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Chlor Alkali sales decline at Olin

28
Oct '09
Olin Corporation announced that its third quarter 2009 net income was $39.4 million, or $0.50 per diluted share, which compares to $37.7 million, or $0.49 per diluted share in the third quarter of 2008. Sales in the third quarter of 2009 were $397.0 million, compared to $502.9 million in the third quarter of 2008.

Joseph D. Rupp, Chairman, President, and Chief Executive Officer said, "For the third consecutive quarter Winchester achieved the highest level of earnings in its history, reflecting the combination of seasonally strong sales, the continuation of the stronger than normal demand that began in the fourth quarter of 2008, and lower costs. Winchester's earnings more than doubled in the third quarter of 2009 compared to the third quarter of 2008 driven by commercial sales which increased 22% year-over-year, and improved costs."

"Chlor Alkali segment earnings of $3.9 million exceeded our expectations of a loss in the quarter due to improved pricing and higher volumes." As expected, Chlor Alkali earnings were significantly lower than last year due to lower ECU netbacks and lower volumes.

Chlor Alkali sales declined 37% in the third quarter of 2009 compared to the third quarter of 2008. This decline reflects both lower shipment volumes and lower prices. Chlorine and caustic soda shipment volumes declined 20% year-over-year. ECU netbacks in the third quarter of 2009 declined 43% compared to the third quarter of 2008. Third quarter 2009 earnings include $44.3 million of pretax recoveries from third parties for environmental costs incurred and expensed in prior periods, and a $4.6 million pretax reduction in selling and administration expenses associated with the favorable resolution of a capital tax matter in Canada.

"Fourth quarter earnings are forecast to be in the $0.15 per diluted share range, which includes an expected $35 million of additional recoveries from third parties for environmental costs incurred and expensed in prior periods. Fourth quarter 2009 Chlor Alkali earnings are expected to be similar to the third quarter of 2009 as higher ECU netbacks are expected to offset seasonally weaker demand. Earnings in the Winchester segment are expected to decline significantly from the third quarter due to seasonally weaker demand, but are expected to exceed fourth quarter 2008 earnings. Winchester expects fourth quarter 2009 demand to be stronger than historic fourth quarter levels."

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Olin Corporation


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