OMNOVA Solutions Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended November 30, 2017; Provides Earnings Guidance for Fiscal 2018; Reports Impairment of Long-Lived Assets for the Fourth Quarter Ended November 30, 2017
For the full year, the company reported net sales of $783.1 million as compared to $759.9 million for the same period last year. Loss before income taxes was $4.1 million as compared to profit of $9.9 million for the same period last year. Net loss was $87.8 million or $1.98 per basic and diluted share as compared to $0.4 million or $0.01 per basic and diluted share for the same period last year. Net cash provided by operating activities was $47.8 million as compared to $50.9 million for the same period last year. Capital expenditures were $25.1 million as compared to $25.6 million for the same period last year. Net debt as at November 30, 2017 was $273.8 million. Adjusted income was $24.8 million or $0.56 per diluted share against $22.2 million or $0.50 per diluted share a year ago. Consolidated adjusted EBITDA was $84.9 million against $82.0 million a year ago. Consolidated adjusted EBIT was $57.0 million against $54.4 million a year ago.
For fiscal 2018, company expected normalized blended book tax rate to drop 5% points from 30% to 25% as a result of the recent U.S. tax legislation. For reference, at 25%, adjusted EPS would have been about $0.60 per share versus the $0.56 that they reported. For 2018, the company is expecting its fourth consecutive year of growth in adjusted diluted earnings per share.
For the quarter, the company reported impairment of long-lived assets of $20.0 million against $5.3 million a year ago.