Core Viewpoint - Olin Corporation reported a significant decline in net income for the first quarter of 2025, with adjusted earnings surpassing expectations despite lower overall revenues and EBITDA [1][2]. Financial Performance - Net income for Q1 2025 was $1.4 million, down from $48.6 million in the prior-year quarter [1]. - Adjusted earnings were 4 cents per share, beating the Zacks Consensus Estimate of a loss of 10 cents [1]. - Adjusted EBITDA decreased to $185.6 million from $242.1 million year-over-year [1]. Revenue Analysis - Total revenues for Q1 2025 were $1,644.2 million, slightly missing the Zacks Consensus Estimate of $1,661.2 million but showing a year-over-year increase of approximately 0.54% [2]. - Chlor Alkali Products and Vinyls segment revenues rose to $924.5 million, a 4.5% increase year-over-year, exceeding the consensus estimate of $923 million [2]. - Epoxy segment revenues fell by about 2.8% to $331.7 million, surpassing the consensus estimate of $329 million [3]. - Winchester segment revenues declined by approximately 5.2% to $388 million, missing the consensus estimate of $410 million [3]. Cash Flow and Share Repurchase - The company repurchased 0.7 million shares for $20.2 million during the quarter [4]. - Cash flow from operating activities turned negative, with an outflow of $86 million compared to an inflow of $81 million in the prior year [4]. Future Outlook - For Q2 2025, Olin expects results from its Chemicals businesses to remain similar to Q1, with anticipated adjusted EBITDA between $170 million and $210 million [5][6]. - The company forecasts improved performance in the Winchester unit due to seasonal demand and military sales [5]. Stock Performance - Olin's stock has experienced a 63.1% decline over the past year, compared to a 28.3% decline in the industry [7].

2024年4月23日，美国商务部宣布对进口自中国、印度、韩国3国和中国台湾地区的环氧树脂发起反倾销 和反补贴调查、对进口自泰国的环氧树脂发起反倾销调查。2025年3月31日，美国商务部对进口自中 国、印度、韩国、泰国4国和中国台湾地区的环氧树脂作出反倾销终裁、对进口自中国、印度、韩国3国 和中国台湾地区的环氧树脂作出反补贴终裁。 据中国贸易救济信息网消息，2025年4月30日，美国国际贸易委员会（ITC）投票对进口自中国和印度 的环氧树脂（Epoxy Resins）作出反倾销和反补贴产业损害否定性终裁，认定被主张存在倾销和补贴行 为的涉案产品不会对美国国内产业造成实质性损害。基于美国国际贸易委员会的否定性终裁，美国商务 部将不对中国和印度的涉案产品颁布反倾销和反补贴征税令。 同时，美国国际贸易委员会投票对进口自韩国、泰国2国和中国台湾地区的环氧树脂作出反倾销产业损 害肯定性终裁、对进口自韩国和中国台湾地区的的环氧树脂作出反补贴产业损害肯定性终裁，认定被主 张存在倾销和补贴行为的涉案产品对美国国内产业造成了实质性损害或损害威胁。基于美国国际贸易委 员会的肯定性终裁，美国商务部将对韩国、泰国2国和中国台湾地区涉案 ...

