OMNOVA Solutions Inc. recently announced financial results for the third quarter ended August 31. Net sales were $288.2 million for the quarter, a decline of $26.8 million, or 8.5%, compared to $315 million for the previous year’s third quarter. The decrease was reportedly driven by pricing declines of $14.7 million, or 4.7%, reduced volumes of $4.9 million, or 1.6%, and unfavorable currency translation effects of $7.2 million, or 2.2%.
Gross profit in the 2012 third quarter increased to $57.8 million, vs. $50.4 million in the third quarter of 2011, driven primarily by a favorable sales mix. Raw material costs decreased $18.7 million in the 2012 third quarter compared to the same period last year.