Home / Knowledge / News / Textiles / Olin Corp Q2 revenues slip 12.5%
Olin Corp Q2 revenues slip 12.5%
25
Jul '14
Olin Corporation announced that its second quarter 2014 income from continuing operations was $36.6 million, or $0.46 per diluted share, which compares to $43.7 million, or $0.54 per diluted share in the second quarter of 2013.  Sales in the second quarter of 2014 were $570.4 million compared to $652.2 million in the second quarter of 2013.

Second quarter 2014 results included pretax restructuring charges of $2.3 million and a pretax gain for a contract matter of $1.0 million.  Second quarter of 2014 net income included after tax income from discontinued operations of $0.7 million, or $0.01 per diluted share.  This after tax gain reflected the favorable resolution of certain indemnity obligations related to our Metals business sold in 2007.  Second quarter 2014 net income was $37.3 million, or $0.47 per diluted share.

Joseph D. Rupp, Chairman and Chief Executive Officer said, "The high level of commercial demand that was experienced by Winchester in 2013 continued in the second quarter of 2014, and Winchester generated the second highest level of second quarter sales and segment earnings in its history.  We continue to see strong commercial demand in our system, especially for pistol and rimfire ammunition. 

“During the second quarter of 2014, the Chlor Alkali business experienced lower chlorine and caustic soda shipments and prices compared to the second quarter of 2013.  Second quarter 2014 ECU netbacks declined compared to the second quarter of 2013 reflecting both lower chlorine and caustic soda prices.  Second quarter 2014 Chemical Distribution shipments declined compared to the second quarter of 2013.  Second quarter 2014 adjusted EBITDA was $99.1 million.

"Third quarter 2014 net income is forecast to be in the $0.30 to $0.35 per diluted share range, which includes approximately $9.5 million of pretax expense for the call premium and unamortized deferred debt issuance costs related to the $150 million 8.875% Senior Notes due in 2019 that we intend to redeem in the third quarter. 

“We anticipate interest expense savings of approximately $10 million during the first year after the redemption of these notes.  Chlor Alkali third quarter 2014 earnings are expected to decline compared to the third quarter of 2013 due to lower ECU netbacks, partially offset by lower costs.  Last year's Chlor Alkali third quarter earnings included an $11.0 million favorable contract settlement.  Third quarter 2014 Chemical Distribution earnings are expected to improve from the second quarter of 2014, but be lower than the third quarter of 2013. 

Click here to view more.

Olin Corporation


Must ReadView All

Textiles | On 20th Sep 2017

India needs to double cotton farmers’ income: top official

India needs to double the income of cotton farmers and non-farmers...

Textiles | On 20th Sep 2017

Pakistan seeks more JVs with China: textile minister

The Pakistani Government wants to forge more joint ventures (JVs)...

Apparel/Garments | On 20th Sep 2017

Egypt’s garment exports touch $941 million in 8 months

Egypt's garment exports touched $941 million in the first eight...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search