Business
Olin Announces Third Quarter 2025 Results
Olin Corporation (NYSE: OLN) announced financial results for the third quarter ended September 30, 2025. Third quarter 2025 reported net income was $42.8 million, or $0.37 per diluted share, which compares to third quarter 2024 reported net loss of ($24.9) million, or ($0.21) per diluted share. Third quarter 2025 adjusted EBITDA of $222.4 million excludes depreciation and amortization expense of $133.8 million, restructuring charges of $2.9 million, and environmental insurance recoveries of $1.0
About this update from Olin Corporation
Highlights CLAYTON, Mo. , Oct. 27, 2025 /PRNewswire/ -- Olin Corporation (NYSE: OLN) announced financial results for the third quarter ended September 30, 2025. Third quarter 2025 reported net income was $42.8 million, or $0.37 per diluted share, which compares to third quarter 2024 reported net loss of ($24.9) million, or ($0.21) per diluted share. Third quarter 2025 adjusted EBITDA of $222.4 million excludes depreciation and amortization expense of $133.8 million, restructuring charges of $2.9 million, and environmental insurance recoveries of $1.0 million. Third quarter 2025 adjusted EBITDA included a $32.0 million pretax benefit primarily related to the clean hydrogen production tax credit under Section 45V as part of the Inflation Reduction Act of 2022. Third quarter 2024 adjusted EBITDA was $160.3 million, which included $109.4 million of additional costs, unabsorbed fixed manufacturing costs, and reduced profit from lost sales associated with Hurricane Beryl. Sales in the third quarter 2025 were $1,713.2 million, compared to $1,589.5 million in the third quarter 2024. Ken Lane, President, and Chief Executive Officer, said, "In the third quarter, Olin delivered on our sequentially higher earnings expectations, primarily driven by our Chlor Alkali Products and Vinyls segment. Although seasonal demand growth was limited within a persistently challenging market, Olin maintained its disciplined focus on preserving our Electrochemical Unit (ECU) values." Lane continued, "In addition to ongoing, subdued global epoxy demand, headwinds persist from subsidized Asian material flowing into the United States and European epoxy markets. We continue to execute our strategy by capitalizing on our chlor alkali integration and expanding sales of our formulated solutions products. "Our Winchester third quarter 2025 results fell short of expectations as commercial ammunition sales showed only slight seasonal improvement. Commercial retailers continue to have elevated inventories amid continued lower consumer sales. As expected, our defense business delivered sequentially improved results." Commenting on Olin's outlook for the remainder of 2025, Lane continued, "The fourth quarter market environment is typically the weakest seasonal quarter for our businesses. As a result, we expect Olin's fourth quarter 2025 adjusted EBITDA to be in the range of $110 million to $130 million, which includes a $40 million penalty from planned inventory reductions, supporting our value-first commercial approach. We remain focused on our Optimize the Core strategic priorities: operating safely and reliably, progressing our Beyond250 structural cost reduction program, and maximizing cash generation. With the actions we are taking, we expect to end this year with net debt comparable with year-end 2024. Our Olin team continues to demonstrate the strength of our company in the face of a historically long industry trough." SEGMENT REPORTING Olin defines segment earnings as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income, and income taxes, and includes the results of non-consolidated affiliates in segment results consistent with management's monitoring of the operating segments. CHLOR ALKALI PRODUCTS AND VINYLS Chlor Alkali Products and Vinyls sales for the third quarter 2025 were $924.0 million, compared to $871.6 million in the third quarter 2024. The increase in sales was primarily due to higher volumes, partially offset by lower pricing. Third quarter 2025 segment earnings were $127.6 million, compared to $45.3 million in the third quarter 2024. Third quarter 2025 segment earnings included a $32.0 million pretax benefit primarily related to the clean hydrogen production tax credit under Section 45V as part of the Inflation Reduction Act of 2022 resulting from the sale and use of hydrogen produced at certain of our chlor alkali plants. The third quarter 2024 segment earnings included $76.7 million in additional costs, unabsorbed fixed manufacturing costs, and reduced profit from lost sales associated with Hurricane Beryl. The remaining $26.4 million decrease in segment earnings was primarily due to lower ethylene dichloride (EDC) pricing, partially offset by higher caustic soda pricing and higher volumes, primarily EDC and caustic soda. Chlor Alkali Products and Vinyls third quarter 2025 results included depreciation and amortization expense of $109.0 million