Epoxy Highlights from Olin Press Release
Epoxy sales for the first quarter 2021 were $662.6 million compared to $477.2 million in the first quarter 2020. The increase in Epoxy sales was primarily due to pricing. The first quarter 2021 segment earnings were $65.2 million compared to $11.7 million in the first quarter 2020. The first quarter 2021 segment earnings included a penalty of $21.5 million associated with Winter Storm Uri due to unabsorbed fixed manufacturing costs and storm-related maintenance costs. Excluding the effects of Winter Storm Uri, the $75.0 million increase in Epoxy segment earnings was due to higher product margins, as higher pricing was partially offset by higher benzene and propylene raw material costs. Epoxy first quarter 2021 results included depreciation and amortization expense of $22.1 million compared to $21.5 million in the first quarter 2020.
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