Olin(OLN) - 2024 Q3 - Quarterly Results

Financial Performance - Third quarter 2024 net loss of $24.9 million, or$0.21 per diluted share, compared to net income of $104.1 million, or$0.82 per diluted share in Q3 2023[1] - Adjusted EBITDA for Q3 2024 was $160.3 million, down from$314.8 million in Q3 2023, with sales of $1,589.5 million compared to$1,671.4 million in the prior year[1] - Operating income for Q3 2024 was $15.5 million, down 90.7$166.0 million in Q3 2023[16] - Net loss attributable to Olin Corporation for Q3 2024 was $24.9 million, compared to a net income of$104.1 million in Q3 2023[16] - Net income for the nine months ended September 30, 2024, was $94.9 million, a decrease from$403.2 million for the same period in 2023[21] - Adjusted EBITDA for the nine months ended September 30, 2024, was $680.5 million, down from$1,100.0 million in the same period of 2023[23] - The trailing twelve months Adjusted EBITDA as of September 30, 2024, was $890.6 million, compared to$1,310.1 million for the previous period[26] Segment Performance - Winchester segment sales increased to $432.8 million in Q3 2024 from$380.2 million in Q3 2023, driven by higher military sales and the acquisition of White Flyer[7] - Chlor Alkali Products and Vinyls segment earnings fell to $45.3 million in Q3 2024 from$172.3 million in Q3 2023, impacted by $76.7 million in additional costs due to Hurricane Beryl[5] - Epoxy segment reported a loss of$42.8 million in Q3 2024, compared to a loss of $28.8 million in Q3 2023, with sales decreasing to$285.1 million from $321.6 million[6] - Chlor Alkali Products and Vinyls segment sales decreased to$871.6 million in Q3 2024 from $969.6 million in Q3 2023, a decline of 10.1$432.8 million in Q3 2024, an increase of 13.8% from $380.2 million in Q3 2023[18] Cash Flow and Debt - As of September 30, 2024, the cash balance was$225.9 million, with net debt of approximately $2.7 billion and a net debt to adjusted EBITDA ratio of 3.0 times[9] - Cash and cash equivalents increased to$225.9 million as of September 30, 2024, compared to $170.3 million at the end of 2023[20] - Long-term debt increased to$2,765.6 million as of September 30, 2024, from $2,591.3 million at the end of 2023[20] - Net debt as of September 30, 2024, increased to$2,663.6 million from $2,499.8 million at the end of 2023[26] - The Net Debt to Adjusted EBITDA ratio rose to 3.0 as of September 30, 2024, compared to 1.9 at the end of 2023[26] Shareholder Returns and Capital Allocation - Approximately 1.0 million shares of common stock were repurchased at a cost of$45.4 million during Q3 2024, with $0.7 billion available under the share repurchase authorization[9] - The company remains focused on a value-driven commercial model and capital allocation strategy to enhance cash flows and return cash to shareholders[3] Impact of Hurricane Beryl - Hurricane Beryl is expected to result in a total impact of approximately$135 million in 2024, with an additional $9.4 million impact in Q3 2024 and a projected$25 million residual impact in Q4 2024[2] Other Financial Metrics - Total sales for Q3 2024 were $1,589.5 million, a decrease of 4.9$1,671.4 million in Q3 2023[16] - Total assets as of September 30, 2024, were $7,518.3 million, down from$7,713.2 million at the end of 2023[20] - Capital expenditures for the nine months ended September 30, 2024, were $144.1 million, down from$173.0 million in the same period of 2023[21] - The company reported a net operating activities cash flow of $361.5 million for the nine months ended September 30, 2024, compared to$557.7 million in the same period of 2023[21] - Long-term debt borrowings net for the nine months ended September 30, 2024, were $216.7 million, slightly up from$206.6 million in the previous year[21] - The company experienced a decrease in inventories, with a change of $32.8 million for the nine months ended September 30, 2024, compared to a decrease of$43.4 million in the same period of 2023[21]