Olin (OLN) Guides Above for Q3
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Olin Corporation (NYSE: OLN) announced that its third quarter 2008 earnings are expected to include an impairment charge of the full value of a $26.6 million investment in corporate debt securities. The impairment occurred as a result of a decline in market values. On October 1, 2008, the issuer of these debt securities announced it would cease trading and appoint a receiver as a result of financial market turmoil.
Olin also announced that it expects to report third quarter 2008 earnings, excluding the impairment charge described above, that exceed the high end of the $0.65 to $0.70 per diluted share range it provided in its July 24, 2008 second quarter earnings release. (Consensus is $0.70)
Olin Corporation is a manufacturer concentrated in two business segments: Chlor Alkali Products and Winchester.[SM]
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