CLAYTON, Mo., July 9, 2019 /PRNewswire/ — Olin Corporation (NYSE: OLN) announced today an updated outlook for the second quarter and full year 2019.  For the second quarter ended June 30, 2019, Olin expects a net loss of $22 million to $15 million with corresponding adjusted EBITDA of $200 million to $210 million.

This update reflects the following:

• Caustic soda prices in Olin’s system declined more than anticipated, falling approximately 3% from first quarter 2019 levels.
• Chlorine and chlorine derivative sales to refrigeration, titanium dioxide, and agricultural customers were lower than anticipated.
• Epoxy results were negatively impacted by approximately $10 million to $15 million, due to lingering customer issues resulting from the Intercontinental Terminals Company storage terminal fire in the Houston, Texas area, reduced production in Europe resulting from a utility supplier unplanned outage, and weaker than expected demand, particularly in Europe.
• Charges to income for environmental investigatory and remedial activities are expected to be approximately $20 million higher than first quarter 2019, primarily related to future spending at a legacy manufacturing site.
• As forecast, second quarter 2019 included approximately $40 million of higher planned maintenance turnaround costs compared to first quarter 2019.

Despite a challenging first half of 2019, Olin expects stronger results across its business segments in the second half of the year.  Olin expects caustic soda pricing to improve during the second half of 2019.  Based on caustic soda prices declining further than expected from 2018 levels and remaining lower for longer, weaker than expected epoxy demand, and the negative impact from the second quarter one-time Epoxy events described above, Olin now expects full year 2019 net income of $128 million to $203 million with corresponding adjusted EBITDA of $1,075 million to $1,175 million.

Olin has not completed its second quarter 2019 financial closing and related review procedures.  Full year 2019 is also not complete.  Therefore, the outlook set forth herein is preliminary, subject to change, and based only upon information available as of the date of this press release.  The outlook does not reflect events or transactions that may occur in the remainder of the full year 2019.  In addition, during the course of preparing its financial statements and their review, Olin may identify items that would require it to make adjustments to the second quarter 2019 outlook described above, which may be material to the amounts described.  The outlook set forth herein supersedes all prior outlook for 2019 previously issued by Olin.

CONFERENCE CALL INFORMATION

Olin’s second quarter 2019 earnings release, including financial statements and segment information, will be distributed after the market closes on Wednesday, July 31, 2019 and will be posted to the company’s website at that time.  Olin senior management will host a conference call to discuss second quarter 2019 financial results at 10:00 a.m. Eastern time on Thursday, August 1, 2019.  Prepared remarks will be followed by a question and answer session.  Associated slides will be available one hour prior to the call.

Interested participants may access the conference call by dialing (877) 883-0383 (Canadian callers, please dial (877) 885-0477; International callers, please dial (412) 902-6506), using the pass code 0946119.  The call will also be webcast live on the company’s website at www.olin.com, accessible under the second quarter conference call icon.  Participants should log on to the website 15 minutes prior to the start of the call.

Following the event, the webcast will remain available in the Investor Relations section of Olin’s website for one year.  A telephonic replay of this conference call will be available beginning at 12:00 p.m. Eastern time for 14 days by dialing (877) 344-7529 (Canadian callers, please dial (855) 669-9658; International callers, please dial (412) 317-0088), using the pass code of 10133200.  A final transcript of the call will be posted the day following the event.