compared to $106.5 million in the third quarter 2024. EPOXY Epoxy sales for the third quarter 2025 were $349.6 million, compared to $285.1 million in the third quarter 2024. The increase in sales was primarily due to higher volumes, including the effect of lost sales from Hurricane Beryl in third quarter 2024. Third quarter 2025 segment loss was ($32.2) million, compared to segment loss of ($42.8) million in the third quarter 2024. The third quarter 2024 segment results included $32.7 million in additional costs, unabsorbed fixed manufacturing costs, and reduced profit from lost sales associated with Hurricane Beryl. The remaining $22.1 million decrease in segment results was due to higher operating costs, primarily from unabsorbed fixed costs incurred from planned inventory reductions, partially offset by improved volumes, as product margins were comparable year over year. Epoxy third quarter 2025 results included depreciation and amortization expense of $13.2 million compared to $13.7 million in the third quarter 2024. WINCHESTER Winchester sales for the third quarter 2025 were $439.6 million, compared to $432.8 million in the third quarter 2024. Sales were comparable as higher military sales and military project revenue were offset by lower commercial ammunition sales. Third quarter 2025 segment earnings were $19.3 million, compared to $53.4 million in the third quarter 2024. The $34.1 million decrease in segment earnings was primarily due to lower commercial ammunition pricing and shipments and higher raw material costs, including propellant and commodity metal costs. Winchester third quarter 2025 results included depreciation and amortization expense of $7.8 million compared to $8.5 million in the third quarter 2024. CORPORATE AND OTHER COSTS Other corporate and unallocated costs in the third quarter of 2025 were comparable to the third quarter 2024 as higher incentive costs, including mark-to-market adjustments on stock-based compensation, were offset by a favorable impact from foreign currency. LIQUIDITY AND SHARE REPURCHASES The cash balance on September 30, 2025, was $140.3 million. Olin ended the third quarter 2025 with net debt of approximately $2.85 billion and a net debt to adjusted EBITDA ratio of 3.7 times. On September 30, 2025, Olin had available liquidity of approximately $1.3 billion. During third quarter 2025, approximately 0.5 million shares of common stock were repurchased at a cost of $10.1 million. On September 30, 2025, Olin had approximately $2.0 billion available under its share repurchase authorizations. CONFERENCE CALL INFORMATION Olin senior management will host a conference call to discuss third quarter 2025 financial results at 9:00 a.m. Eastern Time on Tuesday, October 28, 2025. Remarks will be followed by a question-and-answer session. Associated slides, which will be available the evening before the call, and the conference call webcast will be accessible via Olin's website, www.olin.com , under the third quarter conference call icon. An archived replay of the webcast will also be available in the Investor Relations section of Olin's website beginning at 12:00 p.m. Eastern Time. A final transcript of the call will be posted the next business day. COMPANY DESCRIPTION Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester's principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, industrial cartridges, and clay targets. Visit www.olin.com for more information on Olin Corporation. FORWARD-LOOKING STATEMENTS This communication includes forward-looking statements. These statements relate to analyses and other information that are based on management's beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our various segments operate. The statements contained in this communication that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties. We have used the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook," "project," "estimate," "forecast," "optimistic," "target," and variations of such words and similar expressions in this communication to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. The payment of cash dividends is subject to the discretion of our Board of Directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our Board of Directors. In the future, our Board of Directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions. The risks, uncertainties and assumptions involved in our forward-looking statements, many of which are discussed in more detail in our filings with the SEC, including without limitation the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and other reports furnished or filed with the SEC, include, but are not limited to, the following: Business, Industry and Operational Risks Legal, Environmental and Regulatory Risks All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements. 2025-17 View original content to download multimedia: https://www.prnewswire.com/news-releases/olin-announces-third-quarter-2025-results-302595750.html