OMNOVA Solutions Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended November 30, 2017. For the quarter, the company reported net sales of $186.3 million as compared to $187.0 million for the same period last year. Loss before income taxes was $16.2 million as compared to $6.3 million for the same period last year. Net loss was $92.9 million or $2.10 per basic and diluted share as compared to $11.2 million or $0.25 per basic and diluted share for the same period last year. Net cash provided by operating activities was $19.6 million as compared to $9.9 million for the same period last year. Capital expenditures were $8.1 million as compared to $9.1 million for the same period last year. Adjusted income was $4.5 million or $0.10 per diluted share against $6.0 million or $0.14 per diluted share a year ago. Consolidated adjusted EBITDA was $19.2 million against $21.0 million a year ago. Consolidated adjusted EBIT was $12.0 million against $13.9 million a year ago.

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.