Welcome to our dedicated page for Olin news (Ticker: OLN), a resource for investors and traders seeking the latest updates and insights on Olin stock.
Olin Corporation reports developments across chemical manufacturing and ammunition businesses. The company operates Chlor Alkali Products and Vinyls, Epoxy, and Winchester segments, with products including chlorine, caustic soda, ethylene dichloride, vinyl chloride monomer, epoxy resins, and Winchester sporting ammunition and accessories.
Recurring Olin news includes quarterly results, adjusted EBITDA and sales commentary, segment demand trends, planned maintenance and operating reliability, structural cost actions, litigation charges, and commercial agreements tied to its vinyls portfolio. Updates also cover Winchester commercial and defense demand, raw-material and commodity cost pressures, and regulatory or environmental risk topics common to chemical manufacturing.
Olin Corporation (NYSE: OLN) reported a net loss of $736.8 million, or $4.67 per diluted share, for Q3 2020, a stark contrast to the $44.2 million net income from Q3 2019. The adjusted EBITDA was $195.5 million, down from $292.9 million in the previous year. Third-quarter sales decreased to $1,437.6 million from $1,576.6 million in 2019. Despite challenges, Olin's chemicals segment saw a 17% sequential sales increase, while the Winchester segment reported stronger earnings driven by commercial ammunition demand. A dividend of $0.20 per share was declared, marking the 376th consecutive quarterly dividend.
Olin Corporation's Board of Directors declared a $0.20 quarterly dividend, payable on December 10, 2020, for shareholders of record by November 10, 2020. This represents the 376th consecutive quarterly dividend announced by Olin. The company operates as a major global manufacturer of chemical products and ammunition, highlighting its commitment to returning value to shareholders.
Olin Corporation (NYSE: OLN) announced a non-cash pretax goodwill impairment charge of approximately $700 million for Q3 2020, primarily due to a decline in its stock price. This charge includes $555 million from the Chlor Alkali Products and Vinyls segment and $145 million from the Epoxy segment. Despite the impairment, there will be no cash impact or effect on credit agreement compliance. Olin's Q3 earnings report will be released on November 4, 2020, with a conference call scheduled for November 5, 2020.
Olin Corporation (NYSE: OLN) announced that its ammunition division, Winchester, has taken full management and operational control of the Lake City Army Ammunition Plant as of October 1, 2020. The U.S. Army selected Winchester for a contract awarded in September 2019, initially lasting seven years and extendable for three additional years. Winchester is now the largest manufacturer of small arms ammunition globally, having supplied the U.S. Military since World War I.
Olin Corporation (NYSE: OLN) plans to redeem $600 million of its 9.75% senior notes due October 15, 2023, on the same date, at a redemption price of 102.438%, totaling a $14.6 million premium. The redemption will be funded by a $500 million senior delayed-draw term loan and $114.6 million from operations. This move is expected to decrease annual interest expenses by approximately $40 million, reflecting improved liquidity from reduced working capital and capital spending.
Olin Corporation (NYSE: OLN) reported a net loss of $120.1 million for Q2 2020, significantly worse than the $20.0 million loss in Q2 2019. Sales fell to $1,241.2 million from $1,592.9 million year-over-year. Adjusted EBITDA was $71.5 million, down from $204.6 million in the previous year. The decline stemmed from a 27% drop in sales in the Chlor Alkali Products and Vinyls and Epoxy businesses, attributed to weak customer demand and maintenance activities. However, the Winchester division saw a year-over-year earnings improvement, driven by elevated commercial ammunition demand. Olin plans refinancing and cost management measures to enhance liquidity and cash flow.
Olin Corporation (NYSE: OLN) announced a quarterly dividend of $0.20 per share, marking its 375th consecutive quarterly dividend. The dividend is payable on September 10, 2020, to shareholders of record as of August 10, 2020. Olin is a leading global manufacturer and distributor of chemical products, including chlorine and caustic soda, and a prominent U.S. manufacturer of ammunition through its Winchester brand.