Omnova Solutions Inc. (OMN) has posted another earnings surprise since being featured as a Zacks Rank Buy.
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On Sep 29 the specialty chemical company posted its third consecutive earnings surprise. Earnings per share came in at 24 cents, more than twice the 11 cents analysts predicted.
Net income surged $7.0 million to $10.1 million since the same period last year. Management has drastically reduced debt to just over $18 million, down from $123 million.
Estimates Pop
Following the report the full-year Zacks Consensus Estimate for this year jumped 12 cents to 46 cents. Next year’s average forecast is now 70 cents up from 47 cents.
Compare these levels to the loss of 3 cents last year and you have an astronomical growth for this year. Earnings are expected to climb 51% in 2010.
The Chart
Shares of OMN are surging off of the latest news and the stock is up almost 40% since its July feature.
Read the July 27th Feature Here
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