Sales in the fourth quarter of 2013 were $562.1 million compared to $587.6 million in the fourth quarter of 2012. Full year 2013 net income was $178.6 million, or $2.21 per diluted share, which compares to $149.6 million, or $1.85 per diluted share, in 2012. Sales in 2013 were $2.5 billion compared to $2.2 billion in 2012.
Joseph D. Rupp, Chairman, President, and Chief Executive Officer said, "During 2013, Olin achieved $424.6 million of adjusted EBITDA, which is the highest in the history of the company.
The record adjusted EBITDA was driven by record results in the Winchester business, which more than offset weaker year-over-year results in the Chlor Alkali business. In addition, during 2013 we increased our cash position by $143 million and repurchased approximately 1.5 million shares of our stock.
"Fourth quarter 2013 results in both Chlor Alkali and Winchester exceeded our expectations as better than expected demand resulted in higher product shipments. The fourth quarter 2013 Chlor Alkali operating rate was 81%, which compares favorably to the fourth quarter 2012 operating rate of 76%. The favorable Chlor Alkali and Winchester results were partially offset by higher than expected stock-based compensation costs reflecting a $4.6 million unfavorable mark-to-market adjustment, and higher legal and legal-related settlement costs.
"The fourth quarter 2013 results included a $6.5 million pretax gain associated with the sale of a joint venture interest, $4 million of favorable tax adjustments and $1.4 million of pretax restructuring charges.
"As Olin enters 2014, we believe we can generate adjusted EBITDA in the $375 million to $425 million range. This range reflects the view consistent with prior surges that the record level of demand currently being experienced in the Winchester business will begin to moderate during the second half of the year.
"In the first quarter of 2014, earnings per share are forecast to be in the $0.30 to $0.35 range. Winchester first quarter 2014 segment earnings are forecast to improve compared to the first quarter of 2013 due to improved pricing and lower costs. First quarter 2014 Chlor Alkali segment earnings are forecast to decline compared to the first quarter of 2013 due to lower ECU netbacks, partially offset by improved volumes and lower costs."
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