, or $0.22 per share, in the first quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales decreased 8.8%, to $251.7 million for the first quarter of 2013, compared to $275.9 million for the first quarter of 2012. The sales decrease was driven by lower volume of $19.7 million, or 7.1%, and reduced pricing of $4.7 million, partially offset by favorable currency translation effects of $0.2 million. Two analysts had consensus revenue estimate of $258.25 million for the quarter.
The company expects full-year 2013 Adjusted Income from Continuing Operations will exceed last year's performance.
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