Olin Corporation announced a reported net income of $1.4 million, or $0.01 per diluted share, for the first quarter ended March 31, 2025. This marks a significant decrease from $48.6 million, or $0.40 per diluted share, in the first quarter of 2024. Adjusted EBITDA for Q1 2025 was $185.6 million, down from $242.1 million in the prior year period.
Sales for the first quarter 2025 were $1,644.2 million, a slight increase from $1,635.3 million in Q1 2024. The Chlor Alkali Products and Vinyls business realized higher chlorine demand, leading to a delay in planned maintenance to support under-supplied customers. However, the Epoxy segment continued to face significant challenges with a loss of ($28.4) million, primarily due to higher operating costs and subsidized Asian competition.
Winchester's segment earnings decreased to $22.8 million from $72.2 million, driven by lower commercial ammunition shipments and pricing, and higher raw material costs. Despite these challenges, Olin increased its year-over-year cost savings outlook to $50 million to $70 million and lowered its annual capital spending estimate by approximately $25 million. The company also strengthened its balance sheet by extending senior bank credit agreement maturities to 2030 and issuing $600 million of 2033 bonds to repay earlier maturities.
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