UPDATE: Omnova FQ2 Profit Declines 59%

Omnova Solutions OMN reported a 59% drop in its fiscal second-quarter earnings. Omnova's quarterly profit declined to $2.9 million, or $0.06 per share, from $7 million, or $0.15 per share, in the year-ago period. Excluding one-time items, its adjusted earnings from continuing operations came in at $0.16 per share. Analysts were expecting earnings of $0.15 per share. Its revenue fell 12% to $270.8 million. Omnova's gross margin widened to 21.2% from 19.5% Omnova shares closed at $7.56 yesterday.