Financial Data and Key Metrics Changes - For Q1 2025, the company reported EBITDA of $288 million on net sales of $2.8 billion, with a net loss of $40 million or $0.31 per share, reflecting a decrease in net income of $214 million year-over-year [7][13][14] - The year-over-year decline in net income was primarily due to higher North American feedstock and energy costs of approximately $100 million, planned turnarounds, and unplanned outages impacting EBITDA by approximately $80 million [13][14] - The company’s cash and investments as of March 31, 2025, were $2.5 billion, with total debt at $4.6 billion [19] Business Line Data and Key Metrics Changes - The Housing and Infrastructure Products (HIP) segment produced EBITDA of $203 million on $1 billion of sales, with a 20% EBITDA margin, reflecting a $61 million decrease year-over-year due to a 2% decline in sales volumes and a 3% decline in average sales prices [17][18] - The Performance and Essential Materials (PEM) segment's EBITDA was $73 million, down from $253 million in Q1 2024, primarily due to a 59% increase in natural gas costs and a 42% increase in ethane costs, alongside a 2% decline in sales volumes [19][19] Market Data and Key Metrics Changes - The company noted that global demand remains below historical levels, with recent disruptions from tariffs impacting global growth [8] - The PVC industry saw operating rates in the low to mid 80s, with a build in inventory in anticipation of the construction season [35][36] Company Strategy and Development Direction - The company is focused on rightsizing operations for current economic realities, optimizing manufacturing footprint, and raising cost reduction targets for 2025 to $150 million to $175 million [9][10] - Capital spending forecast for 2025 has been reduced by 10% to $900 million to support cash generation [10][22] - The company aims to enhance margins, optimize its footprint, and improve cost structure and operational reliability as it navigates the current business cycle [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed that while the macroeconomic environment is uncertain, proactive steps are being taken to mitigate impacts from trade tensions and commodity price volatility [24][25] - The company expects positive sales growth for the HIP segment in 2025, despite anticipating revenue and EBITDA margins to be towards the low end of previous guidance ranges [21][22] Other Important Information - The company completed significant operational milestones, including the successful turnaround of the Petra 1 ethylene plant and new VCM tie-ins at the Geismar plant, which are expected to enhance operational reliability [10][11] - The effective tax rate for 2025 is expected to be approximately 23%, with cash interest expense around $160 million [22] Q&A Session All Questions and Answers Question: Can you remind us the typical timeline for price realization in the HIP segment? - Management indicated that the HIP market is more stable in pricing dynamics compared to the PIM segment, allowing for more price stability despite input cost changes [31] Question: How did the PVC industry perform in the first quarter? - The industry saw a build in inventory in anticipation of the construction season, with operating rates in the 80s range [35][36] Question: What is the outlook for the HIP segment's EBITDA in Q2? - Management expects a seasonal ramp-up in construction activities, which should positively impact HIP's EBITDA in the second quarter [67] Question: How much of the $80 million outage costs were planned versus unplanned? - Approximately two-thirds of the $80 million outage costs were related to planned turnarounds [74] Question: What is the company's stance on M&A opportunities? - The company remains open to acquisition opportunities and is actively assessing potential value in the current market [80][82]

Olin (OLN) Q1 2025 Earnings Call May 02, 2025 09:00 AM ET Company Participants Steve Keenan - Director of Investor RelationsKenneth Lane - President, CEO & DirectorTodd Slater - SVP & CFODavid Begleiter - DirectorJosh Spector - Executive DirectorKevin McCarthy - PartnerFrank Mitsch - PresidentVincent Andrews - Managing DirectorJohn Roberts - Managing DirectorMatthew Blair - Managing DirectorMichael Sison - Managing Director Conference Call Participants Patrick Cunningham - Vice President, Senior AnalystAlek ...

Olin (OLN) Q1 2025 Earnings Call May 02, 2025 09:00 AM ET Company Participants Steve Keenan - Director of Investor RelationsKenneth Lane - President, CEO & DirectorTodd Slater - SVP & CFODavid Begleiter - DirectorJosh Spector - Executive DirectorKevin McCarthy - PartnerFrank Mitsch - PresidentVincent Andrews - Managing DirectorJohn Roberts - Managing DirectorMatthew Blair - Managing DirectorMichael Sison - Managing Director Conference Call Participants Patrick Cunningham - Vice President, Senior AnalystAlek ...

