Olin Stock Price, News & Analysis

Olin Corporation (NYSE: OLN) announced it will close its Cumene facility in the Netherlands and solid epoxy resin production sites in South Korea and Brazil. This move is anticipated to incur around $57 million in restructuring charges in Q1 2023, including $15 million in non-cash asset impairment. CEO Scott Sutton highlighted the weak global demand for epoxy products, stating the closures aim to optimize the company's asset footprint. The restructuring is part of a broader strategy to enhance operational efficiency and bolster earnings within the Epoxy business.

Olin Corporation (NYSE: OLN) reported a fourth quarter 2022 net income of $196.6 million or $1.43 per diluted share, down from $306.6 million in Q4 2021. Adjusted EBITDA for the quarter was $441.8 million, a decline from $686.7 million year-over-year. Total sales dropped to $1,977.0 million from $2,430.4 million. For 2023, Olin anticipates adjusted EBITDA between $1.5 billion and $2.0 billion amid continued economic challenges. The company repurchased $1.35 billion in shares during 2022 and reduced net debt to $2.4 billion. The chemical segment experienced lower volumes, particularly in Epoxy and Chlor Alkali Products.

Olin Corporation and Mitsui & Co., Ltd. have announced the launch of their joint venture, Blue Water Alliance (BWA), following the acquisition of necessary regulatory approvals. BWA, headquartered in Houston, aims to optimize the global trading of electrochemical unit (ECU)-based derivatives, particularly caustic soda and ethylene dichloride (EDC). By leveraging Mitsui's logistics and Olin's production capabilities, BWA seeks to deliver efficient and sustainable supply solutions while supporting industrial decarbonization efforts.

Olin Corporation (NYSE: OLN) will review its fourth quarter 2022 financial results on January 27, 2022, at 9:00 a.m. ET. A press release with detailed financial statements will be available post-market on January 26, 2022. Interested parties can join the conference call by dialing in or via a live webcast on Olin's website. A replay will be accessible for a year, including a telephonic version for 14 days following the event. Olin is a major global manufacturer in chemical products and ammunition.

Olin Corporation (NYSE: OLN) announced the resignation of Scott Ferguson from its Board of Directors. Ferguson expressed pride in contributing to the company's successful navigation through COVID-19 and praised the leadership of Scott Sutton. Sutton highlighted Ferguson's invaluable perspectives and noted his absence will be felt. Olin, a major manufacturer and distributor of chemical products and ammunition, is positioned for continued success following this leadership change.

Olin Corporation (NYSE: OLN) reported third quarter 2022 net income of $315.2 million or $2.18 per diluted share, down from $390.7 million or $2.38 in Q3 2021. Adjusted EBITDA was $547.8 million, a decline from $707.0 million in the prior year. Sales were $2,321.7 million, slightly lower than $2,340.1 million in Q3 2021. Olin expects a 15% to 20% decline in Q4 adjusted EBITDA. The company repurchased approximately 13% of its shares year-to-date, reflecting its commitment to capital allocation and maintaining an investment-grade balance sheet.

Olin Corporation (NYSE: OLN) announced plans to cease production of methylene chloride and chloroform at its Stade, Germany facility by the third quarter of 2023. Production will continue at its Freeport, Texas site. This decision is part of Olin's strategy to optimize operations and manage production costs effectively. The company remains focused on maintaining its production capabilities in key areas despite the reduction in capacity in Germany.

Olin Corporation (NYSE: OLN) has revised its third quarter 2022 adjusted EBITDA guidance to $530 - $550 million, a decrease from the prior forecast of a 15% decline from the $727 million reported in Q2 2022. CEO Scott Sutton noted worsening global economic conditions led to reduced demand, particularly in epoxy and vinyls. Additionally, commercial ammunition volumes fell due to oversupply. Despite these challenges, Olin maintains a strong balance sheet and expects to navigate potential recession impacts effectively in Q4 2022 and 2023.

Olin Corporation (NYSE: OLN) plans to permanently close approximately 225,000 ECU tons of diaphragm-grade chlor alkali capacity at its Freeport, TX facility by year-end 2022. This reduction is part of a broader strategy, bringing the total capacity rationalized to over one million ECU tons in less than two years. CEO Scott Sutton emphasized the company's commitment to enhancing ECU values and achieving a more sustainable asset configuration.