OMNOVA Solutions Inc. recently reported net sales for the first quarter were $178.7 million, up 2.3% from last year's $174.6 million. Net sales in specialty solutions increased 16.5% to $109.2 million, while sales in performance materials decreased 14%.
"We were pleased to record another quarter of sales and profit growth in our specialty solutions segment,” said CEO Anne Noonan. “We saw particular volume strength in our oil and gas business, and good volume growth across other specialty solutions businesses, including home and personal care, adhesives and sealants, elastomeric modifiers and laminates and films.
"Performance materials volume was down 11% excluding the impact of the sale of China Coated Fabrics in July of 2017. As expected, the paper market was the largest driver of the decline as we transition out of the commodity-like portions of this market.
"For 2018 our guidance remains unchanged; we continue to expect our fourth consecutive year of adjusted EPS growth. The momentum in our specialization strategy should offset the headwinds we have been facing as we reposition performance materials away from its paper-focused heritage. We expect volume growth in specialties to continue, but not at the pace seen in the first quarter," Noonan said.
For more information, visit www.omnova.com.