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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) announced plans to cease operations of its Trichloroethylene (Tric) and Anhydrous Hydrogen Chloride (AnHCl) liquefaction facilities in Freeport, Texas, before the end of 2021. This decision is aimed at improving cash flow and reallocating resources towards more profitable operations. The company expects restructuring charges of approximately $2 million in 2021 related to these closures. Olin is transitioning to produce environmentally sustainable refrigerants and stated that current returns from AnHCl do not justify ongoing costs.
Olin Corporation (NYSE: OLN) will host a conference call on January 29, 2021, at 10:00 a.m. Eastern time to discuss its fourth quarter 2020 financial results. A press release with financial statements will be published after market close on January 28, 2021. Interested parties can join the call by dialing (877) 883-0383 or via the webcast on Olin's website. The replay will be available for a year, with a telephonic replay option for 14 days post-call.
Olin Corporation manufactures chemicals and ammunition, offering products such as chlorine and caustic soda.
Olin Corporation (NYSE: OLN) plans to redeem all of its outstanding $120 million 9.75% senior notes due October 15, 2023. The redemption, scheduled for January 15, 2021, will occur at a cash redemption price of 102.438% of the principal amount, equating to a $3.0 million aggregate premium. Olin will utilize $123.0 million from operational cash flow for this redemption, which is expected to save the company approximately $12 million annually in interest expenses.
Olin Corporation (NYSE: OLN) reported a net loss of $736.8 million, or $4.67 per diluted share, for Q3 2020, a stark contrast to the $44.2 million net income from Q3 2019. The adjusted EBITDA was $195.5 million, down from $292.9 million in the previous year. Third-quarter sales decreased to $1,437.6 million from $1,576.6 million in 2019. Despite challenges, Olin's chemicals segment saw a 17% sequential sales increase, while the Winchester segment reported stronger earnings driven by commercial ammunition demand. A dividend of $0.20 per share was declared, marking the 376th consecutive quarterly dividend.
Olin Corporation's Board of Directors declared a $0.20 quarterly dividend, payable on December 10, 2020, for shareholders of record by November 10, 2020. This represents the 376th consecutive quarterly dividend announced by Olin. The company operates as a major global manufacturer of chemical products and ammunition, highlighting its commitment to returning value to shareholders.
Olin Corporation (NYSE: OLN) announced a non-cash pretax goodwill impairment charge of approximately $700 million for Q3 2020, primarily due to a decline in its stock price. This charge includes $555 million from the Chlor Alkali Products and Vinyls segment and $145 million from the Epoxy segment. Despite the impairment, there will be no cash impact or effect on credit agreement compliance. Olin's Q3 earnings report will be released on November 4, 2020, with a conference call scheduled for November 5, 2020.
Olin Corporation (NYSE: OLN) announced that its ammunition division, Winchester, has taken full management and operational control of the Lake City Army Ammunition Plant as of October 1, 2020. The U.S. Army selected Winchester for a contract awarded in September 2019, initially lasting seven years and extendable for three additional years. Winchester is now the largest manufacturer of small arms ammunition globally, having supplied the U.S. Military since World War I.
Olin Corporation (NYSE: OLN) plans to redeem $600 million of its 9.75% senior notes due October 15, 2023, on the same date, at a redemption price of 102.438%, totaling a $14.6 million premium. The redemption will be funded by a $500 million senior delayed-draw term loan and $114.6 million from operations. This move is expected to decrease annual interest expenses by approximately $40 million, reflecting improved liquidity from reduced working capital and capital spending.
Olin Corporation (NYSE: OLN) reported a net loss of $120.1 million for Q2 2020, significantly worse than the $20.0 million loss in Q2 2019. Sales fell to $1,241.2 million from $1,592.9 million year-over-year. Adjusted EBITDA was $71.5 million, down from $204.6 million in the previous year. The decline stemmed from a 27% drop in sales in the Chlor Alkali Products and Vinyls and Epoxy businesses, attributed to weak customer demand and maintenance activities. However, the Winchester division saw a year-over-year earnings improvement, driven by elevated commercial ammunition demand. Olin plans refinancing and cost management measures to enhance liquidity and cash flow.
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