Olin Corp. (OLN) Tops Q3 EPS by 6c
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Olin Corp. (NYSE: OLN) reported Q3 EPS of $0.33, $0.06 better than the analyst estimate of $0.27. Revenue for the quarter came in at $1.45 billion versus the consensus estimate of $1.44 billion.
John E. Fischer, President and Chief Executive Officer, said, "Third quarter results showed sequential improvement across all three segments from the second quarter. Despite higher natural gas and purchased ethylene costs in the third quarter, Chlor Alkali Products and Vinyls segment earnings improved as a result of higher caustic soda prices and higher volumes. We expect that the positive pricing trends in caustic soda will continue for the foreseeable future given improved caustic soda industry fundamentals. As a point of reference, if Olin's forecasted fourth quarter 2016 caustic soda price remains constant through 2017, the year-over-year improvement on a full year basis in adjusted EBITDA would be approximately $100 million.
"The Epoxy business remains on track with its long-term plan, as demonstrated by stronger segment earnings and volumes in the third quarter. Prices improved in the third quarter compared to the second quarter but were offset by higher raw materials costs. Winchester third quarter 2016 segment earnings increased sequentially and year-over-year driven by increased sales to all customer categories. Winchester continues to expect segment earnings for the full year 2016 that exceed 2015 levels. Finally, we expect $60 million of cost and operational synergy savings this year with additional savings to be realized over the next four to six quarters."
For earnings history and earnings-related data on Olin Corp. (OLN) click here.
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