Financial Data and Key Metrics Changes - The company increased its cost reduction target for 2025 to $50 million to $70 million, up from previous estimates [6][28] - First quarter operating cash flow was negatively impacted by normal seasonal working capital growth, but the company expects working capital to be a source of cash flow for 2025 [27][28] - The adjusted EBITDA for the first quarter of 2025 is expected to be in the range of $170 million to $210 million, including a $40 million sequential chemicals turnaround expense headwind [34] Business Line Data and Key Metrics Changes - The Chlor Alkali Products and Vinyls business exceeded expectations due to planned and unplanned industry outages, leading to higher sales and lower turnaround costs [7][25] - The Winchester division saw growth in domestic and international military ammunition volume, while commercial sales remained weak due to destocking by retailers [8][19] - The Epoxy business experienced improved sales sequentially, but margin benefits from pricing were offset by higher costs [15][25] Market Data and Key Metrics Changes - Stable ECU values continued with positive pricing trends expected into the second quarter, particularly for caustic soda [8][12] - The commercial ammunition market is currently challenged, with mid-single-digit pullbacks in sporting goods and hunting sales [20][21] - The company anticipates that tariffs will have a net neutral impact on earnings, as they generally source and sell where they produce [34] Company Strategy and Development Direction - The company is focused on its "Optimize and Grow the Core" strategy, emphasizing cost reductions and disciplined capital allocation while pursuing high-value growth opportunities [9][10] - The acquisition of Ammo Inc. is expected to enhance Winchester's growth potential and is seen as immediately accretive [23][24] - The company is exploring long-term strategic opportunities in the PVC market, including potential joint ventures [14][88] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic environment, noting that while uncertainty exists, customers are not expressing significant negativity about their outlook [71] - The company expects to navigate the challenging environment by managing controllable factors and executing its long-term strategy [35] - The outlook for the second quarter indicates continued strength in the Chlor Alkali Products and Vinyls business, while the Epoxy business faces ongoing challenges [32][34] Other Important Information - The company successfully refinanced its nearest debt tranche, extending maturities to 2029, which positions it well to weather economic uncertainty [8][27] - A new board member, retired U.S. Army General Edward M. Daley, was elected to provide strategic guidance [35] Q&A Session Summary Question: Update on volume and price outlook for chlorovinyl - Management noted continued weakness in EDC pricing but expects positive pricing trends for caustic and seasonal improvements in demand [38][39] Question: Cash positive status of current PVC arrangements - Management confirmed that current PVC arrangements are cash positive and plans to ramp up tolling volumes [41][42] Question: Operating rates in Q1 - Management indicated that operating rates were elevated in Q1 due to increased spot demand, but rates are expected to return to normal in Q2 [45][46] Question: Year-over-year EBITDA decline for Winchester - The decline is attributed to lower commercial demand and higher costs, with approximately two-thirds of the decline due to volume and price [52][54] Question: Epoxy business outlook - Management expects continued struggles in the epoxy business in 2025 but anticipates improvements by the end of the year [78][82] Question: Increased cost-cutting target - The increase in the cost-cutting target for 2025 is seen as a combination of accelerating structural cost savings and productivity improvements [84][85] Question: Capital spending reduction - The reduction in capital spending for 2025 does not change the long-term average spending target, which remains around $250 million [87][88] Question: Interest in Dow's assets - Management refrained from commenting on specific M&A opportunities but emphasized a focus on growth in water treatment and PVC [103][104]

1Q25 Quarterly Earnings Call M a y 2 , 2 0 2 5 Forward-looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 statement ...

Westlake Corporation (NYSE:WLK) Q4 2024 Earnings Conference Call February 24, 2025 1:00 PM ET Company Participants John Zoeller - Vice President and Treasurer Albert Chao - Executive Chairman Jean-Marc Gilson - President and CEO Steve Bender - Executive Vice President and CFO Conference Call Participants John McNulty - BMO Capital Markets Patrick Cunningham - Citi Salvator Tiano - Bank of America Securities David Begleiter - Deutsche Bank Jeffrey Zekauskas - J.P. Morgan Aleksey Yefremov - KeyBanc Capital Ma ...