Olin Corp. (OLN) Updates Third Quarter 2022 Outlook

Olin Corporation (NYSE: OLN) announced today it now expects third quarter 2022 adjusted EBITDA to be in the range of $530 - $550 million. On July 28, 2022, we previously guided third quarter 2022 adjusted EBITDA to decline approximately 15% from our second quarter 2022 adjusted EBITDA of $727 million.

Scott Sutton, Chairman, President, and Chief Executive Officer, said, "We have seen global economic conditions worsen faster than expected with an accelerated deterioration in both European and North American demand particularly in epoxy and vinyls intermediates, which has been aggravated by increased Chinese exports precipitated by continuing weak Chinese domestic demand. Winchester experienced lower than expected commercial ammunition volumes as customers' supply chain inventories were overfilled across some ammunition calibers. Olin proactively further reduced our participation in these weaker markets and increased our purchases of global product liquidity. Olin's proactive actions and strategy have us well-positioned with a strong balance sheet, meaningful levered free cash flow, and solid positive earnings profile, to deliver on our previously anticipated recession scenario results in fourth quarter 2022 and continuing into 2023. Core electrochemical unit (ECU) pricing for merchant chlorine and caustic soda continues to move higher."

CONFERENCE CALL INFORMATION

Olin announced today that on Thursday, October 27, 2022 at 9:00 a.m. Eastern time, Olin's senior management will review the company's third quarter 2022 financial results. Prepared remarks will be followed by a question-and-answer period.

A press release, including financial statements and segment information, will be distributed after the market closes on Wednesday, October 26, 2022, together with the associated slides.

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 5010503. The call will also be webcast live on the company's website at www.olin.com, accessible under the third quarter conference call icons. Participants should log on to the website 15 minutes prior to the start of the call.

Following the event, the webcast will remain available for replay on the company's website for one year. A telephonic replay of this conference call will be available beginning at 12:00 p.m. Eastern time for 7 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 9462185.

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