Olin Corp. (NYSE: OLN) reported Q4 EPS of $0.32, $0.02 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $1.64 billion versus the consensus estimate of $1.71 billion.

John E. Fischer, Chairman, President and Chief Executive Officer, said, "Olin concluded 2018 with a solid fourth quarter, which benefited from strong operating performances by both the Chlor Alkali Products and Vinyls and Epoxy businesses. The record full year adjusted EBITDA of $1,265 million represents a 34% improvement over 2017 levels and a 50% improvement over 2016 levels. During the fourth quarter, the company utilized its cash flow generation to pay down an additional $122 million of debt, bringing the total debt reduction for the year to $376 million. Net leverage improved to 2.4 times adjusted EBITDA. In addition, Olin bought back 1.6 million shares of its common stock during the fourth quarter, at a cost of approximately $30 million. Full year share repurchases totaled 2.1 million shares at a cost of approximately $50 million. We remain committed to our approach to capital allocation, which includes on-going deleveraging, investing in our businesses, and returning cash to our shareholders to create long-term value.

"Looking ahead, Olin currently expects 2019 adjusted EBITDA to be comparable to 2018 with a balanced level of upside opportunities and downside risks. We are beginning 2019 with caustic soda prices meaningfully lower than 2018 levels but expect this to be offset by improved chlorine, ethylene dichloride and chlorine-derivatives prices and lower turnaround costs. This level of adjusted EBITDA will enable continued investment in the business, returning capital to shareholders, as well as further deleveraging. We believe Olin is poised for another strong year of cash flow generation in 2019," Fischer continued.

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