Olin ( NYSE: OLN ) +1.8% post-market Wednesday after beating Q3 earnings expectations but warning it expects Q4 adjusted EBITDA to decline 15%-20% from Q3 levels.
Q3 net income fell to $315.2M, or $2.18/share, from $390.7M, or $2.38/share, in the year-earlier quarter, adjusted EBITDA dropped to $547.8M from $707M a year ago, and revenues ticked 1% lower to $2.32B from $2.34B.
Q3 sales by segment: Chlor Alkali Products and Vinyls +19% Y/Y to $1.26B, due mostly to higher pricing partially offset by 17% lower volumes; Epoxy -26% to $644.1M, primarily due to 29% lower volumes partially offset by higher pricing; Winchester +3.5% to $414.1M, with the increase primarily due to higher commercial ammunition pricing.
Olin ( OLN ) said it expects Q4 adjusted EBITDA decline 15%-20% from Q3 levels, with declines in all three business segments.
In the Chlor Alkali Products and Vinyls segment, the company expects Q4 results will be "slightly lower" than Q3, with chlorine and caustic soda pricing likely to continue to improve while vinyls intermediates pricing likely will remain under pressure.
Olin's ( OLN ) stock price return shows an 11% YTD loss and a 14% decline during the past year .
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Olin sees Q4 adjusted EBITDA declining 15%-20% from Q3 levels