Olin Corporation announced a reported net loss of ($24.9) million, or ($0.21) per diluted share, for the third quarter ended September 30, 2024. This compares to a net income of $104.1 million, or $0.82 per diluted share, in the prior year period. Adjusted EBITDA for the quarter was $160.3 million, a notable decrease from $314.8 million in the third quarter of 2023.
The company's financial performance was significantly impacted by Hurricane Beryl, which resulted in $100 million of estimated costs in Q3 2024, with an additional $9.4 million added to this estimate. Olin anticipates a residual fourth-quarter impact of approximately $25 million on its Chemicals businesses, bringing the total expected headwind from the hurricane to approximately $135 million in 2024.
Sales for the third quarter 2024 were $1,589.5 million, down from $1,671.4 million in the third quarter 2023. The Chlor Alkali Products and Vinyls segment saw earnings decline to $45.3 million from $172.3 million, primarily due to hurricane-related costs and lower pricing. The Epoxy segment reported a loss of ($42.8) million, exacerbated by $32.7 million in hurricane-related costs and lower volumes. Winchester's segment earnings decreased to $53.4 million, driven by lower commercial ammunition sales and higher propellant costs, despite increased military sales.
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