OMNOVA Solutions Inc. reported unaudited consolidated earnings results for the second quarter and six months ended May 31, 2017. For the quarter, the company reported net sales of $221.3 million against $202.0 million a year ago. Loss before income taxes was $3.9 million against income before tax of $10.4 million a year ago. Net loss was $6.3 million or $0.14 per basic and diluted share against net income of $7.2 million or $0.16 per basic and diluted share a year ago. Net cash provided by operating activities was $13.1 million against $21.4 million a year ago. Capital expenditures were $6.2 million against $4.6 million a year ago. Adjusted income was $7.2 million or $0.16 per diluted share against $7.9 million or $0.18 per diluted share a year ago.

For the six months, the company reported net sales of $395.9 million against $377.3 million a year ago. Loss before income taxes was $1.9 million against income before tax of $9.6 million a year ago. Net loss was $2.8 million or $0.06 per basic and diluted share against net income of $6.1 million or $0.14 per basic and diluted share a year ago. Net cash provided by operating activities was $8.3 million against $19.7 million a year ago. Capital expenditures were $9.9 million against $10.7 million a year ago. Adjusted income was $9.3 million or $0.21 per diluted share against $9.8 million or $0.22 per diluted share a year ago.

For the second quarter ended May 31, 2017, the company recorded an impairment charge of $12.9 million during the quarter related to china coated fabrics.

The company provided earnings guidance for the second half of fiscal year 2017, for the second half 2017, the company remains on track to deliver adjusted diluted earnings per share growth in fiscal 2017 through specialties growth driven by innovative new products, the strengthened capabilities of it's commercial team, mix improvement, and value pricing, as well as the continued benefit of cost reduction initiatives.