Olin Reduces Guidance
September 20, 2022
Olin Updates Third Quarter 2022 Outlook and Announces Earnings Conference Call
Sep. 20, 2022 8:00 AM ETOlin Corporation (OLN)
CLAYTON, Mo., Sept. 20, 2022 /PRNewswire/ — Olin Corporation (OLN) announced today it now expects third quarter 2022 adjusted EBITDA to be in the range of $530 – $550 million. On July 28, 2022, we previously guided third quarter 2022 adjusted EBITDA to decline approximately 15% from our second quarter 2022 adjusted EBITDA of $727 million.
Scott Sutton, Chairman, President, and Chief Executive Officer, said, “We have seen global economic conditions worsen faster than expected with an accelerated deterioration in both European and North American demand particularly in epoxy and vinyls intermediates, which has been aggravated by increased Chinese exports precipitated by continuing weak Chinese domestic demand. Winchester experienced lower than expected commercial ammunition volumes as customers’ supply chain inventories were overfilled across some ammunition calibers. Olin proactively further reduced our participation in these weaker markets and increased our purchases of global product liquidity. Olin’s proactive actions and strategy have us well-positioned with a strong balance sheet, meaningful levered free cash flow, and solid positive earnings profile, to deliver on our previously anticipated recession scenario results in fourth quarter 2022 and continuing into 2023. Core electrochemical unit (ECU) pricing for merchant chlorine and caustic soda continues to move higher.”