Welcome to our dedicated page for Olin news (Ticker: OLN), a resource for investors and traders seeking the latest updates and insights on Olin stock.
Olin Corporation (NYSE: OLN) has a longstanding history of delivering quality products and services, creating value for shareholders, and upholding high ethical standards. With a workforce of approximately 6,300 dedicated employees globally, Olin is committed to innovation and environmental stewardship. The company operates through three main segments: Chlor Alkali Products and Vinyls, Epoxy, and Winchester. The Chlor Alkali Products and Vinyls segment, which contributes the majority of the revenue, offers essential chemicals like chlorine and caustic soda used in various industries, including cosmetics, textiles, crop protection, and fire protection. The Epoxy segment produces epoxy resins used in paints and coatings. The Winchester segment is a prominent manufacturer of sporting ammunition and accessories under the Winchester brand, with a majority of its revenue generated within the United States.
In recent developments, Olin Corporation announced that Scott Sutton, President, CEO, and Chairman of the Board, will step down in the first half of 2024, transitioning to Executive Chairman to ensure a smooth handover. Under his leadership since 2020, Olin has undergone significant strategic transformation, benefiting shareholders and positioning the company for future growth.
Olin continues to adapt to market conditions and challenges. For the third quarter of 2023, the company reported a net income of $104.1 million and adjusted EBITDA of $314.8 million. Despite a contracting demand environment, Olin has managed to maintain strong performance levels. The company's financial strategy includes disciplined capital allocation and share repurchases, with approximately 10% of outstanding shares repurchased in 2023 alone.
Olin has also announced strategic initiatives, such as the 'value accelerator initiative' aimed at improving the Chlor Alkali Products and Vinyls segment. This included reducing operational rates at key facilities to influence market conditions favorably. The company's financial results for the fourth quarter of 2023 reflected these strategic moves, with reported net income of $52.9 million and adjusted EBITDA of $210.1 million. Olin's Winchester segment saw growth in sales and earnings due to higher commercial ammunition shipments and military sales, bolstered further by the acquisition of White Flyer targets.
Looking ahead, Olin expects improved performance in its chemical businesses and continued growth in the Winchester segment for 2024. The company is focused on maintaining an investment-grade balance sheet, continuing disciplined capital allocation, and upholding high operational standards. For more detailed information, visit www.olin.com.
Olin Corporation (NYSE: OLN) will discuss its fourth quarter 2021 financial results on January 28, 2022, at 9:00 a.m. Eastern time. A press release, including detailed financial statements, will be available after market close on January 27, 2022. Participants can join the call by dialing the provided numbers or via a live webcast on Olin's website. A replay will be accessible for one year on the site, with a telephonic replay available for 14 days afterwards.
Olin Corporation (NYSE: OLN) has launched Shoot United, an initiative aimed at promoting shooting sports and responsible firearm ownership. With over 60 million adults participating in shooting sports annually, the initiative seeks to engage a broader audience. It plans to share engaging content through various media channels and coordinate grassroots events nationwide throughout 2022 and 2023. The goal is to foster inclusivity and increase participation in competitive and recreational shooting activities.
Olin Corporation (NYSE: OLN) announced the early tender results of its cash offer for 9.500% Senior Notes due 2025. As of November 15, 2021, $391.37 million of the Notes (78.27% of outstanding) were tendered. Consequently, the company increased the Maximum Purchase Amount to $489.70 million. Eligible holders will receive $1,251.25 per $1,000 principal amount, including an early tender premium of $30. The settlement date is expected on November 17, 2021. The Offer expires on November 30, 2021, unless extended.
Olin Corporation (NYSE: OLN) announced the retirement of Pat D. Dawson, Executive Vice President and President, Epoxy and International, effective April 30, 2022. Damian Gumpel, currently VP and President of Chlor Alkali Products, will succeed him on November 29, 2021. Olin also appointed Patrick M. Schumacher as VP and President of Chlor Alkali Products and Dana C. O'Brien as Senior VP and General Counsel, both effective November 29, 2021. The leadership changes aim to enhance strategic operations and corporate strategy amid evolving market conditions.
Olin Corporation announced a cash tender offer to purchase up to $350 million of its outstanding 9.500% Senior Notes due 2025. This offer includes a solicitation of consents for proposed amendments that would eliminate restrictive covenants in the indenture for the Notes. The offer will expire on November 30, 2021, with an early tender deadline on November 15, 2021. Validly tendered Notes will be accepted on a pro rata basis if the total exceeds the maximum purchase amount. Payments will include accrued interest.
Olin Corporation (NYSE: OLN) has announced a new $1.0 billion share repurchase program, aimed at enhancing shareholder value. This program allows for periodic repurchases of common stock at management's discretion, considering market conditions and other business factors. As of September 30, 2021, Olin still had $236 million authorized under its previous buyback program. CEO Scott Sutton expressed confidence in the company's future earnings, indicating a robust financial position to support this initiative.
On October 28, 2021, Olin Corporation's (NYSE: OLN) Board of Directors declared a $0.20 quarterly dividend, set to be paid on December 10, 2021, to shareholders of record by November 10, 2021. This announcement signifies the company's 380th consecutive quarterly dividend, reflecting consistent financial performance and shareholder value.
Olin Corporation (NYSE: OLN) reported a strong third quarter for 2021, with net income of $390.7 million ($2.38 per diluted share), an improvement from a net loss of $736.8 million in Q3 2020. Adjusted EBITDA rose to $707 million from $195.5 million year-over-year. Sales increased to $2.34 billion, up from $1.44 billion in Q3 2020. Segment performances were robust, particularly in Chlor Alkali Products and Vinyls, which saw earnings of $263 million, and Epoxy, with earnings of $215 million. Olin reduced debt by $851 million and repurchased 1.5 million shares during this quarter.
Olin Corporation (NYSE: OLN) plans to permanently close its remaining diaphragm-grade chlor alkali capacity, totaling approximately 200,000 ECU tons, at the McIntosh, Alabama facility by the end of Q3 2022. This follows a previous shutdown of 200,000 ECU tons earlier in 2021, leading to a total reduction of around 855,000 ECU tons since early 2021. CEO Scott Sutton stated this move aims to enhance ECU values to a more sustainable level.
On September 30, 2021, Olin Corporation (NYSE: OLN) announced the election of Matthew S. Darnall and W. Anthony Will as new directors to its Board. Darnall, former Managing Director at Goldman Sachs, will be on the Audit and Corporate Governance Committees, bringing valuable experience in mergers and acquisitions. Will, CEO of CF Industries, will serve on the Compensation and Corporate Governance Committees, adding expertise in corporate development and risk management. The announcement follows the resignations of non-executive directors John M. B. O'Connor, Gray G. Benoist, and W. Barnes Hauptfuhrer, effective immediately.
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