OMNOVA Solutions recently reported that net sales for its first quarter were $168.9 million, down 5.5 percent from last year’s $178.7 million. The company’s laminates and films business continued to see the impact of weakness in the RV market. Segment operating profit was $9.3 million compared with $13.6 million last year.
“As anticipated, we faced challenging economic conditions and volatile markets during the first quarter against the backdrop of an unusually robust first quarter of 2018,” Anne Noonan, CEO. “These impacts were particularly evident early in the quarter, as customers aggressively managed their purchases to align their own inventory with their customers’ demand. While the pressure began to ease in several markets near quarter end, it was not enough to offset the slow start.
“We expect to continue benefiting from new customer wins in nonwovens and the strength of our innovative products in adhesives and sealants,” continued Noonan. “In coatings, our March order book rebounded significantly from the first quarter. Customers are beginning to show signs of confidence heading into the coatings season, but we continue to watch for signs of coatings market volatility.”
